MEOG - Middle East Oil & Gas
Libya targets restart of Ras Lanuf oil refinery within a year
Libya aims to restart the Ras Lanuf Refinery within 6 to 12 months, as the country seeks to strengthen domestic fuel supplies and revive key energy infrastructure
Jordan’s Risha gas field output rises to 80mn cubic metres after upgrades
Jordan’s National Petroleum Company said production from the Risha gas field has increased from 7.5mn cubic metres to 80mn cubic metres after upgrading production capacity and drilling new wells following a long period of suspension.
Syria’s SPC signs offshore exploration deal with ConocoPhillips, TotalEnergies and QatarEnergy
Syria’s state-owned Syrian Petroleum Company (SPC) has signed a memorandum of understanding (MoU) with US-based ConocoPhillips, France’s TotalEnergies and QatarEnergy to explore oil and gas resources in Syrian territorial waters.
Egypt signs MoU with TotalEnergies for West Mediterranean gas exploration
Egyptian Natural Gas Holding Company (EGAS), the state-owned company affiliated with Egypt’s Ministry of Petroleum and Mineral Resources, signed a memorandum of understanding on May 13 with French energy major TotalEnergies
Iran pushes to rebuild damaged South Pars refineries after Israeli strike
Iran’s state-run Pars Oil and Gas Co. (POGC) is mobilising “all capabilities” to rebuild refineries linked to the giant South Pars gas field after facilities were damaged in an Israeli air strike in March, the company’s chief executive said.
Egypt eyes Algerian crude imports to secure summer energy supplies
Egypt’s Ministry of Petroleum and Mineral Resources is studying plans to import around 6mn barrels of crude oil from Algeria starting in July 2026, as part of efforts to diversify supply sources and strengthen energy security,
Iraq sees sharp decline in crude exports to US, EIA data shows
Iraq’s crude oil exports to the United States nearly halved in March compared with the previous month, according to data released by the US Energy Information Administration (EIA).
ADNOC Gas profit slides by 15% for Q1 2026
ADNOC Gas announced that it achieved a net income of $1.08bn in the first quarter of 2026, a 15% y/y decline from $1.27bn in the same period of 2025.
Lebanese fuel prices hike as energy crisis intensifies
Lebanon's fuel prices recorded mixed movements this week, with 95 and 98 octane gasoline rising in price while gas can and diesel costs declined.
Libya regains full control of Ras Lanuf refinery and petrochemical complex as Trasta Energy exits
Libya signed a final agreement with Trasta Energy to end their partnership in the Libyan Emirates Oil Refining Company (LERCO), restoring full Libyan ownership and management of the Ras Lanuf refinery and petrochemical complex
Pakistan gambles on Qatar LNG even as Hormuz disruption exposes energy vulnerability
Pakistan has opted against making fresh emergency purchases of LNG on the spot market despite continued disruption to shipping through the Strait of Hormuz.
US slap fresh sanctions on Iranian oil sales to China
The United States imposed sanctions on 12 individuals and entities accused of helping facilitate Iranian oil sales to China, stepping up economic pressure on Tehran just before President Donald Trump is due to travel to Beijing.
Tehran council chief calls to relocate key oil depot after wartime blaze
Tehran’s top councillor has demanded that a fuel depot in the northwest of the Iranian capital be relocated more than two months after the facilities there came under attack during the recent US-Israeli war on the country.
Iran rejects report of oil slick near Kharg Island as ‘false’
Iran dismissed reports of a major oil spill near Kharg Island in the Persian Gulf, calling the claims “false” after a UK-based environmental monitor said satellite imagery showed a large slick near the country’s main crude export terminal.
Minister dismisses reports of Iran’s petroleum collapse under US naval blockade
Iranian Oil Minister Mohsen Paknejad played down reports of falling crude production and exports as “pipe dreams” by Iran’s enemies, saying the country had kept oil flowing despite a US naval blockade and weeks of regional conflict.
ADNOC injects $55bn into UAE refining and manufacturing activities
ADNOC confirmed that it is deploying AED 200bn ($55bn) in capital investment across refining, manufacturing and marketing between 2026 and 2028.
