Author: Rigs & Barge World
One year ago if asked which country, Lebanon or Syria, was better set for a major economic turnaround in 2025, most observers would likely have said the former. The Iran-backed Hezbollah militia had been severely weakened by its conflict with Israel, and a coalition was slowly forming to nominate a more neutral (and pro-western) president. This duly occurred in January 2025 with the election of Joseph Aoun and the formation of a technocratic cabinet (MEES, 17 January 2025). Syria, on the other hand, looked an utter shambles. Sunni anti-regime forces under Ahmed al-Jolani (later to become President al-Sharaa) were successfully…
Dana Gas, the Middle East’s largest private sector natural gas company, has received a $50 million payment from the Egyptian government, reducing overdue receivables, according to a press release issued by the company on January 5, 2026. This payment supports the company’s ongoing drilling program under the consolidation agreement signed with Egypt in December 2024. It optimized fiscal terms and designated additional acreage for exploration to incentivize new upstream investment in the Nile Delta and Mediterranean regions. Since the program commenced, Dana Gas has drilled four wells that added approximately 18 million standard cubic feet per day (mmscfd) of production…
Bahrain’s government is moving to tackle the sensitive issue of energy subsidies as it faces up to its precarious oil and gas balances. Gas production peaked in 2024 at an annual average of 2.60bn cfd, and the latest Jodi data shows that as of October, the 2025 full year average was set to fall to around 2.38bn cfd. US firm EOG Resources has been brought in to develop deep tight gas layers below Bahrain’s Awali field, but Bapco Energies CEO Mark Thomas recently told MEES that this project will only partially offset the decline in gas production (MEES, 7 November).…
Global energy analysts anticipate a gradual recovery in Venezuelan crude oil production following the U.S. strike and capture of President Nicolas Maduro, a development poised to reshape global supply dynamics, according to Reuters. US President Donald Trump announced that Washington would oversee the transition of the oil-rich nation while maintaining a strategic embargo. While the immediate impact on markets remains muted, the removal of the previous administration is seen as a primary step toward consolidating a new regulatory framework to attract the capital-intensive investment required for sector rehabilitation. Venezuela, once a major oil producer pumping up to 3.5 million barrels per day…
Long-underutilized, Middle East electricity interconnections came to the forefront in 2025 due to Kuwait’s chronic power shortages. 2026 is … Source link
As markets prepare to open tomorrow, analysts and investors are closely monitoring the fallout from the high-profile U.S. nocturnal raid that captured Nicolás Maduro and his wife. While the operation initially sparked euphoria, that sentiment is rapidly shifting toward anxiety as the short-term market implications remain uncertain.President Trump’s subsequent victory speech did little to stabilize nerves. His declaration that “the US will run post-Maduro Venezuela” has caused international alarm, resonating far beyond autocracies or nations facing criminal charges. This assertive stance has specifically unsettled authorities in Greenland and Denmark, reviving concerns about Trump’s previous interests in Greenland’s strategic value as…
India has directed its oil refiners to submit weekly disclosures of crude oil purchases from Russia and the United States, a first-of-its-kind move intended to provide the Prime Minister’s Office with verified data for ongoing trade negotiations with Washington, sources familiar with the matter told Reuters. Issued through the Petroleum Planning and Analysis Cell (PPAC), the mandate aims to replace third-party estimates with official figures, thereby easing diplomatic friction over India’s energy sourcing. The data-sharing initiative comes as Indian officials anticipate that Russian crude imports will drop below one million barrels per day (mmbbl/d) in the coming months—a significant decline…
Karim Badawi, Minister of Petroleum and Mineral Resources, signed a Memorandum of Understanding (MoU) on January 4 with Saad bin Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and CEO of QatarEnergy, to secure a steady supply of liquefied natural gas (LNG) to Egypt. In a decisive step toward consolidating Egypt’s energy security, the Egyptian Natural Gas Holding Company (EGAS) and QatarEnergy finalized an executive mechanism for the delivery of natural gas cargoes to be delivered in Ain Sokhna and Damietta ports throughout the summer of 2026. This MoU reinforces the strategic partnership between Egypt and Qatar in energy.…
Saudi Arabia’s crude oil and refined products exports jumped by more than 400,000 b/d in October to a 30-month high of 8.359mn b/d as the impact of production increases was magnified by falling domestic demand. This offset a sharp monthly fall in oil prices, and Saudi oil export revenues rose to a nine-month high of $18.7bn for the month. For Saudi Arabia, the strategy of accelerating the unwinding of voluntary Opec+ production cuts in 2025 has paid off. The production increases are being paused for Q1 when global demand is seasonally weak, but could resume again from April (MEES, 2…
Agiba Petroleum Company, a joint venture between the Egyptian General Petroleum Corporation (EGPC) and Italy’s Eni, has drilled Dorra-36 and West Yasmine-3 new wells in its Western Desert concession, kicking off its 2026 drilling campaign. According to the Ministry of Petroleum and Mineral Resources (MoPMR), the move is part of an accelerated strategy to offset natural decline and maximize recovery of mature basins through advanced geological evaluation. Initial testing of the two new wells showed an estimated combined production of 1,650 barrels of crude oil per day (bbl/d) and approximately 19 million standard cubic feet per day (mmscf/d) of natural…