Author: Rigs & Barge World

A high-level interministerial committee reviewing Israel’s gas sector is in the final stages of drafting its report, which is expected to be published within weeks and set the framework for the government’s gas policy for the next five years. The committee is expected to endorse an increase in gas exports despite opposition from parts of the government, power producers and economists who argue that more gas should be reserved for the domestic market. The committee, established in 2024 and chaired by the Ministry of Energy and Infrastructure’s Director General Yossi Dayan, has now concluded its deliberations and is finalizing its…

The fertilizer plants in Egypt operated at more than 90% of their capacity over the past year following the stabilization of natural gas supplies, while urea fertilizer exports reached approximately $9.4 billion in 2025, marking an annual growth rate of 7.4%, according to Karim Badawi, Minister of Petroleum and Mineral Resources. Speaking at the opening of the Arab Fertilizer Association’s 32 Annual International Fertilizers Conference and Exhibition, Badawi said that the ministry had successfully overcome challenges related to natural gas supplies and secured the needs of the domestic market and various industrial sectors. This, he noted, helped restore production and…

The Egyptian Linear Alkyl Benzene Company (ELAB), an Egyptian petrochemicals producer, has applied for a temporary listing on the Egyptian Exchange’s (EGX) main market, according to an EGX disclosure. The company plans to list 2.1 billion shares at a par value of $0.10 each, bringing its issued capital to approximately $210 million. The application is currently under review by the EGX before being referred to the Listing Committee. The move comes as part of the government’s broader privatization program, which includes the temporary listing of 10 petroleum sector companies on the EGX. Prime Minister Mostafa Madbouly said in April that…

Gulf oil and gas producers have devised ways to ship an increasing amount of oil through the Strait of Hormuz since Iran closed the waterway in March. Around 1-2mn b/d of oil is now being shipped out through the strait, supplementing the approximately 7mn b/d being exported by Saudi Arabia, the UAE and Iraq through their Hormuz-bypass systems (MEES, 12 June). In a sign of increased transits, Abu Dhabi state firm Adnoc has in recent weeks released at least two rare tenders to sell its offshore crude grades that have been trapped inside the Gulf since March (MEES, 6 March).…

As part of its strategy to boost domestic oil and gas output, the Egyptian oil and gas sector has added roughly 12,000 barrels per day (bbl/d) of crude oil and condensates to Western Desert production over the past two weeks, the Ministry of Petroleum and Mineral Resources (MoPMR) announced in a statement. This comes as Khalda Petroleum Company, a joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and US-based Apache, has achieved a significant production leap by adding more than 10,000 bbl/d of crude oil and condensates in just two weeks, pushing up the company’s production to around…

While some media outlets have hailed the US-Iran Framework Agreement as a major breakthrough, critics on both sides argue that the devil remains in the details. According to these critics, this is neither an ironclad treaty nor a durable path to permanent peace between the long-time rivals, let alone the wider region. Instead, it is a memorandum of understanding forged amid military threats, relentless rhetoric, and mutual insults. Barring any last-minute obstacles, the deal is scheduled to be formally signed on Friday, June 19, 2026, in Geneva, Switzerland. While President Trump and Vice President JD Vance confirmed that the preliminary memorandum of…

Prime Minister Mostafa Madbouly met with Ahmed Kouchouk, Minister of Finance, and Karim Badawi, Minister of Petroleum and Mineral Resources, to review the status of financial allocations required to secure the country’s needs for various petroleum products. The meeting was also attended by senior officials from both ministries and the Egyptian General Petroleum Corporation (EGPC), noted a statement by the Cabinet. Madbouly emphasized that the settlement of arrears owed to foreign partners in the petroleum sector represents more than a financial obligation. Rather, it constitutes a fundamental solution to one of the sector’s most pressing challenges in recent years. He…

Iraq is facing an unprecedented liquidity crisis as its oil exports have all but collapsed. Oil accounts for around 90% of government earnings and the loss of export revenues has blown a hole in Iraq’s budget. Minister of Foreign Affairs Fouad Hussein warned on 7 June that if the Strait of Hormuz remains shut until the end of the year, the government may not even be able to pay public salaries. Crude oil export revenues dropped from $6.8bn in February to just $1.1bn in April and will have fallen further last month, although Iraq has also been generating income from…

Qalaa Holdings, a leading MENA‑focused investment company, announced that its ownership stake in TAQA Arabia could rise from 6.2% currently  to more than 55% by 2029 if it exercises its rights to purchase additional shares from other TAQA Arabia shareholders, according to a disclosure to the Egyptian Exchange (EGX). The disclosure explains that Qalaa retains the right to buy 20% of Taqa Arabia’s shares from the military-affiliated National Service Projects Organisation (NSPO) in June 2027. If Qalaa chooses to use this right, its share in TAQA would increase to 26.2 per cent. In 2023, NSPO got the 20% stake from…

Opec Supply & Demand Forecasts, June 2026 (mn b/d) 1: EIA Now Sees Substantial Inventory Draws For The Remainder Of 2026, Peaking At 7.6mn b/d In Q3 (mn b/d) 2: Opec+ On Course To Complete Unwinding Of Voluntary Cuts In September, After Agreeing To 188,000 b/d Quota Increase For July (mn b/d) Source link