QatarEnergy’s second LNG tanker transits Strait of Hormuz
QatarEnergy has sent a second LNG tanker to transit the Strait of Hormuz, following an arrangement between Iran and Pakistan to allow safe passage.
World oil inventories falling fast towards hard operational floor
The world's oil buffer is disappearing faster than at any point in recorded history. Two months into the near-closure of the Strait of Hormuz, global inventories are drawing down at a pace that has already exceeded the previous quarterly record.
Is the UAE breaking away?
The UAE has left OPEC, lost a proxy war with Saudi Arabia in Yemen, armed a militia accused of genocide in Sudan, recognised Somaliland alongside Israel, and welcomed an Iron Dome battery onto its soil.
Fitch raises 2026-27 oil and gas price assumptions on prolonged Hormuz closure
Fitch Ratings has raised its 2026-2027 oil and gas price assumptions on a longer Strait of Hormuz closure, assuming reopening around July, with Brent expected at USD100-110 per barrel through July before falling to USD70 by September.
Italy’s Edison expects two-thirds of LNG supply from Qatar to be delivered shortly after any peace deal
QatarEnergy’s largest Italian customer Edison forecasts that it will receive about two-thirds of its contract LNG volumes between 30 to 45 days after any peace deal between the US, Israel, and Iran.
bp resumes work at Kirkuk following conflict-induced hiatus
bp has moved to restore its presence in Kirkuk, resuming work at one of Iraq’s most strategically significant oil hubs after a brief suspension
Iraq’s Qurnain find suggests new upstream potential, but export constraints bite
Iraq has reported a large oil discovery near its southern border with Saudi Arabia, adding a fresh note of promise to a sector still constrained by weak export capacity
Iraq to launch Kirkuk–Nineveh oil export pipeline within one month
The Iraqi Ministry of Oil announced that the crude oil export pipeline linking Kirkuk and Nineveh to Turkey’s Ceyhan port is expected to become operational within a month.
Saudi Aramco tops energy majors with 4.9% dividend yield after Q1 payout
Saudi Aramco has announced a base cash dividend of SAR82.1bn ($21.9bn) for Q1, putting its trailing 12-month yield at 4.9%, the highest among global energy majors, with TotalEnergies, Chevron, ExxonMobil, Shell and BP between 1.8% and 4.6%.
Iran’s 2025 oil revenue dips 3% but sharp rise expected over Hormuz crisis
Iran’s oil revenue fell 3% in 2025 to $45.335bn, placing it as OPEC’s sixth-highest earner even as tightening US sanctions and a return to a “maximum pressure” policy failed to trigger a steep decline, a report by the producer group showed.
Iraq explores oil pipeline restart with Syria, Baniyas port office
Reactivating the pipeli could significantly enhance Iraq’s export capacity by providing an alternative route alongside existing southern export terminals. It could also reduce transportation bottlenecks and improve flexibility in global oil market.
IRGC warns of retaliation after US attacks Iranian tankers
Iran’s Revolutionary Guards warned they would hit back forcefully against any strike on Iranian commercial or oil ships after the US military said it had stopped three Iranian tankers from breaking through Washington’s naval blockade.
Impact of US Hormuz blockade undermined by Iran’s land borders with seven neighbours, Caspian Sea ports
Trump administration officials with ideas that the US naval blockade could bring Iran to its knees have to remember they are dealing with a country of 90mn that has 6,000 kilometres of land borders with seven neighbours as well as Caspian Sea ports.
Turkey seeks to renew LNG deal with Algeria ahead of 2027 deadline
Turkey is seeking to renew its long-standing liquefied natural gas agreement with Algeria before the current contract expires in September 2027
Iraq’s Najaf expects major oil output after significant reserve estimates
Iraq’s Najaf province has made significant progress in the development of the Qurainin oil field, and production could begin within less than a year as exploration and seismic operations continue.
Second Iraqi fuel convoy enters Syria via Rabia crossing
A second convoy of Iraqi fuel tankers entered Syria through the Rabia–Al Yarubiyah border crossing in Al-Hasakah province, as Baghdad and Damascus move forward with new energy transport arrangements.
