Author: Rigs & Barge World
Media release: Coalition plan to fast-track oil and gas projects a welcome step for energy security | Australian Energy Producers Skip to content Source link
The US Trump administration, on April 17, renewed a waiver allowing countries to purchase Russian oil and petroleum products already loaded at sea for about a month, a move made to curb global energy prices as a result of the US and Israeli war on Iran, according to Reuters. The Treasury Department posted the authorization on its website late Friday, allowing countries to buy Russian oil already loaded onto ships from April 17 through May 16. The waiver replaces a previous 30-day exemption that expired on April 11, though it strictly excludes any transactions involving Iran, Cuba, or North Korea.…
The US blockade on Iranian shipments through the Strait of Hormuz is an attempt to pressure Tehran economically and induce Iran into making concessions while avoiding a broader military escalatory cycle. Iran’s muted response to the blockade is also a positive indicator that the country’s leadership remains open to a negotiated settlement rather than drawing the US further into a damaging military confrontation. The direct talks between the US and Iran in Islamabad on 11 April were widely labeled a failure after ending without a deal. But it was not realistic to expect a single day of negotiations to deliver…
Egypt has launched a new bidding round for three offshore development blocks in the Gulf of Suez: North Shadwan-1, North Shadwan-2, and North Shadwan-3, with submissions open via the Egypt Upstream Gateway (EUG) until May 17. This initiative is part of the Open Blocks Licensing Program (OBLP), launched by the Ministry of Petroleum and Mineral Resources (MoPMR). The program ensures continuous access to investment opportunities by offering 49 blocks for bidding throughout the year. The North Shadwan-1 block, spanning four square kilometers, holds an upside potential of 25 million barrels (mmbbl) of stock tank oil initially in place (STOIIP). To…
After six weeks of daily Israeli bombardment, Israel and Lebanon agreed to a 10-day ceasefire this week, that entered into force at midnight on 17 April. The agreement was brokered by the US and marks the first direct talks between the two countries since the end of the Lebanese Civil War in 1990. US President Donald Trump announced the ceasefire on his Truth Social page, adding: “I hope Hezbollah acts nicely and well during this important period of time. It will be a GREAT moment for them if they do. No more killing. Must finally have PEACE!” (CONTINUED – 899…
The Egyptian Drilling Company (EDC) recorded a net profit of $132 million in fiscal year (FY) 2025, yielding a high operational efficiency rate of 98.8%. Osama Kamel, EDC Chairman and Managing Director, reported these results during the General Assembly convened via videoconference, attended by Karim Badawi, Minister of Petroleum and Mineral Resources. The company’s revenues reached approximately $402 million, compared to $213.23 million in fiscal year 2024. The General Assembly coincided with the 50th anniversary of EDC’s founding. Established in 1976 with a capital of EGP 100,000 and a single onshore rig, the company has grown into a regional leader…
The Petroleum Arrows Company recorded a 27% year-on-year (YoY) increase in net profit during fiscal year (FY) 2025, driven by the transport of 4.7 billion liters of liquid petroleum products and 957,000 tons of butane gas. Mahmoud El-Kaffas, the company’s Chairman, reported these results during the General Assembly convened via videoconference to approve the year’s financial performance. El-Kaffas noted that the company maintained a dominant market position, accounting for 17.5% of liquid petroleum products transport and 65% of butane gas transport nationwide. This was achieved through a fleet of 362 transport units that covered a total operating distance of 56…
Iraq’s parliament elected a new president on 11 April, triggering a 15-day countdown for the leading Shia blocs to nominate a prime minister by 26 April. It took five months to reach this point since November’s parliamentary elections, with the fraught process of forming a government exposing deep divisions within Iraqi politics. The US-Iran conflict has only exacerbated those rifts (MEES, 3 April). The new president is Nizar Amedi, a former cabinet minister and long-standing member of the Patriotic Union of Kurdistan (PUK). He was declared the winner after two rounds of voting – 208 votes in the first round…
The infectious optimism that President Trump displayed on Friday, suggesting a deal with Iran was imminent, has since faded as both sides issue conflicting signals. On Friday, Iran claimed the Strait of Hormuz was fully open for shipping without restrictions. President Trump corroborated this but added a significant caveat: the passage remains closed to ships bound for or departing from Iranian ports.As if celebrating a premature victory, President Trump belittled the NATO, North Atlantic Treaty Organisation, as a paper tiger, asserting that the United States is its only effective leader and criticizing the alliance for failing to support the U.S.…
Libya’s rival legislative bodies have approved a unified state budget for the first time in more than 13 years. The Central Bank of Libya (CBL) welcomed the move as “genuine progress” toward restoration of financial stability after years of division. CBL governor Naji Issa oversaw the signing of the US-brokered deal between the Tripoli-based High State Council (HSC) and the Benghazi-based House of Representatives (HoR) on 11 April. (CONTINUED – 1414 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…