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Overview
With around 40% of the world’s oil supply coming from the Persian Gulf, in addition to exploration and production (E&P), MEOG’s coverage includes policy and transport issues which can cause price spikes in the global hydrocarbon markets.
MEOG offers insight into the latest developments in the oil and gas sectors of Bahrain, Iraq, Iran, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, Turkey, the UAE and Yemen. While much of the region has been extensively explored, there remain ‘frontier’ areas of E&P. Oil shale efforts in Jordan could provide vast resources through the greater cost effectiveness of new technologies. To the north-west, Beirut has grown increasingly impatient to follow the major gas discovery trend in the Eastern Med. and Lebanon’s first offshore bid round is likely to kick off drilling campaigns in the medium term.
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China raises Iranian oil intake routed via Indonesia
Iran is shipping more crude to China via Indonesia, a tactic used to get around US sanctions aimed at curbing Iranian oil trade.
Iran to expedite gas expansion at Khartang
Iran will bring 5mn cubic metres per day of gas from the Khartang field into processing and production earlier than planned to help keep supplies steady during peak winter demand, Deputy Oil Minister Hamid Bovard said during a visit to the site.
Iraq plans to raise West Qurna-1 production to 1.6mn bpd
Iraq to raise production capacity at the West Qurna-1 oilfield to 1.6mn barrels per day (bpd) as part of a broader programme to expand output and enhance reservoir development
Fitch affirms Iraq's credit rating at B- with stable outlook
Fitch affirms Iraq's B- sovereign credit rating with stable outlook, citing heavy commodity reliance and weak governance. Agency warns government formation delays could postpone 2026 budget approval, deepening fiscal uncertainty whilst oil represents
Saudi Arabia's Gas Arabian Services buys stakes in EagleBurgmann and TCR Arabia for SAR65.8mn
Saudi Arabia's Gas Arabian Services buys 12.90% stake in EagleBurgmann Saudi Arabia for SAR48.7mn and 40% stake in TCR Arabia for SAR17.1mn from Future Prospects, both at 15% discount to valuation. Deals funded through internal resources within 90 da
Iraq's Basra crude drops over 1% as global oil prices retreat
): Iraq's Basra crude prices fall over 1% with Basra Heavy down to $59.59 per barrel and Basra Medium to $61.34 as global oil markets decline on forecasts of two million barrel surplus exceeding demand growth in 2026.
Saudi Aramco seeks bigger footprint in US LNG sector with new MoUs
Aramco has signed MoUs with MidOcean Energy and Commonwealth LNG.
Aramco considers raising funds from midstream sales
Saudi Aramco is currently assessing what could become its most significant asset disposal to date, exploring the sale of stakes in its critical export and storage terminals
Indonesia auctions seized Iranian supertanker and cargo for $70mn
Indonesia auctions seized Iranian supertanker Arman 114 and 167,000 tonnes of crude oil cargo for minimum $70mn. The 1997-built vessel was detained in 2023 after oil transfer incident at Batam island port. Winner must remove tanker within 30 days.
Turkey’s underground gas storage facilities at full capacity ahead of winter
Turkey’s underground natural gas storage facilities have been fully stocked ahead of the winter season, ensuring supply security for peak-demand months, Energy and Natural Resources Minister Alparslan Bayraktar has announced.
Syria receives final batch of Saudi oil grant totalling 1.65mn barrels
Syria has received the second and final shipment of a Saudi oil grant, bringing the total volume delivered to 1.65mn barrels of crude oil
Chevron plans to invest $100mn to explore gas in Egypt’s Dabaa offshore block
US energy major Chevron is considering acquiring an exploration concession in the West Dabaa area of Egypt’s Mediterranean waters. The company will invest $100mn.
Rosneft reduces shareholding in Kurdistan pipelines
Russia’s Rosneft has executed a strategic reduction of its shareholding in the Kurdistan Pipeline Co. (KPC), bringing its stake below the critical 50% threshold to insulate the subsidiary from the reach of US sanctions
Tensions threaten Israel-Egypt gas deal
A landmark natural gas agreement between Israel and Egypt, valued at $35bn, faces imminent collapse amid escalating geopolitical friction
Associated gas capacity boosted at Iran’s Rag-Sefid-1 field
Iran has increased the daily transfer capacity of associated petroleum gas (APG) at the Rag-Sefid-1 field in southwestern Khuzestan province by 50% after installing a new line of compressors.
Iranian oil exports face ‘no problem’ despite renewed US pressure
Iran’s Oil Minister Mohsen Paknejad said that the country had “no problem or concern” in selling crude, making a defiant gesture at mounting US pressure on the seaborne trade.
Vivo Energy buys 100% of TotalEnergies’ business in Jordan
TotalEnergies Marketing Jordan (TEMJ) has signed a Share Purchase Agreement (SPA) to sell its entire 100% stake in Jordan to Vivo Energy, a leading distributor and marketer of petroleum products in Africa
PetroChina awards Wood engineering contract at Iraq’s West Qurna-1
Wood Global Engineering has won a new contract awarded by China’s PetroChina to deliver engineering services for the development of West Qurna-1, one of the world’s largest oilfields
Saudi Arabia and US finalise nuclear power technology agreement
US Energy Secretary Chris Wright and Saudi Energy Minister Prince Abdulaziz bin Salman sign nuclear cooperation framework after years of stalled talks over non-proliferation standards and uranium enrichment.
Iran releases Talara tanker and 21 crew members following STS transfer
Iran releases Talara oil tanker and 21 crew members after six-day detention for fuel smuggling in Persian Gulf waters, following completion of judicial proceedings and cargo discharge.
China’s Yangchang Petroleum purchases crude from UAE and Kazakhstan after halting Russian oil imports
US super-majors circle around Lukoil’s assets in Kazakhstan and Iraq
Exxon Mobil has reportedly joined Chevron in exploring potential acquisitions of Lukoil’s international assets since the US Treasury authorised companies to begin discussions with the sanctioned Russian oil firm.
Turkey’s TPAO planning $4bn raise with first-ever Islamic bond
State-owned Turkish Petroleum Corporation (TPAO) has plans to issue its first-ever Islamic bond, or sukuk, to raise around $4bn to fund the expansion of its oil and gas production, Turkey's Energy Minister Alparslan Bayraktar has told Bloomberg.
Flaring at Iran’s Darkhoein oilfield down by over 83% after major upgrades
Flaring at the Darkhoein oilfield in the southwest oil-rich province of Khuzestan has dropped by more than 83%, falling from 3.4mn cubic metres per day to a daily rate of 0.57 mcm, said the CEO of the state-run Arvandan Oil & Gas
Iran advancing five major anti-flaring projects funded entirely by private sector
Iran’s Oil Ministry is pressing ahead with five major national projects aimed at ending flaring in its oil and gas fields, all of which are being carried out with private-sector investment, a senior official said.
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