Author: Rigs & Barge World
The ongoing Iran-related energy crisis is expected to drive global electrification efforts, as countries seek to enhance domestic energy security and protect their economies from fossil fuel price volatility, Reuters reported, citing the Head of the International Energy Agency (IEA) Fatih Birol. The Iran-related energy crisis stems from the 2026 conflict between Iran, the US, and Israel, which led to severe disruptions in oil flows through the Strait of Hormuz—a key route for around 20% of global oil and LNG trade. Speaking during the Octopus Energy Tech Summit, held as part of London Climate Action Week, Birol noted that governments…
The 17 June signing of the memorandum of understanding (MoU) to end the US-Iran conflict has fired the starting gun in the race to restart oil production in the Gulf and increase exports through the Strait of Hormuz. The task ahead is unprecedented in scale, and normalization of production and flows through the strait will take months, but the process is at least now underway. Time is of the essence and a race is now underway for oil to exit the strait and reach consumer markets before global inventories fall to dangerously low levels. “We run out of reserves at…
Russia’s seaborne exports of fuel oil and vacuum gasoil (VGO) declined by around 6% month-on-month (MoM) in May to 3.2 million metric tons, as Ukrainian drone strikes on energy infrastructure disrupted production and shipments, according to data from traders and London Stock Exchange Group (LSEG) cited by Reuters. Saudi Arabia remained a key destination for Russian fuel oil and VGO, supported by rising air-conditioning demand during the summer season. However, shipments to the Kingdom fell by 17% compared to April, reaching 1.23 million tons (mmt), based on Reuters calculations. Traders noted that higher export volumes in recent months were driven…
Dana Gas, the Middle East’s largest regional private natural gas company, revealed drilling results across its Nile Delta concessions, with several wells completed and tied into existing infrastructure. The new wells added reserves and boosted production, enabling Egypt operations to contribute more than 30,000 barrels of oil equivalent per day (boe/d) to the company’s overall output, noted a press release by the company. The progress in Egypt reflects a convergence of factors: the strengthened fiscal framework under the Consolidated Concession Agreement, constructive cooperation with the Egyptian government, the clearance of all overdue receivables, and Dana Gas’ sustained investment in its…
After nearly four months of conflict and a historic energy supply shock that threatened a global recession, the US and Iran have agreed to end hostilities. The memorandum of understanding (MoU), signed on 17 June, is not a peace deal but a framework agreement that extends a fragile ceasefire and sets the stage for 60-day (extendable) talks to reach a final deal on Iran’s nuclear program and other areas of disagreement. The MoU enables the gradual resumption of shipping through the Strait of Hormuz (MEES, 19 June), but the risk of a return to conflict remains if talks collapse. Although…
Norwegian renewable energy company Scatec plans to invest up to $5 billion in Egypt over the next two years across several fields, including renewable energy-powered desalination, green data centers, solar and wind projects, battery energy storage systems (BESS), and infrastructure supporting the green transition, according to a Cabinet statement. The investment plans were revealed during a meeting of Prime Minister Mostafa Madbouly with senior Scatec executives to review the status of projects being implemented in Egypt. The meeting was attended by Mahmoud Esmat, Minister of Electricity and Renewable Energy; Erik Husem, Norway’s Ambassador to Egypt; Scatec CEO Terje Pilskog; and…
The US-Israeli war against Iran that was launched on 28 February and wreaked havoc across the Middle East appears to have drawn to a conclusion with the signing of a Memorandum of Understanding (MoU) on 17 June. Although further negotiations over matters such as Iran’s nuclear program are unlikely to yield a quick resolution (MEES, 19 June), US President Donald Trump appears to have no desire to resume the fight with Tehran. The conflict may be over, but there is no returning to the pre-28 February status quo. Iran has emerged from the conflict safe in the knowledge that it…
Libya’s oil production is approaching the 1.5 million barrels per day (mmbbl/d) milestone, according to the National Oil Corporation (NOC), Libya’s state-owned oil company. The NOC announced that crude oil production reached 1.43 million barrels (mmbbl) on Sunday, June 21, 2026, while condensate output stood at 49,163 bbl/d, bringing total daily production to 1.5 mmbbl. This marks the highest production level recorded since 2013, moving Libya closer to its previously stated target of producing 1.5 mmbbl/d of crude oil. During a meeting held at the NOC headquarters in Tripoli, the Chairman of the Board of Directors, Masoud Suleman, commended the…
Iraq’s Ministry of Oil has launched drilling operations for a new exploratory well in the northern provinces, marking the first exploration activity in the region since 1978, as part of efforts to expand the country’s hydrocarbon reserves. The ministry stated that the project aims to unlock new oil and gas resources and strengthen upstream activities, particularly in underexplored areas in northern Iraq. The move comes as part of broader plans to boost reserves and enhance production capacity. In parallel, the Ministry reaffirmed its ambition to increase crude oil production to 4.3 million barrels per day (mmbbl/d) in the near term,…
The UAE’s economic model has been based on the unrestricted flow of goods in and out of the Strait of Hormuz, but Iran turned that model into a liability during more than three months of conflict this year. Rather than risk being held to ransom by Iran again, the UAE plans an ambitious gambit to reduce its reliance on the chokepoint entirely, “We’re moving towards having zero Hormuz dependency and that’s regardless of whether it’s open or not,” Minister of Foreign Trade Thani al Zeyoudi said in an interview with Bloomberg this week. “It’s going to open and we hope…