Author: Rigs & Barge World

Chevron Corporation, the American upstream-focused producer, has signed lease agreements with the Hellenic Republic, paving the way for hydrocarbon exploration in four offshore blocks in Greece, in partnership with HELLENiQ ENERGY, a leading energy group in Southeast Europe. A lease agreement is a legal contract that grants a company the right to use or explore land or offshore areas owned by a government (or another party) for a specific period, under agreed-upon terms and conditions. The blocks are located south of Crete and south of the Peloponnese, as well as in Block A2 in the Peloponnese region. The consortium, comprising…

Modern Gas, an Egyptian joint stock company, has signed an agreement with Talaat Moustafa Group to implement centralized gas networks for the residential city of Banan Riyadh, Saudi Arabia, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). Talaat Moustafa is developing the city over a total area of 10 million square meters. The first phase, worth SAR 24 million and covering 4 million square meters, will include the implementation of gas networks by Modern Gas, which will also operate the system. The project is carried out in partnership with Egyptian FAJR Natural Gas Company and…

Adnoc Gas notched up record profits of $5.17bn last year despite what it described as a “mixed pricing environment.” The 3.3% increase in profits was supported by a 4% increase in domestic gas sales volumes to a record 2,420 trillion Btu. Describing 2025 as a defining year for Adnoc Gas, CEO Fatema al-Nuaimi said the company “is strategically positioned to serve both the UAE and international markets with confidence and discipline.” (CONTINUED – 812 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…

Türkiye has begun the deployment of its deep-sea drilling vessel, Cagri Bey, to Somalia, marking the country’s first offshore exploration mission beyond its own maritime jurisdiction, according to Reuters. Energy Minister Alparslan Bayraktar described the deployment as a landmark step in Türkiye’s oil and gas exploration strategy, noting that the vessel is scheduled to begin drilling operations at the Curad-1 well off the Somali coast in April. Speaking during a ceremony at Tasucu port in the southern province of Mersin, Bayraktar indicated that the mission represents the first time a Turkish deep-sea drilling ship has operated outside national waters. He…

Lukoil presented Iraq with a “settlement and assignment proposal” on 11 February to transfer its 75% stake and settle outstanding debts and tax disputes at the 480,000 b/d-capacity West Qurna-2 (WQ-2) oilfield, according to multiple sources. The proposal would allow Iraq either to strike a deal with US major Chevron to take over the field or to move toward nationalizing operations. Since the US imposed sanctions on Russia’s Lukoil in November, Baghdad has been in talks to bring in an alternative operator to ensure continuity at the giant field (MEES, 14 November 2025). (CONTINUED – 1172 WORDS) Read this article…

The United States and Iran are convening in Geneva, Switzerland, today for a second round of negotiations centered on four core issues. While Iran insists on limiting the agenda to uranium enrichment, the United States and Israel are pushing to include Iran’s ballistic missile program and its support for regional militant groups like Hamas, Hezbollah, and the Houthis. Iran maintains that these additional topics are strict red lines.Regarding enrichment, President Trump recently stated he opposes Iran maintaining any level of enrichment capabilities. On the military front, the US and Israel seek to cap Iran’s missile range at 300 km, a…

The US Treasury Department’s Office of Foreign Assets Control (OFAC) has issued a sweeping relaxation of sanctions on Venezuela’s energy sector. The move grants two general licenses that allow international oil and gas companies (IOCs) to resume operations and negotiate new investments in Venezuela, home to some of the world’s largest proven oil reserves, as reported by Reuters. The primary general license authorizes major industry players, including Chevron, BP, Eni, Shell, and Repsol, to restart and expand upstream activities. These firms, which have maintained project stakes and skeletal offices in the country despite years of restrictions, are now permitted to…

The Financial Regulatory Authority (FRA) has issued Decision No. 36 of 2026, mandating non-banking financial institutions (NBFIs) to disclose their annual carbon emissions and offset a portion of their footprint. The move, announced on February 15, is a decisive step toward institutionalizing Environmental, Social, and Governance (ESG) standards across Egypt’s financial ecosystem. Under the new regulations, companies with issued capital or net equity exceeding EGP 100 million must submit an annual carbon footprint report. These disclosures must adhere to the measurement standards of international Scope 1 (direct emissions from operations and vehicles) and Scope 2 (indirect emissions from purchased electricity…

The topic of Iran dominated discussions during the International Energy Week annual industry gathering in London this week. The question of whether or not the US will launch military strikes against Iran in the coming weeks is the great unknown, and the answer will have profound implications for oil markets. Military conflict in the Gulf would risk disrupting the flow of around 14.5mn b/d of crude and condensate and 3.8mn b/d of refined products through the Strait of Hormuz. More than 80mn t/y of LNG is also exported through the chokepoint from Qatar (77mn t/y capacity) and Abu Dhabi (6mn…

Petrobakr and South Ghazalat Petroleum Companies plan a total investment of $121 million for the fiscal year (FY) 2026/27, targeting a daily crude oil output of 14,000 barrels, Khaled Mounir, Chairman of Petrobakr, told the General Assembly that convened to approve the 2025/26 revised budget as well as the 2026/27 proposed budget, and the five-year strategic plan for both companies. The meeting emphasized the importance of leveraging the successful partnership model between the Egyptian General Petroleum Corporation (EGPC) and Vaalco Energy. This collaboration aims to increase production, reduce the cost per barrel, and enhance sustainability to secure the work environment.…