Author: Rigs & Barge World
Cairo is reinforcing its position as the primary route for monetization of Eastern Mediterranean gas as the intended recipient of new production from Cyprus and Israel. Regional gas flows will help meet growing domestic demand and allow for surplus gas to be exported from Egypt’s underutilized LNG plants on the Mediterranean coast. The option to direct gas from Cyprus and Israel to Egypt makes both economic and geographic sense. The North African country offers the fastest available commercial pathway to markets. It also has the infrastructure in place that can accommodate additional gas from the region. (CONTINUED – 881 WORDS)…
British Petroleum (bp) reported a net income of $3.2 billion in the first quarter (Q1) of 2026, an increase of 131.88% from the same quarter last year. It beat analyst expectations of $2.67 billion by 20%, according to Reuters. This record performance was driven primarily by the customers and products segment, which recorded a profit of $3.2 billion before interest and tax, its highest level since 2022. “We’re controlling what we can control, which is trying to increase production in other parts of the world,” CEO Meg O’Neill stated in an interview with Reuters. Under O’Neill’s new leadership, bp has…
Dwindling oil revenues following the closure of the Strait of Hormuz coupled with delays forming a new government have squeezed Iraq’s finances, limiting available funds for new infrastructure. Iraq has yet to honor contractual payments to Excelerate Energy, the US firm contracted to build the country’s first LNG terminal. This has delayed work on berth modifications at Khor al-Zubair port that are required before the terminal can receive LNG cargoes. If payment is made soon, imports may start in winter, either in late 2026 or early 2027. But further slippage risks pushing terminal operations to summer 2027, dealing a huge…
Maridive & Oil Services reported a 19% year‑on‑year increase in standalone revenues for the fiscal year ended December 31, 2025, reaching USD 78.6 million. Standalone operations delivered a gross profit of USD 33.3 million, up 25% from the previous year. This performance was driven by higher vessel utilization rates, adherence to scheduled maintenance timelines, and increased daily charter rates for certain marine units, according to the company’s disclosure to the stock exchange. The Company also expanded its portfolio by offering a broad range of integrated solutions through its subsidiaries, while unit operating expenses declined under management’s cost‑rationalization policy. It further…
TotalEnergies reported a 29% increase in first-quarter (Q1) adjusted net income on April 29, reaching $5.4 billion and exceeding the $5 billion anticipated by analysts, according to Reuters. The French energy major bolstered its performance through high global oil prices and robust trading operations linked to the ongoing conflict in Iran. Following the results, TotalEnergies recorded a 5.9% increase in its quarterly cash dividend and announced it would double its share buybacks to $1.5 billion for the second quarter (Q2). The company’s share value rose 1.1% to €79.16 in early trading, marking its highest level in more than two weeks…
Almost two months in, the loss of around 20% of global LNG supply — 77mn t/y from Qatar and 6mn t/y from the UAE — has tightened the market, sent prices soaring while reshaping expectations for future balances. Before the shutdowns in the Gulf, the market had expected a wave of new LNG supply to lead to a surplus. That outlook has shifted. Vitol’s Head of LNG Pablo Galante Escobar said this week the widely expected glut is likely to be delayed by at least two years. Speaking during the FT Commodities Global Summit in Lausanne on 21 April, he…
Kuwait Petroleum company (KPC), a state- owned oil company, has extended the deadline for preliminary bids on its crude oil pipeline network to April 28, citing disruptions from the US–Israeli war on Iran, according to Reuters. The deadline was originally set for April 7 but was pushed back after investors said they needed more time due to the fast-evolving conflict. JPMorgan, HSBC, and two Kuwaiti lenders, National Bank of Kuwait (NBK) and Kuwait Finance House (KFH), are arranging a $6 billion financing syndicate for prospective buyers of the stake, which is estimated to be worth around $7 billion. Meanwhile, the…
Minister of Petroleum and Mineral Resources, Karim Badawi, represented Egypt and delivered a keynote address at the opening of the Organization for Economic Co-operation and Development (OECD) Critical Minerals Forum in Istanbul, Türkiye. Badawi took part in the high-level ministerial panel discussion held during the opening session, alongside Bandar Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources; Mike Kopp, Senior Advisor to the US Secretary of Energy; Rohitesh Dhawan, President and CEO of the International Council on Mining and Metals (ICMM); and the Philippine Undersecretary of Industry. The event drew a distinguished international audience, including mining ministers, officials from…
The Organization of the Petroleum Exporting Countries (OPEC), founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela, faced a historic shift on Tuesday when the United Arab Emirates announced its departure from the cartel. The UAE, one of the group’s most influential producers, had been a member for over 60 years, navigating the bloc’s tumultuous history. It is the fourth largest oil producers in the cartel.By 2024, however, friction grew over the production quota system, which the UAE felt unfairly limited its output despite significant domestic investments in capacity. While Saudi Arabia, the group’s de facto leader, insisted on…
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