Author: Rigs & Barge World
As the Strait of Hormuz closure nears the two-month mark (MEES, 24 April), importers worldwide are struggling to secure supplies – particularly crude and LNG. However, less attention has been paid to the near collapse in refined product exports from the Gulf due to refinery outages and blocked exports through the strait. The situation is acute in East Africa. Prior to the US-Iran war, the region sourced around 36% of its oil products from the Gulf, according to data intelligence firm Kpler. Imports into key markets – Kenya, Tanzania and Mozambique – fell to zero in April for the first…
Egypt’s Minister of Industry, Khaled Hashem, met with a delegation from Egypt Amun Green Ammonia (EAGA), a consortium formed by Poland’s Hynfra and Egypt’s Coxswains, to discuss a planned green ammonia project. The initiative foresees initial investments of $5 billion, doubling upon reaching full capacity. The project’s production is expected to commence by 2031 with an initial annual output of 400,000 tons, expandable to 1 million tons (mmt) in subsequent phases. The meeting was attended by Tomoho Umeda, President of Hynfra, together with officials from the Ministry of Industry. The project, to be located in Ras Banas in southeastern Egypt,…
Global energy major Eni reported oil and gas production growth by 9% in the first quarter (Q1) of 2026, supported by project ramp-ups in West Africa and Norway, alongside new start-ups in Angola. The increase came despite limited disruptions in the Middle East, highlighting the company’s operational resilience and portfolio diversification, according to a press release by Eni. This performance yielded solid financial results, with group pro-forma adjusted Earnings Before Interest and Taxes (EBIT) recording €3.54 billion, a 23% quarter-on-quarter increase. Simultaneously, adjusted net profit reached €1.3 billion. Group proforma adjusted EBIT is a company’s core operating profit across the…
The partners at Israel’s 22.4tcf Leviathan field, operated by US major Chevron (39.66%), have requested meetings with the Israeli Energy Ministry regarding compensation for losses incurred during the 32-day shutdown of their operations ordered by Energy Minister Eli Cohen as a precautionary measure during the war with Iran. According to estimates cited in Israeli media, the Leviathan partners, which also include local firms NewMed Energy (45.34%) and Ratio Energies (15%), lost around NIS5.2mn ($1.6mn) per day while the platform was offline. This translated to approximately $53mn over the 32-day period. (CONTINUED – 926 WORDS) Read this article for free Gain…
Baker Hughes reported a solid first quarter (Q1) of 2026, with revenue reaching $6.6 billion, up 2% compared to the same period in the previous year, supported by strong demand in its Industrial and Energy Technology (IET) segment despite disruptions in the Middle East, according to a press release by Baker Hughes. Net income rose sharply to $930 million, more than doubling compared to the same period last year, while adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased 12% year-on-year (YoY) to $1.16 billion, reflecting improved operational performance and cost discipline. Orders remained strong at $8.2 billion, up…
“Egypt’s bid to become the East Mediterranean gas hub and export gateway to the world has been bolstered by the geopolitical upheaval in the Gulf. With liquified natural gas (LNG) exports disrupted and alternative export routes slow to progress, Egypt is well placed to consolidate its position,” stated the Middle East Economic Survey (MEES), a widely read weekly publication focusing on developments in the region’s energy landscape. Egypt is solidifying its role as the central hub for profiting from Eastern Mediterranean energy resources, according to the publication, which explained that by acting as the primary destination for new gas production…
The Egyptian government has reassured the public that it does not plan to introduce rolling blackouts this summer even as Cairo is looking at the possibility of ramping up fuel oil imports to hedge against uncertainty in LNG procurement and Israeli gas supply. The cabinet dismissed rumors that daily four-hour power cuts were imminent but said energy saving measures introduced during the Iran war would remain in place (MEES, 17 April). “The government is fully prepared to secure energy needs during the summer,” the Petroleum Ministry said, signaling confidence that supply disruptions seen in recent years can be avoided despite…
Swiss-based offshore contractor Transocean announced on 16 April that it was “awarded a five-well contract in the East Mediterranean Sea with an undisclosed operator.” The ‘Deepwater Asgard’ will undertake the estimated 390-day drilling campaign, expected to commence in Q4 this year and cost around $158mn. ExxonMobil is most likely the operator. MEES understands that the US major plans to start drilling in the giant offshore Cairo block near the maritime border with Cyprus before the end of the year (MEES, 7 November 2025). A follow-up well at the adjacent Masry block is likely before the firm turns its attentions to…
President Donald Trump has canceled a high-stakes meeting in Islamabad, Pakistan, between U.S. representatives and an Iranian delegation. The decision coincided with Iranian Foreign Minister Abbas Araghchi’s departure from the Pakistani capital for subsequent diplomatic visits to Oman and Russia.Following the cancellation, President Trump stated he had received a new Iranian proposal regarding the nuclear issue but dismissed the overtures as insufficient, reiterating his long-standing ultimatum that Iran will never be permitted to possess a nuclear weapon. The President attributed the stalled negotiations to internal friction within the Iranian leadership, citing a rift between competing factions without naming specific officials.Tensions…
Cairo has raised gas prices for fertilizer producers due to higher fuel import costs in a tighter global fertilizer market. Producers are now being billed $9-10/mn Btu in the second half of April, up from $8.5/mn Btu earlier in the month and nearly double the $5.5/mn Btu paid in March, before the recent regional supply shock. (CONTINUED – 141 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 future risks and opportunities Source link