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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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COMMENT: What is Rosneft’s flagship Vostok Oil Project seeking to achieve?
Russia’s oil industry enjoyed a renaissance between 2008 and 2018 when about 30 new oil fields came online, significantly boosting production. The Vostok Oil fields hold some 45bn barrels of oil.
Saudi oil pricing manoeuvre may undermine secondary sanctions against Russia
Saudi Arabia's oil pricing increases for Asian buyers could boost Chinese purchases of discounted Russian crude, potentially undermining US secondary sanctions against Moscow's energy sector.
Iran’s oil giant overhauls 100 processing units to safeguard oil output
The National Iranian South Oil Co. (NISOC), the country’s largest crude producer, has been carrying out major overhauls on more than 100 processing units since April, with 27 of them prioritised due to their direct impact on oil output.
Asia drives global refining capacity growth
Global refining capacity is rising despite a decline in the number of refineries, with Asia and the Middle East leading growth through large, integrated projects.
Iran’s offshore oil stockpiles hit multi-year high as sanctions bite
Iran’s floating crude oil reserves have jumped to their highest level since 2020, satellite-based tracking shows, as tighter US-led sanctions and dwindling demand from Chinese buyers force Tehran to store unsold cargoes at sea
Saudi Arabia and UAE provide $900mn to support economic reforms
Saudi Arabia and UAE announce $900mn oil grant to support economic reforms and currency stability as Gulf states coordinate regional assistance programmes.
Iran’s No. 2 oil official in post despite resignation rumours, semi-official media says
Iran’s Deputy Oil Minister Hamid Bovard has not stepped down from his post as head of the National Iranian Oil Co. (NIOC), local media reported, two weeks after speculation swirled over his possible departure.
Iraq's Prime Minister inaugurates power plant expansion adding 300 MW
Iraq's PM inaugurates Basmaiya power plant expansion adding 300MW, bringing total capacity to 5,000MW, as part of broader energy infrastructure development targeting 60,000MW additional capacity.
Iran’s sovereign wealth fund to bankroll 250,000-bpd oil output boost
Iran’s National Development Fund (NDF) will finance most of a $3bn “action plan” to lift the country’s crude output capacity by 250,000 barrels per day (bpd) in a bid to offset potential declines in production, said officials.
Syria returns to prominence with Azeri gas, Iraqi oil talks
Following years in the energy market wilderness, Syria is leveraging momentum built by its new regime to shore up energy supplies
Syria receives 3.4 mcm per day of Azeri gas
Syria is currently receiving 3.4 mcm of natural gas per day from Azerbaijan, with the capacity to raise deliveries to 6 mcm per day via a pipeline through Turkey.
Iraq sees sharp rise in oil exports to US, approaching 300,000 bpd
The US Energy Information Administration (EIA) announced on August 10 an increase in Iraqi oil exports to the US over the past week, contributing to a general rise in US crude oil imports from major supplier countries.
Iran’s South Pars gas hub races to overhaul platforms ahead of winter
Iran’s state-run Pars Oil and Gas Co. (POGC) said it had completed major overhauls on 16 of the 35 offshore platforms scheduled for maintenance this year at the giant South Pars gas field, with all work expected to wrap up by the end of September.
Israel signs $35bn gas export deal with Egypt
Israeli company NewMed Energy announced the signing of a major natural gas export contract worth $35bn with Egypt through 2040.
Israeli Leviathan gas field signs historic $35bn deal with Egypt, says energy partner NewMed
Israel’s Leviathan natural gas field signed a historic $35bn contract on August 7 to provide Egypt with natural gas supplies, marking the largest export contract in Israel’s history.
CPEC wins $2.52bn seawater pipeline contract in Iraq
China Petroleum Engineering Corporation's subsidiary has won a $2.52bn (RMB18.03bn) contract for a seawater pipeline project in Iraq's Basra province.
Iran to boost Sarajeh gas storage as winter shortfall looms
Iran plans to bolster its natural gas infrastructure by expanding capacity at the Sarajeh underground storage site near the central city of Qom by 50%, as the country braces for a potential record gas shortfall this winter.
Iraq cuts back gasoline import costs by 90% with new Kirkuk project
Iraq has reduced its annual spending on imported enhanced gasoline from $5bn to $500mn following the inauguration of a new hydrogenation and fuel improvement unit in the northern province of Kirkuk.
India turns to Middle East for oil, with Iraq leading potential suppliers
India is exploring new oil import avenues to offset potential disruptions in Russian crude flows, with Middle Eastern producers—notably Iraq, Saudi Arabia, and the UAE—emerging as key candidates to fill any supply gaps.
Iran deploys first mobile electric drilling rig at shared oil field
Iran has deployed its first mobile electric drilling rig at the North Yaran oil field, a shared field with Iraq, in a bid to reverse declining output and push ahead with development plans.
Aramco profit slide deepens despite output boost, pressuring Saudi Arabian revamp
Aramco’s quarterly profits continue to fall, but the company is ploughing funds into maintaining its upstream position, taking a bullish view of the market outlook
Saudi Aramco's natural gas production rises 6.8% in second quarter
Saudi Aramco announced its natural gas production grew 6.8% year-on-year during the second quarter of this year, reaching 11.85bn standard cubic feet per day.
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