Author: Rigs & Barge World

Prime Minister Mostafa Madbouly met with Karim Badawi, Minister of Petroleum and Mineral Resources, and Ahmed Kouchouk, Minister of Finance, to follow up on measures taken to avail needed funding to build up a sufficient strategic reserve of various petroleum products to cover the local market needs. The meeting looked into the impact of the energy-saving plan recently adopted by the government on the consumption of petroleum products, as well as the savings resulting from the decision to postpone the implementation of several national projects for three months. These savings should be directed toward covering urgent energy demands and securing…

The real energy shock unleashed by the de facto closure of the Strait of Hormuz for the past month is now beginning to make an impact as the last tankers to have passed through the chokepoint pre-conflict arrive at their destinations. The supply shock is therefore moving from spreadsheets to tangible reality, and there will be more upwards pressure on prices as onshore inventory drawdowns accelerate. Dated Brent hit an 18-year high of $141.26/B on 2 April according to General Index assessments, a $32/B premium to ICE Brent futures as physical markets continue to reflect the scale of the supply…

The Board of Directors of the Export-Import Bank of the United States (EXIM)  has authorized over $2 billion in export credit insurance to facilitate US liquefied natural gas (LNG) exports to Egypt, according to an EXIM press release.  The authorization advances Trump Administration priorities to expand American energy exports, strengthen domestic supply chains, and reinforce US economic security, it noted. This decision is set to facilitate LNG shipments scheduled throughout 2026 and 2027 under contracts between the Egyptian General Petroleum Corporation (EGPC) and the US-based Hartree Partners, which is a global energy and commodities trading firm, focusing mainly on physical…

Sidi Kerir Petrochemicals Company (SIDPEC) reported total sales of EGP14.4 billion and a net profit of EGP1.138 billion for the fiscal year (FY) 2025, according to Chairman Mohamed Zakaria El Afandy, who noted that performance remained resilient despite surging natural gas and polymer prices amid regional geopolitical tensions. In 2024, the company’s sales were EGP14.15 billion while its net profits stood at EGP2.5 billion, according to Reuters. El Afandy was addressing attendees of SIDPEC’s general assembly meeting, which approved a cash dividend of EGP 0.50 per share. El Afandy told the meeting that the company’s robust financial position earned it…

The UAE’s Port of Fujairah has emerged as a vital international oil gateway outside the Strait of Hormuz since the start of the Iran war on 28 February. Despite multiple Iranian attacks on Fujairah, Adnoc has continued to export Murban crude from the terminal with only brief interruptions. However, it’s been a different story for Fujairah’s other role as a storage, blending and trading hub for refined products, where trade has largely ground to a halt (MEES, 13 March). Market sources suggest this is about to change. As MEES went to press, all 15 terminals except BPGIC now have access…

Baker Hughes has been awarded the 2026 SAP Global Partner Award in the Intelligent App Innovation category, recognizing its contributions to advancing digital solutions and strengthening its collaboration with SAP. The annual awards honor top-performing partners across 50 categories, based on SAP recommendations, customer feedback, and key performance metrics, highlighting excellence in innovation and customer impact. Baker Hughes has been working closely with SAP through the SAP PartnerEdge program, focusing on developing intelligent applications that address operational challenges in the energy and industrial sectors. This collaboration builds on Baker Hughes’ Cordant™ Asset Strategy Data Optimization Services, which enhance asset data…

Yemen’s Houthis entered the Middle East conflict on 28 March, exactly one month into the war, when the group fired missiles and drones at Israel. Capturing the spirit of Iran’s ‘Axis of Resistance,’ military spokesman Yahya Saree said the attack was a fulfilment of “their religious, moral, and humanitarian duties” and that they would carry out further military operations until the US and Israel end their aggression against Iran. All the attacks were successfully intercepted by Israel, but their symbolic impact detonated across the world. Their entry into the war revived fears that they might restart their attacks on shipping…

UAE Dragon Oil is planning to invest $3 billion in the coming years in Egypt, according to the company’s CEO Abdulkarim Almaazmi. Speaking in the latest edition of Petrocast, the Ministry of Petroleum and Mineral Resources’ podcast, Al Maazmi pointed out that the company’s recent investments in Egypt include a new well discovery in the North Safa field as well as the East Crystal well discovery at the end of 2025. These milestones, he said, underscore the potential for further investment in the region’s oil and gas sector. In the third quarter (Q3) of 2026, Dragon Oil intends to drill…

India has resumed buying oil from Iran for the first time in nearly five years, as ongoing tensions in the Middle East continue to disrupt supplies, especially through the Strait of Hormuz, Reuters reported. The oil ministry said Indian refiners are securing crude from different sources, including Iran, to meet demand during the current supply challenges. It added that there are no payment issues related to importing Iranian oil. India, the world’s third-largest oil importer, stopped buying Iranian crude in May 2019 due to US pressure. However, recent disruptions caused by the US-Israel conflict pushed the country to seek alternative…

Iraq is being drawn deeper into the ongoing conflict in the Middle East. Pro-Iran proxies have intensified their attacks on US military and diplomatic facilities in federal territories, the Kurdistan region, and neighboring Arab states. Washington has retaliated with strikes on a number of Iran-backed militia bases, killing dozens of militiamen and commanders. The events have exposed the Iraqi government’s failure to restrain the armed groups and uphold the country’s sovereignty. Closely aligned with Iran, these militias risk upending the period of relative stability Iraq has experienced since late-2022. (CONTINUED – 927 WORDS) Read this article for free Gain access…