Author: Rigs & Barge World

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…

Karim Badawi, Minister of Petroleum and Mineral Resources, underscored the importance of maximising the capabilities of Tanmia Petroleum Company in implementing Early Production Facilities (EPFs) to accelerate the addition of wells to the production map and support plans for the development of mature fields. Tanmia, a state‑owned service provider, focuses on EPFs—plants that let new oil and gas fields start producing before full facilities are built. By deploying EPFs, Tanmia helps operators achieve “first oil” more quickly, generate early cash flow, and collect reservoir data while permanent facilities are under construction. Badawi was speaking during the company’s general assembly meeting,…

Iran carried out multiple strikes on key energy assets in Saudi Arabia this week, causing a 700,000 b/d drop in throughput on the key East-West pipeline supplying crude oil to the Red Sea port of Yanbu. Strikes on two major oil field facilities have also reduced production capacity by 600,000 b/d, while damage has been inflicted on refineries and LPG processing facilities. The attacks, at least some of which were carried out on the first day of the US-Iran ceasefire, were by far the most damaging that Iran has conducted against Saudi Arabia during the conflict. Most of them came…

bp reported that upstream production in the first quarter (Q1) of 2026 is expected to remain broadly stable compared with the fourth quarter (Q4) of 2025, at 2.344 million barrels of oil equivalent per day (mmboe/d). Within this, gas and low-carbon energy output are projected to edge slightly higher, while oil production may decline marginally due to pricing impacts on entitlement volumes. In the gas and low-carbon segment, prices are expected to stay steady, with trading results similar to last quarter. Oil production and operations should add $0.1–0.2 billion in earnings, helped by pricing lags in regions such as the…

Assiut National Oil Processing Company (ANOPC) reported that the construction work in its diesel production complex is almost  88% complete, with trial operations scheduled to begin by the end of 2026. The project is designed to reduce Egypt’s fuel import bill and supply Euro 5‑compliant diesel—cleaner fuel that meets European limits on harmful emissions—to the domestic market, according to the Ministry of Petroleum and Mineral Resources (MoPMR). ANOPC Chairman Mohamed Abdullah told the company’s general assembly meeting, convened via video conference and chaired by Karim Badawi, minister of Petroleum and Mineral Resources, that the facility will process fuel oil, diesel,…

Oil markets responded swiftly to the 7 April announcement of a ceasefire between the US and Iran, with Brent futures prices dropping by $14.52/B to $94.75/B on 8 April. The scale of the price decline appears excessive as the road to any market normalization will be slow, with the disruption of the past five and a half weeks requiring months to unwind even under a best-case scenario. Such a scenario looks a long way off. There is no guarantee that the ceasefire will lead to a peace agreement given the gulf in stated positions that remains between the US and…

The US and Iran on 7 April agreed to a two-week ceasefire deal, under which the Strait of Hormuz was theoretically to reopen unconditionally. In reality, little has changed with ships still largely unable to sail through the narrow waterway even after the ceasefire came into effect. Despite US statements that the strait must be opened in full, Iran insists that it remains in control and that all crossings must be coordinated with its military. Amid this uncertainty, few shipowners are willing to take the risk. Without an immediate increase in maritime traffic through the strait, there is little likelihood…