Author: Rigs & Barge World

Saipem has won two new offshore contracts in the Saudi Arabia under its Long-Term Agreement with Aramco, in the form of Contract Release Purchase Orders (CRPOs), further reinforcing its footprint in the Saudi market. Under the first award (CRPO 154), Saipem will carry out engineering, procurement, construction, and installation (EPCI) works for a water injection tie-in platform, in addition to two water injection wellhead platforms at the Safaniya offshore field. The scope also includes the installation of around 5 km of 24-inch pipelines and approximately 15 km of 15kV subsea cables. Safaniya is recognized as one of the largest offshore…

Iran’s 5 April announcement that it would allow Iraqi oil to transit the Strait of Hormuz has been met with little enthusiasm from buyers, forcing Iraq to continue its quest for alternative routes to market. A senior oil ministry official tells MEES that despite the Iranian announcement, no buyers were willing to send tankers through the Strait given the high risk of attack. “We have negotiations with Chinese and Indian buyers, but they are reluctant. They say that the Iranian announcement is not enough and they wanted security guarantees, but we can’t offer that,” the source says. (CONTINUED – 1009…

Tag Oil, a Canadian-based international oil and gas exploration company, is preparing to drill a  T-200 vertical well in the Badr Oil Field (BED-1) concession located in the Western Desert in 2026, according to its first quarter (Q1) of 2026 operational update release. During Q1 of 2026, the company maintained production from the BED-1 concession to an average of about 65 barrels of oil per day (bbl/d).    The concession houses multiple oil and gas fields and has recently become a focal point for massive production recovery. In January, the Western Desert Operating Petroleum Company (WEPCO), the Egyptian joint partner…

Libya this week announced three oil and gas discoveries with international partners Sonatrach, Repsol, and Eni, marking progress despite the sector’s slow recovery as exploration activity has gained momentum after more than a decade of inactivity (MEES, 1 November 2024). “These new discoveries reflect the great potential for Libya’s oil and gas sector,” NOC chief Masoud Suleiman said in a statement on 9 April. (CONTINUED – 1034 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…

Refined oil product inventories in Fujairah, the United Arab Emirates (UAE), dropped below 10 million barrels (mmbbl) on April 15, marking their lowest level in at least nine years, according to the latest data reported by Reuters. The decline comes as the ongoing conflict between the US and Iran continues to disrupt energy supplies across the region. The tensions have impacted key shipping routes and logistics, tightening the availability of refined products. Fujairah, one of the world’s major oil storage and bunkering hubs, plays a critical role in regional and global energy trade. The sharp drawdown in inventories underscores the…

The Egyptian Projects Operation and Maintenance (EPROM), a subsidiary of the Egyptian General Petroleum Corporation (EGPC), reported a net profit of EGP 1.586 billion in 2025, marking a 44% increase from 2024, Chairman Hossam Asad announced during the general assembly meeting convened to review the company’s 2025 fiscal year (FY) results. The meeting highlighted operational performance across key refining and petrochemical projects. At the Middle East Oil Refinery (MIDOR)  expansion project, EPROM has processed 49.2 million barrels (mmbbl) of crude oil and condensates. It also executed over 101,000 maintenance orders, helping the facility reach its design capacity and produce products…

Cyprus gas developments have been in the spotlight in recent weeks, even though no gas has been produced to date. However, energy companies with offshore assets are making progress on a number of projects with the latest being US major ExxonMobil (60%, op) and partner QatarEnergy (40%) at Blocks 10 and 5. “We can confirm submission of a declaration of commerciality for both the Pegasus and Glaucus discoveries offshore Cyprus,” Exxon tells MEES. (CONTINUED – 865 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…

The European Bank for Reconstruction and Development (EBRD) has extended a $65 million construction bridging loan to Egypt’s HAU Energy, a Joint Venture between the bank, Hassan Allam Utilities (HAU) and the asset management firm Meridiam, for the development of a new renewable energy project in Benban, near Aswan. The bridging loan, which is a short-term loan to cover the project expenses till the project’s financing is secured, will be used to finance the construction and installation of a 200 megawatt (MW) solar photovoltaic (PV) plant and a 120 megawatt-hour (MWh) battery energy storage system (BESS) in Benban, near Aswan,…

Shipping data recorded on April 14 showed that a third Iran-linked tanker was transiting the Strait of Hormuz on the first full day of the US blockade on vessels calling at Iranian ports. US President Donald Trump announced the blockade on Sunday after peace talks in Islamabad between the US and Iran failed to yield an agreement. As the three vessels crossing the strait were not bound for Iranian ports, they are not covered by the blockade. According to London Stock Exchange Group (LSEG) data, the Panama-flagged medium-range tanker Peace Gulf is heading to Hamriyah Port in the United Arab…

Opec’s monthly crude oil production fell by a massive 7.50mn b/d in March, the largest decline in its history. The group’s largest producers were forced to implement large-scale shut-ins after Iran closed the Strait of Hormuz to most non-Iranian shipping after the start of US-Israeli strikes on 28 February. The scale of production losses has exceeded by far that of any previous disruption, including the 1973 Arab oil embargo and the 1991 Gulf War (MEES, 10 April). Production averaged 21.90mn b/d in March, the lowest monthly average since June 2020, when it fell to 21.03mn b/d at the height of…