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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Iran fully commissions second phase of onshore oil field

26 November 2023

The Iranian Central Oil Fields Co. (ICOFC) has completed the second development phase of an onshore oil field in western Iran, adding 11,000 more barrels to the country’s daily crude output, the ICOFC director said.

Iran voices support for OPEC+ decisions as policy meeting postponed

23 November 2023

Iran will back any decision by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+ in its upcoming meeting, Oil Minister Javad Owji said, hours before the oil cartel delayed the weekend session to November 30.

Oman LNG signs nine-year supply deal with BP

23 November 2023

State-run Oman LNG has signed a sales and purchase agreement with UK energy firm BP to supply it with 1mn tonnes per year of LNG for a nine-year period.

Iran's petrodollars to slide 8.1%, draft budget bill shows

23 November 2023

Iran’s oil and gas revenues will see a drop of more than 8.1% in the next Persian calendar year starting on March 20, 2024, a draft budget proposed by the government shows.

Lukoil to take full control of Eridu, awards WQ-2 gas deal

23 November 2023

The Russian NOC is doubling down on upside at oilfields in southern Iraq, and receiving Baghdad’s support

Iran's output targets 'unattainable' without investment, oil minister says

22 November 2023

The proposed Seventh Development Plan – setting Iran’s policies in the economy and other major areas – calls for crude production to reach 5.7mn barrels per day by 2029. Oil Minister Javad Owji calls that goal unattainable without investments.

Aphrodite deal evades Cyprus, but optimism persists

22 November 2023

The government of Cyprus and US energy giant Chevron have yet to publicly acknowledge any sort of agreement on the development of the offshore Aphrodite gas field despite a deal deadline set for November 20.

Iran carrying out 19 projects to eliminate gas flaring

20 November 2023

Iran has launched 19 short-term and long-term projects to collect associated petroleum gas (APG) to put an end to gas flaring, the Iranian Oil Ministry’s environment chief said.

Political turmoil in Iran's oil sector as minister's potential resignation sparks controversy

20 November 2023

Speculation over the potential resignation of Iran's Oil Minister, Javad Owji, has intensified in recent days, with key allegations of corruption and resistance against President Ebrahim Raisi's directive for the removal of two senior oil directors.

Pakistan, Iran to resume talks over stalled gas pipeline

20 November 2023

Pakistan and Iran will resume discussions in the forthcoming weeks to revive a troubled gas pipeline project, amid a looming deadline that could cost Islamabad billions of dollars in penalties.

Saudi Aramco makes Empty Quarter gas discoveries

20 November 2023

Saudi Arabia’s energy minister has announced the discovery of two new gas fields in the Rub’ Al Khali (Empty Quarter), the vast desert that covers most of the kingdom’s eastern province.

Iran completes pilot shale oil extraction project

20 November 2023

National Iranian Oil has successfully completed a pilot project to extract crude from shale oil reserves, according to the company's head of exploration, Mehdi Fakour.

President of Iraq arrives on first official visit to Azerbaijan

20 November 2023

The president of Iraq, Abdel Latif Rashid, has begun an official visit to Azerbaijan. He and his Azeri counterpart, Ilham Aliyev, have discussed oil exports through the OPEC+ consortium and other frameworks for exports.

Turkmenistan ready to ramp up gas exports to Iran, foreign minister says

20 November 2023

Turkmen Foreign Minister Rasit Meredow signalled his country’s willingness to expand natural gas export to Iran, three days after Iranian Oil Minister Javad Owji hinted at ongoing talks for a “bigger” swap deal.

US charges three more tankers with busting oil price cap sanctions, warns 30 more companies

17 November 2023

The US Office of Foreign Assets Control (OFAC) has charged three more UAE-flagged tanker with busting sanctions by ignoring the $60 oil price cap and has issued warning letters to 30 more shippers operating more than 100 vessels.

ADNOC Drilling forms tech JV as parent continues expansion

16 November 2023

ADNOC Drilling and Alpha Dhabi agreed to a 51:49 JV deal, with the new entity formed to acquire ‘technology-enabled companies, enhancing ADNOC Drilling’s capabilities”, according to state media outlet WAM.

Aramco reports Q3 results, announces tight gas output

16 November 2023

Aramco records another $30bn-profit quarter as it makes its first additional dividend payment and announces first tight gas at South Ghawar.

Iran discussing ‘bigger gas deal’ with Turkmenistan, says oil minister

16 November 2023

Iran is in talks with neighbouring Turkmenistan to hammer out a “bigger gas deal,” Oil Minister Jawad Owji said, amid efforts to overcome a chronic gas shortage that intensifies during cold months.

Iran’s oil output maintains monthly surge, OPEC report shows

16 November 2023

Iran’s crude oil production inched up in October, keeping its upward trend throughout the whole year, the latest report of the Organization of the Petroleum Exporting Countries (OPEC) showed.

National Iranian Oil signs deal to make homegrown tools for directional drilling

15 November 2023

National Iranian Oil has inked a deal with local firms to develop rotary steerable systems, crucial for directional drilling for unconventional horizontal oil wells. The company calls the technology a game-changer.

Iran lacks technology, investment to boost oil output, IFPI says

15 November 2023

Iran is struggling with a lack of technology and insufficient investment to enhance production from its oil fields, the secretary general of the Iranian Federation of Petroleum Industry (IFPI) has said.

Edited by

Frazer Simm

Editor

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