Author: Rigs & Barge World
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…
The fragile US-Iran ceasefire appears to be broadly holding, despite Iran’s continued control over the Strait of Hormuz and contradictory statements from both sides over its terms. That talks in Islamabad, Pakistan, are still scheduled to start on 11 April in these circumstances is arguably a positive sign that both sides are seeking a negotiated settlement. Still, the US and Iran remain far apart in their stated negotiating positions, while Israel is a wildcard with its own objectives that could yet disrupt the talks if it deems unacceptable any concessions that Washington might offer to Tehran. Israeli Prime Minister Benjamin…
Baker Hughes is accelerating its strategic involvement in underground natural gas storage projects in collaboration with the Ministry of Petroleum and Mineral Resources (MoPMR), according to Amro Ismail Elsharkawi, the company’s Country Director. The initiative aims to leverage Egypt’s geological potential to enhance the state’s capacity as a regional natural gas hub while driving production through advanced digital platforms. Speaking in a recent interview with Petrocast, the MoPMR’s podcast, Elsharkawi reported that the company is working directly with the ministry and the Egyptian Natural Gas Holding Company (EGAS) on subsurface storage feasibility. These projects are considered vital to the national strategy…
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The Egyptian Maintenance Company (EMC) reported exceptional operational and financial results in 2025, with revenues rising by 31% to EGP 16.7 billion, while new contracts increased by 27% to EGP 19.6 billion, according to Mohsen Kotb, the company’s chairman. Operating profits more than doubled to EGP 1.57 billion, compared to EGP 700 million in 2024, marking the highest growth rate in the company’s history, Kotb stated during the company’s general assembly. International operations recorded a breakthrough, with contracts outside Egypt reaching EGP 6.6 billion, up 85%, contributing 58% of total pre-tax profits. EMC is currently executing projects across several Arab…