Author: Rigs & Barge World
Iran’s closure of the Strait of Hormuz is forcing a reassessment of the waterway’s long-term viability as a regional export route (MEES, 27 March). Policymakers are again drawing lines on maps in search of corridors and alternative routes for Middle Eastern energy supplies to international markets. Damascus, and its backers in Washington, see an opportunity for Syria to serve as a possible conduit. But geography and security considerations limit its prospects. Syrian President Ahmed al-Sharaa visited Germany and the UK this week, his first trip to both countries, where he pitched Syria’s geographical location as a “link between East and…
Senior officials from the Ministry of Petroleum and Mineral Resources (MoPMR) officials met with a delegation from the African Legal Support Facility (ALSF), an affiliate of the African Development Bank (AFDB), to discuss possible cooperation opportunities between the two sides. ALSF helps African governments negotiate complex commercial deals and manage disputes, especially in energy, infrastructure, and finance. During the meeting, they discussed strategies to strengthen the negotiation skills of the entities affiliated with the petroleum ministry. The meeting also highlighted Egypt’s successful track record in the oil and gas sector as a model for attracting investment and solidifying its role…
Egypt will add 2,500 megawatts (MW) of renewable energy to the unified national grid during 2026, strengthening the sustainability and stability of the national electricity system, according to Mahmoud Esmat, Minister of Electricity and Renewable Energy. Esmat highlighted ongoing efforts to improve production efficiency, reduce reliance on fossil fuels, and achieve a balanced energy mix, with a strategic target for renewable energy to meet at least 42% of domestic needs by 2030. The announcement was made during a meeting with President Abdel Fattah El-Sisi, Prime Minister Mostafa Madbouly, and Karim Badawi, Minister of Petroleum and Mineral Resources. During the meeting,…
QatarEnergy celebrated the landmark first LNG production from its 18mn t/y Golden Pass terminal in the US (QatarEnergy 70%, ExxonMobil 30%). The facility is QatarEnergy’s only overseas LNG asset. The startup comes at a critical time for the Qatari firm and the LNG sector more broadly, with more than 80mn t/y of Middle East capacity currently blocked from global markets by the continued closure of the Strait of Hormuz. Golden Pass can’t come close to closing the supply shortfall that has suddenly materialized, but any new source of LNG is welcome. Volumes will remain modest at first, with just one…
Valmore Holding, formerly Egypt Kuwait Holding, has approved the distribution of about $53 million in cash dividends to shareholders, amounting to 0.045 per share (4.5 cents), according to its ordinary general assembly meeting convened on April2. This brings the company’s cumulative dividends since inception close to $1 billion. The company previously reported its financial results for the fiscal year (FY) 2025 on March 2, 2026, recording a 24% year-on-year (YoY) increase in revenues to reach $685 million. Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) bolstered 26% YoY to $322 million. During the same period, net profit remained broadly…
India is poised to receive its first shipment of Iranian oil in seven years, following the temporary lifting of US sanctions on Iranian crude and refined products to ease global supply pressures, according to Reuters. The cargo, purchased by state-owned Indian Oil Corporation (IOC), is currently aboard the Curacao-flagged very large crude carrier Jaya, which is heading to India’s east coast and is expected to arrive later this week, according to ship-tracking data from LSEG and Kpler, leading global providers of financial data, analytics, and market intelligence. Before this development, India had not imported crude oil from Iran since May 2019,…
Chevron, the operator of Cyprus’ 3.7tcf Aphrodite gas field, took decisive steps towards the field’s development this week. It finalized two key deals in Cairo on 30 March during Egypt’s showcase EGYPES conference, including a Host Government Agreement (HGA). Under Aphrodite’s development plan, 800mn cfd will be produced through a floating production unit (FPU) that will be tied-back via a 280km pipeline to the Egyptian shore (MEES, 20 March). An HGA with Egypt was therefore needed to move forward with potential gas sales deals. (CONTINUED – 944 WORDS) Read this article for free Gain access to over 60-years of energy…
Two agreements, with total investments of $740 million for establishing a Phosphate Fertilizer plant and a Chemical project in the Suez Canal Economic Zone(SCZONE), were signed on April 8 in the presence of Prime Minister Mostafa Madbouly. The Indorama Egypt Fertilizer project will be established in the Sokhna Industrial Zone, on an area of 522,000 square meters, with investments of $525 million for the first phase. The project is expected to provide up to 2,500 direct job opportunities during the operational phase, in addition to 500 jobs during the construction stage. The project aims to establish an integrated industrial complex…
European majors Eni and TotalEnergies, 50:50 partners at the 3.1tcf (gas in place) Cronos field offshore Cyprus, had hoped to announce a final investment decision (FID) at the Egypt Energy Show (EGYPES) in Cairo on 30 March. However, there was no announcement amid a continued standoff with the Cypriot government over contractual liabilities (MEES, 27 March). Cyprus continues to insist that Eni and Total should take on liability for cost overruns at the project, as well as any liabilities related to a potential failure to meet contractual gas commitments. (CONTINUED – 812 WORDS) Read this article for free Gain access…
Oil prices declined sharply below $100 per barrel on April 8, after US President Donald Trump announced a provisional two-week ceasefire agreement with Iran, contingent on the immediate and secure reopening of the Strait of Hormuz, Reuters reported. Brent crude decreased by 14.9% to $92.95 per barrel, while US West Texas Intermediate (WTI) dropped 16.1% to $94.79 per barrel, reflecting easing supply concerns. The announcement came just ahead of a US deadline for Tehran to restore navigation through the Strait, through which roughly 20% of global oil supply flows, or risk potential strikes on its civilian infrastructure. Trump described the…