Egypt signs framework deal with BP, Harbour Energy to develop Mediterranean gas fields
Egypt’s energy authorities have signed a framework agreement with British energy major BP and its partner Harbour Energy to establish the executive framework for developing oil and gas reserves in the North King Mariout area and the Arish field
Turkey’s top refiner Tupras swings to 1Q bottom line of TRY 3.7bn
Largest Turkish refiner Tupras (IST: TUPRS) on May 6 reported a 1Q net profit of Turkish lira (TRY) 3.7bn ($81.8mn) versus the bottom line of TRY 127mn that it reported 12 months ago.
Iran reportedly launches new mechanism to levy transit fees on Hormuz shipping
Iran has reportedly launched a new mechanism to govern maritime traffic through the Strait of Hormuz, setting out rules that would require vessels to obtain transit permits, pay fees in Iranian currency, and face possible seizure for non-compliance.
Beijing becomes the chessboard as Iran pre-empts Trump-Xi summit
Araghchi's pre-emptive trip to Beijing, 14 days before Trump meets Xi, has put Iran's interests on the table before Washington can carve them off.
Blockade-defying tankers reach Iran’s main oil export terminal, shipping monitor says
US-sanctioned tankers with empty cargo holds continue to arrive at Iran’s main oil export terminal at Kharg Island, as Tehran appears to have ample onshore storage space despite mounting pressure from a weeks-long US naval blockade.
Energy firms to pump $19bn investments into Egypt’s oil sector over coming 3 years, says PM
PM Madbouly said Eni (BIT:ENI) has allocated investments worth $8bn, while BP (LSE:BP) plans to invest $5bn. UAE-based Arcius is expected to contribute $2bn, alongside $4bn from US energy group Apache (NYSE:APA).
Iran rejects US Hormuz resolution as Trump warns of intensified bombing if no deal reached
Iran has rejected a US-led UN Security Council draft resolution on the Strait of Hormuz as President Pezeshkian told French counterpart Macron that Washington's behaviour had derailed diplomacy.
Iran has not yet replied to latest US proposal, contradicting Trump
An Iranian source has said that Tehran has not yet responded to the latest US proposal to end the war, contradicting US reports that the White House believes a one-page 14-point memorandum is close.
Saudi Arabia to build SAR1.4bn supercomputer for oil exploration
Saudi Aramco and Solutions by stc are developing a SAR1.4bn ($373.33mn) supercomputer for oil exploration.
Saudi Arabia spending jumps 20% in Q1 to SAR387bn as Iran war drives oil receipts higher
Saudi Arabia's government spending surged 20% year-on-year to SAR387bn ($103.20bn) in Q1 2026, the fastest pace in three years, producing a deficit of SAR126bn ($33.60bn) as oil revenues dropped to a near five-year low.
Egypt and Algeria sign crude supply deal, expand energy cooperation
Egypt and Algeria have signed a memorandum of understanding (MoU) to facilitate the purchase of Algerian crude oil, while also exploring broader cooperation in the oil and gas sectors
Qatari Green Sky Capital finances major sustainable aviation fuel facility in Egypt
Qatari-based firm Green Sky Capital has signed a major financing agreement for a pioneering sustainable aviation fuel (SAF) production facility in Ain Sokhna
Iran vows swift rebuild of war-hit oil facilities
Iran will rebuild oil installations damaged during the war launched jointly by the United States and Israel in late February “in the shortest possible time”, Oil Minister Mohsen Paknejad said.
Global oil buyers turn to Guyana amid Strait of Hormuz crisis, with Chevron leading the charge
Global oil consumers are increasingly looking to Guyana as a stable supply source following the blockade of the Strait of Hormuz, according to a new report from Wood Mackenzie.
Iraq maintains steady oil exports to Syria via Rabia crossing
Oil exports via the Rabia border crossing in Iraq’s Nineveh province to Syria’s Yarubiyah crossing are continuing at a steady pace.
Follow us online