Author: Rigs & Barge World

The US Treasury Department’s Office of Foreign Assets Control (OFAC) has issued a sweeping relaxation of sanctions on Venezuela’s energy sector. The move grants two general licenses that allow international oil and gas companies (IOCs) to resume operations and negotiate new investments in Venezuela, home to some of the world’s largest proven oil reserves, as reported by Reuters. The primary general license authorizes major industry players, including Chevron, BP, Eni, Shell, and Repsol, to restart and expand upstream activities. These firms, which have maintained project stakes and skeletal offices in the country despite years of restrictions, are now permitted to…

The Financial Regulatory Authority (FRA) has issued Decision No. 36 of 2026, mandating non-banking financial institutions (NBFIs) to disclose their annual carbon emissions and offset a portion of their footprint. The move, announced on February 15, is a decisive step toward institutionalizing Environmental, Social, and Governance (ESG) standards across Egypt’s financial ecosystem. Under the new regulations, companies with issued capital or net equity exceeding EGP 100 million must submit an annual carbon footprint report. These disclosures must adhere to the measurement standards of international Scope 1 (direct emissions from operations and vehicles) and Scope 2 (indirect emissions from purchased electricity…

The topic of Iran dominated discussions during the International Energy Week annual industry gathering in London this week. The question of whether or not the US will launch military strikes against Iran in the coming weeks is the great unknown, and the answer will have profound implications for oil markets. Military conflict in the Gulf would risk disrupting the flow of around 14.5mn b/d of crude and condensate and 3.8mn b/d of refined products through the Strait of Hormuz. More than 80mn t/y of LNG is also exported through the chokepoint from Qatar (77mn t/y capacity) and Abu Dhabi (6mn…

Petrobakr and South Ghazalat Petroleum Companies plan a total investment of $121 million for the fiscal year (FY) 2026/27, targeting a daily crude oil output of 14,000 barrels, Khaled Mounir, Chairman of Petrobakr, told the General Assembly that convened to approve the 2025/26 revised budget as well as the 2026/27 proposed budget, and the five-year strategic plan for both companies. The meeting emphasized the importance of leveraging the successful partnership model between the Egyptian General Petroleum Corporation (EGPC) and Vaalco Energy. This collaboration aims to increase production, reduce the cost per barrel, and enhance sustainability to secure the work environment.…

Saudi Aramco, the global energy leader, and Microsoft, the technology innovation giant, have signed a non-binding memorandum of understanding (MoU) to explore a range of digital initiatives aimed at accelerating the deployment of industrial artificial intelligence (AI) across Aramco’s operations. Under the agreement, the two companies will assess opportunities to expand the use of advanced AI solutions to enhance operational efficiency, strengthen digital capabilities, and support workforce development in Saudi Arabia. The collaboration aligns with Aramco’s broader digital transformation strategy and ambition to reinforce its position as a technology-enabled energy and chemicals company. Building on their longstanding partnership, Aramco plans…

Solar is booming in Dubai, and the Mohammed bin Rashid (MBR) solar power complex generated a record 16.24% of the emirate’s electricity in 2025. Renewables’ contribution to the power mix has been gradually increasing in recent years, and the growth went into overdrive last year as the first two tranches of MBR Phase 6 were completed. Renewables generated a record 10.1TWh of electricity in 2025, up a massive 52% year-on-year. This was thanks to the addition of 800MW capacity at the MBR complex, bringing total installed capacity up to 3.86GW (see chart 1). Another 800MW is due online this year,…

As part of efforts to implement the five-year plan to boost production and enhance exploration activities, the Egyptian General Petroleum Corporation (EGPC) held a forum titled “The Systems We Built,” which showcased several in-house systems developed by employees across sector companies in terms of improving efficiency, optimizing resource utilization, reducing costs, and minimizing errors. The forum brought together several chairmen, deputies, and general managers from public sector companies operating in exploration and production. Walid Anwar, Vice Chairman for Corporate Oversight at EGPC, explained that the forum aims to present systems developed by employees in selected companies, categorized according to activity…

Cyprus’ long-delayed LNG import terminal at Vasilikos has moved from being a troubled infrastructure project to a full-blown governance scandal after a gap-analysis study commissioned by state gas infrastructure firm ETYFA laid bare fundamental failures in project design, tendering and oversight. The findings, reported by local media, provide a glimpse into why the European Commission last year clawed back €67mn ($79mn) of EU funding already disbursed for the project and cancelled payment of the remaining €28mn. They also sharpen the focus of an ongoing investigation by the European Public Prosecutor’s Office (EPPO), which is probing potential irregularities in the tendering…

OPEC+ is inclined to resume gradual oil production increases starting in April, Reuters reported, according to three sources within the alliance, as the group positions itself ahead of stronger summer demand and firmer prices linked to escalating US-Iran tensions. The potential move would enable leading producer Saudi Arabia and key member the UAE to recover market share. The shift comes as other members, including Russia and Iran, continue to face Western sanctions, while Kazakhstan’s production remains constrained by operational challenges and project setbacks. If confirmed, the increase would mark a strategic adjustment by the alliance as it balances supply management…

Saudi Arabia and the UAE want to be more than consumers of AI, they intend to host and export it. That ambition is now colliding with a hard constraint that sits outside most national AI strategies; electricity. Projects now under development mean that AI infrastructure will no longer be a marginal addition to electricity demand. It is instead a new class of energy-intensive industry, with direct implications for generation adequacy, transmission deliverability and summer peak reliability. Globally, policymakers are also revising their assumptions. The IEA projects that data center electricity consumption could more than double by 2030, reaching roughly 900–1,000TWh…