Author: Rigs & Barge World

Oil markets are enduring a wild ride in early 2026, with fast-moving geopolitical developments in Iran causing sharp price reactions. While the US’ ousting of Venezuelan President Nicolas Maduro resulted in little more than a tired shrug from oil markets, the response to mass protests in Iran has been much stronger, reflecting concerns over potential disruption to the oil sector in Opec’s fourth -largest producer (MEES, 16 January). Even before protests broke out (MEES, 2 January), speculation was rife that a second round of conflict could break out between Israel and Iran this year. As the death count among protestors…

Egypt has cleared approximately $5 billion of the arrears due to its foreign partners in the oil sector, significantly reducing the sector’s debt as the state moves to accelerate upstream exploration, Prime Minister Mustafa Madbouly said during the Cabinet’s weekly meeting.  Egypt’s total arrears for International Oil Companies have dropped from a mid-2024 peak of $6.1 billion and are expected to reach$1.2 billion by the end of June 2026, which is the normal rate, according to Madbouly. He stressed the Egyptian state’s commitment to paying monthly dues of foreign partners according to the specified timetable, adding that this policy ensures that…

The USA remained unchallenged as the world’s leading petroleum exporter last year, marking a sixth straight year at the top. However, its dominance may now have passed its peak, with No.2 Saudi Arabia narrowing the gap ever so slightly in 2025 and looking likely to close in further this year. The story of the last decade has been one of rapidly expanding US oil production and exports, paused only for a brief period during the Covid-19 pandemic. But preliminary government data shows a slight fall in 2025, which would be the first such drop since 2001. Exports dipped from 10.71mn…

Basra Gas Company (BGC) has announced a strategic expansion of its export capacity, including a new large-scale project to export refrigerated liquefied natural gas (LNG) within two years, according to the Iraqi News Agency (INA). BGC Production Director Marfaa Al-Asadi stated that natural gas projects in the Rumaila and Zubair fields have reached advanced stages. The upcoming phase will focus on completing the remaining developments over the next four years while enhancing the stability and efficiency of existing facilities. These efforts are geared toward achieving a total production target of 1.4 billion cubic feet (bcf) per day, covering the majority…

Karim Badawi, Minister of Petroleum and Mineral Resources, met with Frank Wetzel, Germany’s State Secretary at the Federal Ministry for Economic Affairs and Energy, to discuss expanding bilateral cooperation across the natural gas, renewable energy, and technology transfer sectors, according to a Ministry statement. Badawi reviewed recent developments in Egypt’s oil and gas sector and the measures taken to attract investment, noting that promising opportunities exist in natural gas exploration, value-added industries, and petrochemicals. Egypt recorded a series of notable discoveries in 2025, as well as increased output from existing fields such as Zohr and Raven gas fields. The country’s…

Iran’s Islamic regime is facing an existential crisis. What began with merchants in Tehran’s famed Bazaar closing their shops at the end of last year to protest worsening economic conditions (MEES, 2 January), has escalated into the most serious nationwide demonstrations since at least the contested presidential election of 2009 (MEES, 22 June 2009). The unrest is seen as the most serious challenge to the Islamic regime since the overthrow of the Shah in 1979. Humiliated and weakened after its 12-day conflict with Israel seven months ago (MEES, 27 June 2025) and its vaunted network of regional proxies largely dismantled,…

The Minister of Investment and Foreign Trade, Hassan El-Khatib, highlighted that Egypt possesses enormous potential in the field of renewable energy, especially solar energy, where approximately 700 to 900 gigawatts (GW) can be generated from the Western Desert alone, according to a statement by the Ministry of Investment and Foreign Trade. This came during El-Khatib’s participation in a high-level panel discussion titled “Smart Infrastructure to Enhance Competitiveness”, as part of the World Economic Forum (WEF) in Davos, Switzerland. During his speech, El-Khatib also noted that the ambitious vision includes reaching a production of more than 1,000 GW of solar and…

The Gulf of Suez Petroleum Company (GUPCO) has successfully commenced production from the Al Wasl-4 development well in the North Safa field, raising the company’s total crude output to approximately 65,000 barrels per day (bbl/d), according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). The new well is producing 2,250 bbl/d of crude oil and roughly 1.3 million cubic feet per day (mmcf/d) of natural gas. The Al Wasl-4 well, located at the field’s offshore platform, is a primary component of GUPCO’s 2026 drilling plan and was fast-tracked following positive geological re-evaluations of the reservoir’s structure.…

Nouri al-Maliki has emerged as the frontrunner for Iraq’s premiership, potentially returning to a post he held between 2006 and 2014 (see table). Mr Maliki headed the country’s first permanent government after the 2003 US invasion and remains the only politician to have served two terms as prime minister. But he is a polarizing figure at home and abroad, and a return to office could have a negative impact on foreign investment. 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…

ADNOC Gas plc, the world-class integrated natural gas company, and its subsidiaries have signed a sales and purchase agreement (SPA) with the major Indian state-owned oil and gas company, Hindustan Petroleum Corporation Limited (HPCL), valued between $2.5 and $3 billion over 10 years. ADNOC Gas has converted a previously signed Heads of Agreement (HoA) with Hindustan Petroleum Corporation Limited (HPCL) into a long-term sales SPA. The deal covers the export of 0.5 million tons per year (mtpa) of liquefied natural gas (LNG) from ADNOC Gas’ Das Island facility, a strategic asset with a 6 million tonnes per annum (mtpa) capacity that…