Author: Rigs & Barge World

The Egyptian Cabinet approved four draft petroleum agreements that cover drilling of at least six wells, and have a minimum investment value of $52.97 million, Prime Minister Moustafa Madbouly announced during the cabinet’s 94th weekly meeting. The first agreement, between the Egyptian Natural Gas Holding Company (EGAS)  and Cheiron, Egypt’s largest independent Exploration and Production company, is for natural gas and crude oil exploration in the East Alexandria Marine Block. The cabinet also endorsed a North Tanta Onshore Block agreement for natural gas and crude oil exploration between EGAS and IPR South Disouq Limited, a subsidiary of the Texas-based IPR…

Algeria’s SONATRACH Group and Niger’s state-owned petroleum company SONIDEP signed three Memoranda of Understanding (MoUs) to expand cooperation in seismic services, drilling operations, and petroleum product distribution in Niger. The agreements were signed during a ceremony attended by Algeria’s Minister of State and Minister of Hydrocarbons, Mohamed Arkab, Niger’s Minister of Petroleum, Hamadou Tini, SONATRACH Chairman and CEO Noureddine Daoudi, and SONIDEP General Director Colonel Ali Seibou Hassane. Under the first MoU, SONATRACH’s subsidiary, the National Company of Geophysics (ENAGEO), will cooperate with SONIDEP on seismic data processing activities across Niger. The second agreement, signed between the National Drilling Company…

The 41-day shutdown of Energean’s flagship 4.3tcf Karish project offshore Israel weighed heavily on the company’s first-quarter results, but the London-listed producer says an imminent increase in liquids production and continued progress on expansion projects should support a stronger performance in the second half of the year. The company’s Israel gas production fell by 39% from the previous quarter to just 377mn cfd (0.96bcm), after the Israeli government ordered the shutdown on 28 February as a precaution during the early stages of the conflict with Iran (MEES, 6 March). Operations resumed on 9 April and output has since recovered, Energean…

Russia’s oil and gas tax revenue rose by 32.4% year-on-year (YoY) in May to 678.9 billion roubles ($9.3 billion), supported by higher global oil prices amid escalating tensions in the Middle East, according to data released by the Russian Finance Ministry and cited by Reuters. Revenue declined by 20.7% from April, when the federal budget benefited from additional profit-based tax payments that are collected periodically. In the first five months of 2026, oil and gas revenue totaled nearly 3 trillion roubles, marking a decline of around 30% compared to the corresponding period in 2025. Oil and gas income accounts for…

The Egyptian General Petroleum Corporation (EGPC) has launched an initiative to develop the environmental performance across its affiliated companies. The EGPC Green Oilfield initiative aims to transition companies from basic environmental compliance to a mature risk-management system while enhancing site readiness to meet regulatory requirements, according to an EGPC statement. EGPC will issue a unified technical guide setting minimum environmental requirements for companies. It will also establish standardized models for data collection, performance indicators, corrective action plans, and technical monitoring records. The guide is designed to promote best practices across emissions management, water handling, waste treatment, energy use, pollution prevention,…

OQ Exploration and Production (OQEP) expects a sharp increase in its revenues this quarter. “The hike that we’ve seen in oil prices will have some [revenue] reflection, hopefully, in the second quarter of this year,” CFO Khalid al-Qassabi told investors during a 25 May earnings call. The main driver of higher revenues will be the premium that Oman’s oil has fetched as a result of the shortage of similar crude grades due to the closure of the Strait of Hormuz. The official selling price (OSP) for Oman Crude surged by 57% to $98.98/B for Q2 loadings. With Omani crude exports…

The Ministry of Petroleum and Mineral Resources (MoPMR) has opened bidding for the NE Esh El Mallaha Block in the Gulf of Suez region, starting  June 3 and up to August 3, through the Egypt Upstream Gateway (EUG) under its Open Blocks Licensing Program (OBLP). The program offers 49 blocks throughout the year to ensure continuous access to investment opportunities, EUG said in a statement. The block, spanning an area of about 163 square kilometers, is anticipated to hold oil resources and potential for natural gas associated as well, targeting the Miocene & Pre-Miocene underground layers, according to EUG.  A…

Investment in the Middle East’s upstream sector is expected to fall this year, the IEA said in its World Energy Investment 2026 report released this week. The disruption unleashed by the US-Israeli attacks on Iran on 28 February is liable to result in a 1% drop in regional investment this year, while global upstream investments hold broadly steady at $546bn (see chart). 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 and opportunities Source link

Egypt’s liquefied natural gas (LNG) imports from the US declined to approximately 300,000 metric tons (mt) in May, nearly half its typical monthly intake of around 600,000 mt, Reuters reported, citing maintenance work at major US ports. In April, the Board of Directors of the Export-Import Bank of the United States (EXIM) authorized more than $2 billion in export credit insurance to support US LNG exports to Egypt. The financing is expected to facilitate LNG shipments during 2026 and 2027 under agreements between the Egyptian General Petroleum Corporation (EGPC) and Hartree Partners, a US-based energy and commodities trading company. According…

US crude oil exports surged to an all-time high of 5.6 million barrels per day (mmbbl/d) in May, as Asian and European refiners increased purchases to offset supply disruptions triggered by the war between the US and Israel against Iran. Ship-tracking data from analytics firm Kpler showed exports surpassing the previous record of 5.2 mmbbl/d set in April, according to Reuters. The conflict has effectively closed the Strait of Hormuz, a key waterway through which nearly one-fifth of global oil and gas supplies normally transit, causing the largest disruption to energy flows in decades. Refiners worldwide scrambled for alternatives, with…