MEOG - Middle East Oil & Gas

Category
Oil & Gas

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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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KPC head announces $50bn investment plans

5 December 2023

The head of the state-owned Kuwait Petroleum Corp. (KPC) said this week that the company intends to spend up to $50bn over the next five years to support its ambitious oil production expansion plans.

Vandals sabotage oil pipeline in Yemen’s Shabwa Province

5 December 2023

An oil pipeline in Yemen’s central Shabwa province has been damaged following an attack by an unidentified group of gunmen.

Cyprus, Chevron reach deal on Aphrodite gas field

5 December 2023

The government of Cyprus and US energy giant Chevron reached agreement on 1 December for the development of the Aphrodite gas field, an issue that has been up in the air since August, when the government rejected Chevron's revised development plan.

Iran’s natural gas extraction hits 1bn cubic metres

4 December 2023

Iran's natural gas extraction has reached 1bn cubic metres per day, with 70% gushing forth from the mammoth South Pars (SP) gas field, the head of the planning and project control at the Pars Special Economic Energy Zone (PSEEZ) said.

OPEC+ extends voluntary cuts as Brazil prepares to join

4 December 2023

The group failed to agree on an additional cut that would apply to all members, so leading producers have once again decided to cut over and above the OPEC+ quotas

East Pipes awarded another services deal by Aramco

4 December 2023

Majority state-owned Aramco has awarded a SAR153mn ($42mn) contract to Dammam-based East Pipes Integrated Co. for Industry for the manufacture and supply of steel pipes for key projects in Saudi Arabia.

Iran might become energy importer, IFPI warns amid gas shortage

3 December 2023

The secretary general of the Iranian Federation of Petroleum Industry (IFPI) has sounded the alarm about a looming gas shortage, warning that Iran might turn into an energy importer as consumption outstrips production.

OPEC+ cuts ‘vital’ for market stability, says Iran oil minister

2 December 2023

OPEC+ should keep its “successful move” on track to help stabilise the oil market, Iranian Oil Minister Javad Owji said, after the energy alliance agreed to deepen supply cutbacks during an online meeting.

Turkey moves ahead with Sakarya gas field development

30 November 2023

State-owned Turkish Petroleum Corporation (TPAO) has purchased from Brazil a large platform that it will use for processing gas produced at the Black Sea offshore Sakarya gas field.

Bapco Energies amends and extends financing

30 November 2023

The state energy firm has received encouraging support from regional institutions and while the value is dwarfed by the efforts of its neighbours, Bahrain’s energy transition ambitions may be aided by its comparative resource paucity.

Iran's budget chief defends "realistic" oil price projection in draft bill

29 November 2023

Iran’s budget director Davoud Manzour defended the “realistic” oil income projection in a draft budget bill that prioritises tax revenues over oil revenues for the next fiscal year.

Armenia, Iran to expand supplies under gas for electricity deal

29 November 2023

Armenia is planning to ramp up the import of natural gas from Iran under a gas for electricity program, Armenian Minister of Territorial Administration and Infrastructure, Gnel Sanosyan, said.

Host UAE planned to use COP28 for oil deals

29 November 2023

COP28 host, the United Arab Emirates, has planned to use its status at the UN annual climate conference in Dubai to make new oil and gas deals with as many as 15 member nations, according to leaked briefing documents obtained by the BBC.

Indonesia-operated MedcoEnergi to acquire ownership stake in two blocks in Oman

29 November 2023

Indonesia-operated oil exploration company PT Medco Energi Internasional has received approval from the Sultanate of Oman to acquire a 20% ownership stake in two blocks in the country.

CENTRAL ASIA BLOG: Success in delivering Turkmenistan methane crackdown would be big moment for COP28

28 November 2023

US and global institutions have been lobbying the “super-emitter” all year long. The moment of truth will arrive at the summit.

Raisi no-show suggests Iran irked by Turkey’s "words not action" posture on Gaza

28 November 2023

Turkish companies provide Israel with 40% of its oil and at least 7% of its electricity. Tehran would like to see that stop.

Jordan explores gas alternatives with Gulf states amid concerns over Israeli reliability

28 November 2023

The government of Jordan has reached out to Gulf states as it seeks potential alternative gas sources amid concerns about Israel’s reliability as a supplier, in the wake of the outbreak of its war against Hamas.

Iraq greenlights Nahr Bin Umar gas project

28 November 2023

Iraq’s Cabinet this week approved the development of gas resources at the Nahr Bin Umar oil and gas field, which lies to the east of the supergiant Rumaila oilfield in the south of the country.

Iran’s petroleum sector 25.6% up in Q2, official data shows

28 November 2023

Iran’s petroleum industry grew 25.6% in the second quarter of the Persian calendar year (June 22-September 22), contributing 16% to gross domestic product (GDP), official figures reveal.

Iran stores 3 bcm of natural gas amid shortage concerns in winter

28 November 2023

Iran has stored about 3bn cubic metres of natural gas to “partially alleviate supply concerns” ahead of a fast-approaching winter, Deputy Oil Minister Mohsen Khojasteh-Mehr says.

Daewoo signs MoU with Yemen covering LNG terminal, power plant

27 November 2023

South Korea’s Daewoo Engineering & Construction has signed a memorandum of understanding with Yemen’s Ministry of Electricity and Energy to build a LNG receiving terminal in Yemen.

Edited by

Frazer Simm

Editor

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