MEOG - Middle East Oil & Gas

Iran’s largest fund to invest $35bn to boost oil output by 1mn bpd

Iran’s National Development Fund (NDF) aims to invest $35bn in the petroleum industry over the next five years to help ramp up oil production by 1mn barrels per day (bpd).

Aramco plans to issue long-term bond

Saudi Aramco is gearing up to issue a bond this year, with a focus on longer maturities of up to 50 years, according to chief financial officer Ziad Al-Murshed.

PIF expands Saudi offshore support with 40% stake in Zamil

Saudi Arabia’s marine support services sector received a significant boost as the Public Investment Fund (PIF) announced its acquisition of a 40% stake in Zamil Offshore Co., one of the largest offshore support vessel operators in the kingdom.

Despite deficit concerns, Kuwait maintains upstream momentum

Kuwait Oil Co. has initiated a bidding process, inviting five international firms to compete for a contract involving the analysis of seismic survey data from western oil fields.

US sanctions unable to stop Iranian oil shipments covered by American insurer

Sanctions imposed by the United States to restrict Iran’s oil revenue have failed to stop crude worth billions of dollars from leaving the Middle Eastern country over the past year on a fleet of shadowy tankers covered by American insurance.

Israel behind blasts on Iranian gas trunkline, NY Times says

Israel carried out covert attacks on two major natural gas pipelines inside Iran last week, disrupting the flow of heat and cooking gas to provinces with millions of people, two Western officials and a military strategist said.

Pakistan to start laying part of long-delayed pipeline to receive Iranian gas

Pakistan plans to deliver its end of the bargain in a long-delayed pipeline project aimed at carrying Iranian natural gas to the energy-starved country, a source in the Pakistani Ministry of Energy said.

Iraq commits to compensate for quota over-production

Iraq’s Ministry of Oil intends to compensate for the recent surge in crude production over its OPEC+ commitments for January, pledging action over the next four months.

Houthis report new US-UK airstrike on Hodeidah

The Houthi group reported over the weekend that a joint airstrike by the US and UK had targeted the coastal province of Hodeidah in western Yemen.

Iran gas exports to Iraq back to normal, says Iranian envoy

Iran has resumed gas exports to Iraq as agreed with its neighbour, the Iranian Ambassador to Baghdad said, more than a month after Tehran cut the flow because of “maintenance work.”

Tenaris opens Abu Dhabi facility to support ADNOC

Steel pipe manufacturer Tenaris has unveiled a new $60mn industrial complex in Abu Dhabi, aiming to meet the specific needs of the local NOC.

AzerbaijanI gas to be piped to Hungary via Turkey, says minister

MEOG: Iraq continues tanker fleet expansion

Turkey’s Botas signs cooperation agreement with Egyptian Natural Gas Holding Company

IIF’s pessimistic scenario forecasts dire results for the Middle East if a regional war breaks out

The recent escalation in hostilities in the Middle East between Israel and Hamas has heightened the risk of a wider and prolonged conflict that would significantly impact the global economy and have dire consequences for the Middle East.

Crude output in shared Azadegan field to grow by 150%, says Iran oil minister

Iran is poised to boost production in a major onshore oilfield by 150% as part of a bigger plan aimed at developing underperforming oil and gas fields, Oil Minister Javad Owji said.

China’s oil imports from Iran down to 11-month low over row, Kpler says

China’s imports of Iranian crude tumbled to their lowest level in 11 months, according to data from intelligence firm Kpler, following a standoff over the price of oil from the OPEC producer.

Iran eyes increasing refining capacity by over 30% through new refineries

Iran aims to expand its oil and gas refining capacity by more than 30% in a five-year time frame by building new mini and large refineries, the deputy oil minister for planning said.

‘Sabotage’ on Iranian gas pipeline disrupts supply

Two separate explosions targeted Iran’s national gas distribution network on Wednesday, February 14, with Iranian authorities describing them as an act of “sabotage” and “terrorism.”

Iraq maps out gas plans, invites Gazprom to Nasiriyah

Baghdad is aiming to reach peak gas production before the end of the decade, a move that could herald a major change in the country’s fortunes

In the UAE, ADNOC Drilling announces 2023 operational update

The drilling arm of Abu Dhabi National Oil Co. this week announced its financial results for Q4 and the full year 2023.