Author: Rigs & Barge World

Egypt has launched a new bidding round for three offshore development blocks in the Gulf of Suez: North Shadwan-1, North Shadwan-2, and North Shadwan-3, with submissions open via the Egypt Upstream Gateway (EUG) until May 17. This initiative is part of the Open Blocks Licensing Program (OBLP), launched by the Ministry of Petroleum and Mineral Resources (MoPMR). The program ensures continuous access to investment opportunities by offering 49 blocks for bidding throughout the year. The North Shadwan-1 block, spanning four square kilometers, holds an upside potential of 25 million barrels (mmbbl) of stock tank oil initially in place (STOIIP). To…

After six weeks of daily Israeli bombardment, Israel and Lebanon agreed to a 10-day ceasefire this week, that entered into force at midnight on 17 April. The agreement was brokered by the US and marks the first direct talks between the two countries since the end of the Lebanese Civil War in 1990. US President Donald Trump announced the ceasefire on his Truth Social page, adding: “I hope Hezbollah acts nicely and well during this important period of time. It will be a GREAT moment for them if they do. No more killing. Must finally have PEACE!” (CONTINUED – 899…

The Egyptian Drilling Company (EDC) recorded a net profit of $132 million in fiscal year (FY) 2025, yielding a high operational efficiency rate of 98.8%. Osama Kamel, EDC Chairman and Managing Director, reported these results during the General Assembly convened via videoconference, attended by Karim Badawi, Minister of Petroleum and Mineral Resources. The company’s revenues reached approximately $402 million, compared to $213.23 million in fiscal year 2024. The General Assembly coincided with the 50th anniversary of EDC’s founding. Established in 1976 with a capital of EGP 100,000 and a single onshore rig, the company has grown into a regional leader…

The Petroleum Arrows Company recorded a 27% year-on-year (YoY) increase in net profit during fiscal year (FY) 2025, driven by the transport of 4.7 billion liters of liquid petroleum products and 957,000 tons of butane gas. Mahmoud El-Kaffas, the company’s Chairman, reported these results during the General Assembly convened via videoconference to approve the year’s financial performance. El-Kaffas noted that the company maintained a dominant market position, accounting for 17.5% of liquid petroleum products transport and 65% of butane gas transport nationwide. This was achieved through a fleet of 362 transport units that covered a total operating distance of 56…

Iraq’s parliament elected a new president on 11 April, triggering a 15-day countdown for the leading Shia blocs to nominate a prime minister by 26 April. It took five months to reach this point since November’s parliamentary elections, with the fraught process of forming a government exposing deep divisions within Iraqi politics. The US-Iran conflict has only exacerbated those rifts (MEES, 3 April). The new president is Nizar Amedi, a former cabinet minister and long-standing member of the Patriotic Union of Kurdistan (PUK). He was declared the winner after two rounds of voting – 208 votes in the first round…

The infectious optimism that President Trump displayed on Friday, suggesting a deal with Iran was imminent, has since faded as both sides issue conflicting signals. On Friday, Iran claimed the Strait of Hormuz was fully open for shipping without restrictions. President Trump corroborated this but added a significant caveat: the passage remains closed to ships bound for or departing from Iranian ports.As if celebrating a premature victory, President Trump belittled the NATO, North Atlantic Treaty Organisation,  as a paper tiger, asserting that the United States is its only effective leader and criticizing the alliance for failing to support the U.S.…

Libya’s rival legislative bodies have approved a unified state budget for the first time in more than 13 years. The Central Bank of Libya (CBL) welcomed the move as “genuine progress” toward restoration of financial stability after years of division. CBL governor Naji Issa oversaw the signing of the US-brokered deal between the Tripoli-based High State Council (HSC) and the Benghazi-based House of Representatives (HoR) on 11 April. (CONTINUED – 1414 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…

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…