Author: Rigs & Barge World
The US came close to becoming a net crude exporter for the first time since World War II, as exports surged to 5.2 million barrels per day (mmbbl/d), the highest level in seven months, driven by strong demand from Europe and Asia seeking alternatives to disrupted Middle East supplies. Escalating tensions involving Iran led to significant constraints on shipments through the Strait of Hormuz, impacting nearly 20% of global oil and gas supplies and pushing importers to secure alternative sources, particularly US crude. US government data showed that net crude imports fell to 66,000 barrels per day (bbl/d), the lowest…
President Abdel Fattah El-Sisi has ratified two laws authorizing new petroleum exploration and production agreements in North Sinai offshore and the Gulf of Suez, as published by the Official Gazette and reported by Al-Ahram. The first agreement, under Law No. 81 of 2025, authorizes the Minister of Petroleum and Mineral Resources, Karim Badawi, to contract with the Egyptian General Petroleum Corporation (EGPC), Perenco North Sinai Petroleum Inc., Perenco North Sinai Oil Limited, Perenco North Sinai Gas Limited, and Perenco Resources Egypt Limited to explore, develop, and produce oil in the North Sinai offshore development area. Separately, Law No. 163 of…
Egypt received a timely boost at its offshore Mediterranean basin this week. Italian major Eni discovered 2tcf of gas, and BP and UAE state … Source link
The Egyptian International Gas Technology Company (Gastec) recorded natural gas sales of approximately 664 million cubic meters (mmcm) during fiscal year (FY) 2025, achieving the highest market share in Egypt at 45%. Mohamed Elniel, the company’s Chairman, reported the figures during the General Assembly convened to approve the company’s results for the fiscal year. Gastec achieved the highest daily sales rate in the market, exceeding 2.2 mmcm, which brought cumulative natural gas sales since the company’s inception to 6.6 billion cubic meters (bcm). Additionally, liquid fuel sales reached 172.6 million liters, representing an 8% increase compared to the previous year.…
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…