Author: Rigs & Barge World

Algeria has granted BP a new prospecting license for hydrocarbons exploration in the country’s Eastern ​Basin, state upstream regulator Alnaft announced on 14 April. The authorization allows the company to perform preliminary surveys and studies – excluding drilling or extraction, which require separate permits – to assess the resource potential in promising areas in the eastern Sahara desert near the borders with Libya and Tunisia (see map). (CONTINUED – 548 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data Exclusive information from high-level officials Assess future risks…

The energy consumption rationalization plan is still under evaluation to assess the savings it has achieved. Initial indicators suggest that during the first week, it resulted in savings of 18,000 megawatt-hours (MWh) of electricity, 3.5 million cubic meters (mmcm) of fuel, 4,700 MWh from remote work, and 980,000 cubic meters of fuel, Prime Minister Mostafa Madbouy noted in his speech before the Parliament on April 21, 2026. The prime minister outlined Egypt’s rationalization plans and energy strategy amid geopolitical unrest caused by the war between the US and Iran, which, in turn, impacts the global energy supply chain. Regarding energy…

Kuwait has moved to protect its contractual obligations after disruptions to tanker traffic in the Strait of Hormuz forced it to suspend part of its oil export commitments, Reuters reported, citing Bloomberg News. Kuwait Petroleum Corporation (KPC), a state- owned oil company, notified clients that it is activating a force majeure clause following difficulties faced by some vessels attempting to access the Persian Gulf. The notice, sent on Friday, allows the state oil company to temporarily withhold agreed shipments under exceptional circumstances, according to the report. The development follows a blockade in the strategic waterway, which has constrained maritime access…

When the dust finally settles on the Middle East conflict that has wreaked havoc on global energy markets, the process of restoring stability promises to be a lengthy and arduous task. The Strait of Hormuz has now been closed to most vessels for seven weeks, and even with the IEA overseeing the largest ever emergency stock releases, supply shortages are materializing. These shortages are set to worsen and become more widespread in the coming weeks. Even if a negotiated settlement is reached imminently, the logistical challenges of clearing laden tankers from the Gulf, re-routing ballasting tankers to Gulf ports and…

The International Energy Agency (IEA) said solar power and battery storage reached record deployment levels in 2025, marking a structural shift toward a global “Age of Electricity,” according to its latest Global Energy Review 2026. Solar energy accounted for 25% of global energy supply growth, the largest share for any source, while overall energy demand growth slowed to 1.3%. In contrast, electricity demand continued to rise sharply, driven by the rapid expansion of electric vehicles, heat pumps, and the growing power needs of artificial intelligence and data centers. Battery storage emerged as the fastest-growing power technology, with 110 gigawatt (GW)…

Algeria is preparing to launch its second bid round for oil and gas exploration in two years, as the country pushes for new investments (MEES, 6 March) to boost output and capitalize on the global energy crisis (MEES, 17 April). The new bid round will be launched on 19 April, and Algeria aims to hold new auctions annually under a new five-year plan (MEES, 3 October 2025). (CONTINUED – 248 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data Exclusive information from high-level officials Assess future…

New Valley Company for Mineral Resources and Oil Clay (Wadico) reached EGP 2.8 billion in 2025, according to a statement by the Ministry of Petroleum and Mineral Resources( MoPMR). The statement didn’t mention the corresponding figure for 2024. The company’s net profits exceeded the one‑billion‑pound mark in 2025, up from EGP 340 million in 2023, achieving an exceptional growth rate of 195% over the two years, the company’s chairman, Amgad Ghoneim, stated during the general assembly meeting attended by Karim Badawi, Minister of Petroleum and Mineral Resources, to approve the results of operations for 2025. Ghoneim noted that the company’s…

Petroleum Air Services (PAS), a Cairo-based airline company, reported total sales of $161.3 million in 2025, up from $147.5 million in 2024. The company also recorded net profit before taxes of $45.9 million, compared to $40.7 million in 2024, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). PAS provides aerial and offshore services to oil and gas companies as well as commercial passenger services within Egypt and to regional cities. This was revealed during the company’s general assembly meeting, which was chaired by Karim Badawi, Minister of Petroleum and Mineral Resources. Badawi praised the company’s…

In a surprise move on 13 April, the US imposed a blockade on Iran and Iranian-linked vessels through its Central Command (CENTCOM), acting on an order from President Donald Trump. The blockade came in response to Iran’s closure of the Strait of Hormuz to non-Iranian vessels since shortly after 28 February, later allowing limited third-party transit via the so-called ‘Tehran toll booth’ (MEES, 10 April). Dan Caine, Chairman of the Joint Chiefs of Staff, announced details of the blockade on 16 April during a press briefing at the Pentagon on 16 April. He said it “applies to all ships regardless…

The Egyptian Company for Mineral Resources (ECMR) recorded a net profit of EGP 1.2 billion for the 2024/2025 fiscal year (FY), representing a 178% increase over its target and a 102% rise over the previous year’s results. These figures were revealed by Chairman Amr Eliwa during the general assembly meeting, chaired by Karim Badawi, Minister of Petroleum and Mineral Resources, via video conference, to approve the company’s financial results. The company generated sales of EGP 2 billion, marking a 79% increase over the target and a 39% year-on-year (YoY) increase, reaching EGP 1.4 billion. On the marketing front, the company…