Author: Rigs & Barge World
The Syrian Petroleum Company (SPC) began loading Iraqi high sulfur fuel oil (HSFO) onto an Aframax tanker at the Mediterranean port of Banias on 14 April, according to Kpler. The oil was trucked from Iraq to Syria, as Baghdad develops workarounds to maintain exports while the Strait of Hormuz is shut. The Asahi Princess tanker is slated to load 85,000 tons (540,000 barrels) of fuel oil. In total, Iraq plans to truck up to 650,000 tons per month (140,000 b/d) to Syria, with some volumes supplying Syrian power plants (MEES, 3 April). Hundreds of trucks have been crossing the border…
The US-Israel war with Iran and the subsequent closure of the Strait of Hormuz have garnered global attention for triggering the biggest energy crisis in recent history (MEES, 17 April), but the impact on the region’s role as an oil products trading hub has gone underreported. Since the outbreak of war on 28 February, activity at major storage and trading centers in Fujairah, Jebel Ali, Hamriyah, and Sohar has declined sharply. For the UAE’s Jebel Ali and Hamriyah, the issue was geography. Neither port was damaged by Iranian attacks (except for a small fire caused by debris at Jebel Ali),…
Petroleum Marine Services Company (PMS), a state-owned company, announced that it has received an assignment order to execute marine works for Phase 12 of the West Delta Deep Marine (WDDM) natural gas field development project, on behalf of Burullus Gas Company. PMS will act as the general contractor under the Engineering, Procurement, Installation, and Construction (EPIC) system, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). According to the assignment order, PMS will install the required electrical, hydraulic, and mechanical connections in deepwater to link three new natural gas wells to production as part of Phase…
Tharwa Petroleum Company, a state-owned company, recorded strong operational and production results in 2025, achieving a 15% increase in output compared to the previous year following the successful drilling of four new wells in the Western Desert, Chairman and Managing Director Saeed Abdel Moneim reported. The wells were initially drilled to offset natural production decline, but results exceeded expectations and bolstered overall growth. Average daily production surpassed 5,000 barrels, yielding total annual crude oil output of approximately 1.9 million barrels (mmbbl). The company also added new petroleum reserves, with crude oil sales exceeding 500,000 barrels during the year. As part…
The UN Security Council (UNSC) voted unanimously in favor of a UK-drafted resolution to counter illicit oil exports and smuggling from Libya on 14 April. The vote, taken during a special session on Libya, comes after a UN report found that private Libyan company Arkenu has been diverting oil revenues away from the CBL to offshore bank accounts benefiting armed groups (MEES, 17 April). The UNSC says that Resolution 2819 of 2026 authorizes member states “to inspect on the high seas vessels designated by the 1970 Libya Sanctions Committee as being involved in the illicit export of petroleum from the…
TotalEnergies, the integrated multi-energy company, anticipated a sharp rise in first‑quarter (Q1) of 2026 earnings, driven by strong trading results, higher upstream output, and increased oil sales amid elevated prices linked to the war in Iran, even as the conflict forced the shutdown of 15% of the French company’s overall production, Reuters reported. The group reported that European refining margins averaged $11.40 per barrel in the quarter, up 192% a year earlier and unchanged from the Q4 2025 margin. TotalEnergies is scheduled to report Q1 earnings on April 29. Benchmark Brent crude futures surged to multi‑year highs near $120 a…
The US came close to becoming a net crude exporter for the first time since World War II, as exports surged to 5.2 million barrels per day (mmbbl/d), the highest level in seven months, driven by strong demand from Europe and Asia seeking alternatives to disrupted Middle East supplies. Escalating tensions involving Iran led to significant constraints on shipments through the Strait of Hormuz, impacting nearly 20% of global oil and gas supplies and pushing importers to secure alternative sources, particularly US crude. US government data showed that net crude imports fell to 66,000 barrels per day (bbl/d), the lowest…
President Abdel Fattah El-Sisi has ratified two laws authorizing new petroleum exploration and production agreements in North Sinai offshore and the Gulf of Suez, as published by the Official Gazette and reported by Al-Ahram. The first agreement, under Law No. 81 of 2025, authorizes the Minister of Petroleum and Mineral Resources, Karim Badawi, to contract with the Egyptian General Petroleum Corporation (EGPC), Perenco North Sinai Petroleum Inc., Perenco North Sinai Oil Limited, Perenco North Sinai Gas Limited, and Perenco Resources Egypt Limited to explore, develop, and produce oil in the North Sinai offshore development area. Separately, Law No. 163 of…
Egypt received a timely boost at its offshore Mediterranean basin this week. Italian major Eni discovered 2tcf of gas, and BP and UAE state … Source link
The Egyptian International Gas Technology Company (Gastec) recorded natural gas sales of approximately 664 million cubic meters (mmcm) during fiscal year (FY) 2025, achieving the highest market share in Egypt at 45%. Mohamed Elniel, the company’s Chairman, reported the figures during the General Assembly convened to approve the company’s results for the fiscal year. Gastec achieved the highest daily sales rate in the market, exceeding 2.2 mmcm, which brought cumulative natural gas sales since the company’s inception to 6.6 billion cubic meters (bcm). Additionally, liquid fuel sales reached 172.6 million liters, representing an 8% increase compared to the previous year.…