Currently, the blockade of the Strait of Hormuz exposes the structural dependence of the global energy market. This passage concentrates a critical portion of oil and gas trade, making any disruption an immediate problem for energy security. The magnitude of the impact exceeds previous crises by affecting both physical supply and the stability of international prices.
On one hand, Saudi Arabia's East-West pipeline is positioned as the most robust alternative outside the strait. This infrastructure connects eastern fields with the port of Yanbu on the Red Sea, allowing for the redirection of millions of barrels per day. However, its operational capacity depends on logistical factors such as the availability of vessels and terminals, which limits its real scope in the event of a total disruption.
In parallel, the United Arab Emirates uses the Habshan-Fujairah pipeline to export crude oil without passing through Hormuz. This route offers a direct exit to the Gulf of Oman, reducing exposure to conflict; even so, recent drone attacks demonstrate that even these alternatives are exposed to geopolitical risks that affect supply continuity.
On the other hand, the Kirkuk-Ceyhan pipeline allows Iraq to export oil toward the Mediterranean; although its reactivation provides some flexibility, its capacity remains limited compared to the volume that normally circulates through Hormuz. This makes it a complementary solution rather than a real replacement for the main flow.
At the same time, Iran is attempting to consolidate the Jask terminal as a strategic alternative through the Goreh-Jask pipeline. Although loading tests have been conducted, the infrastructure has not yet reached an operational level that allows for the consistent replacement of transit through the strait.
Furthermore, the problem intensifies in the case of gas; unlike oil, exports of liquefied natural gas depend on specific infrastructures that lack significant alternative routes. This increases pressure on energy markets and reinforces the vulnerability of the global system.
Meanwhile, proposals such as the Iraq-Oman or Iraq-Jordan pipelines remain in the initial phase. These initiatives could diversify export routes in the long term, but they face economic, political, and security challenges that delay their execution.
Finally, all alternative routes share a common limitation: their capacity is insufficient to replace the volume that passes through the Strait of Hormuz. This confirms that global energy security continues to depend on this strategic point, whose stability is decisive for the balance of the oil and gas market.
The British government has introduced new measures to reduce the influence of gas prices on electricity rates, with the aim of protecting households and businesses from energy crises. Key actions include long-term contracts with fixed prices for clean energy and an increase in the electricity generator tax, which rises from 45% to 55% to capture higher revenues when gas prices increase. The strategy aims to reduce the electricity system's exposure to international volatility.
Currently, a significant portion of electricity remains linked to the price of gas, although this dependence has decreased in recent years. The plan also includes a boost for renewable energy, infrastructure improvements, housing support, and the expansion of technologies such as solar panels and heat pumps. Additionally, it seeks to accelerate energy projects through regulatory changes and increased use of public land.
Halliburton exceeded earnings forecasts in the first quarter thanks to strong performance in international markets, despite the impact of the conflict in the Middle East. The company reported an adjusted profit of 55 cents per share, above expectations, while revenues in the affected region fell by more than 12% due to lower activity in countries such as Saudi Arabia and Qatar.
Growth in Latin America, Europe, and Africa helped offset these declines, with notable revenue increases outside the conflict zone. Even so, the industry continues to show caution, as producers have not accelerated drilling despite the rise in oil prices. In North America, revenues also declined, although the company sees initial signs of recovery.
OEG, through its subsidiary Bluestream, has secured a contract from Equinor and Polenergia to develop a corrosion protection system for the Baltyk 2 and 3 offshore wind farms in Poland. The project includes the engineering, procurement, construction, and installation of specialized technology to protect 100 wind turbine foundations, using a system that allows for remote operation without the need for divers, even in complex marine conditions.
Project execution will be handled by Bluestream, which will oversee offshore operations with support from its partner CORROSION, responsible for the design and manufacture of the systems. This collaboration combines technical capabilities to ensure the durability of the structures and improve installation efficiency. Furthermore, it marks Bluestream's first EPCI contract, consolidating its presence in the European offshore wind sector.
VAALCO Energy reported positive results from its drilling campaign in Gabon, highlighting the Etame 14H well, which is already in production at approximately 4,850 barrels per day. The reservoir showed better conditions than expected, reinforcing the field's potential. The company also moved forward with new drilling in the Ebouri area, seeking to expand its production capacity in the region.
In parallel, the company is progressing with the reactivation of the Baobab field in Côte d'Ivoire, where the production vessel has returned following a refurbishment process and is currently in the reconnection phase. Production is expected to resume in the second quarter of 2026, providing a new boost to its operations in West Africa.
