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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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Dalia Energy strikes 20-year gas deal with NewMed and Ratio to supply two Israeli power plants
Dalia Energy has signed a 20-year natural gas supply agreement with Leviathan partners NewMed Energy and Ratio Energy, securing gas for two large power stations it plans to build in Israel.
Egyptian firm Enppi secures $355mn deal for integrated energy project in Oman
Egyptian oil engineering and energy services firm Enppi has secured a $355mn contract to execute the integrated Badour North-East Birba project in Oman on behalf of Petroleum Development Oman (PDO)
UAE among least disrupted from Strait of Hormuz blockade, Forbes finds
In a study by Forbes, the UAE emerged as one of the Gulf's most insulated economies from the Strait of Hormuz disruption.
US marines board Iranian-flagged tanker in Gulf of Oman
The US Central Command (CENTCOM) said American forces boarded an Iranian-flagged oil tanker in the Gulf of Oman and ordered it to change course amid a naval blockade imposed on vessels linked to Iran.
Egypt reduces foreign oil companies’ dues to $440mn, says petroleum minister
Egypt has reduced outstanding payments owed to foreign oil companies from $6.1bn at the end of June 2024 to $440mn currently, according to a statement from the Ministry of Petroleum and Mineral Resources
QatarEnergy acquires stakes in three Uruguayan offshore exploration blocks
QatarEnergy has acquired participating interests in three offshore exploration blocks in Uruguay from BG International Limited, a subsidiary of Shell, marking the Qatari state energy company's first entry into the country's upstream sector.
Iraq’s FCC protest crisis escalates in Basra after week-long refinery shutdown
A labour dispute at the FCC project in Basra has escalated, with protesters continuing to block the gates of the South Refineries Company for several days, prompting the provincial governor to meet demonstrators inside the facility.
Three tankers leave Strait of Hormuz after Iran greenlights passage
Three crude oil supertankers carrying 6mn barrels of Middle Eastern crude and bound for East Asia slipped out of the Strait of Hormuz on May 20 after waiting in the Persian Gulf for more than two months, shipping data showed.
QatarEnergy acquires stakes in three Uruguayan offshore blocks
QatarEnergy announced that it acquired stakes in three offshore exploration blocks off Uruguay's Atlantic coast from BG International Limited, a Shell subsidiary.
Egypt plans to establish Alexandria-El Hamra refined products pipeline
Egypt’s Ministry of Petroleum is preparing to complete a new pipeline for transporting refined petroleum products from Alexandria to El Hamra Petroleum Port on the Mediterranean coast during H2 2026
Egypt to launch international oil exploration tender in Q3 2026
Egypt’s Ministry of Petroleum is preparing to launch a new international tender for oil exploration covering at least 15 sites in Q3 2026.
Oil falls below $112 as markets weigh fresh US threats against Iran
Oil prices fell on May 20 as markets weighed the latest US threat to resume strikes on Iran, with Brent crude falling below $112 a barrel and West Texas Intermediate approaching $105.
Capricorn, Cheiron sign $208mn deal to expand gas exploration in Egypt’s Western Desert
Egyptian General Petroleum Corporation (EGPC) has signed an agreement with Capricorn Energy (LSE: CNE) and Cheiron to expand oil and gas exploration and production activities in the Badr El-Din area of the Western Desert
Iran returns second repaired drilling rigs to service to speed up oilfield development
Iran’s state drilling company has returned another heavy onshore drilling rig to operation after 470 days of major repairs.
UAE, Kuwait expand overseas storage to safeguard Asian supply chains
Kuwait is accelerating a strategy to hold crude reserves overseas to insulate international supply chains from mounting geopolitical risks in the Gulf.
Aramco and Pasqal launch Saudi Arabia's first quantum computer
Saudi state oil producer Aramco and French firm Pasqal have inaugurated Saudi Arabia's first quantum computer and the Middle East's first commercial Quantum Computing as a Service platform, located at a data centre in Dhahran.
US sanctions Iran oil shipping network targeting tankers and UAE traders
The United States has sanctioned a network of companies, individuals and 19 vessels accused of facilitating Iranian oil and petrochemical shipments, including an Iranian exchange house and UAE-registered traders.
Iran says damaged energy facilities being rebuilt at full speed
Iran’s Oil Ministry said it was pressing ahead “with full force” with the reconstruction of facilities battered in air strikes during the recent US-Israeli war against the country.
Lebanon faces 7% GDP slump as economic crisis compounded by Iran war
Lebanon's economy, already carrying $70bn in financial sector losses from its 2019 banking collapse, is absorbing a second major shock from the Iran war.
Gulf allies avert US Strike on Iran as Washington weighs temporary sanctions relief
Following interventions by regional leaders, a planned US military strike against Iran was postponed amid reports Washington may temporarily waive oil sanctions during negotiations.
Iran’s Pezeshkian admits oil exports hit by US naval blockade
President Masoud Pezeshkian acknowledged that Iran had “run into problems” exporting oil, the first such admission by a senior official since the United States imposed a naval blockade on Iranian ports last month.
Iraq's oil exports exceed 9.8mn barrels in April, surpassing $1bn in revenue
Iraq’s Ministry of Oil has announced its final statistics for crude oil exports and revenues for April, reporting export volumes of nearly 9.9mn barrels and revenues exceeding $1.08bn
Shell to submit final Libya oil and gas exploration study by end-May
Libya’s National Oil Corporation (NOC has announced progress in discussions with the British energy major Shell (LSE:SHEL) for future exploration and production projects in Libya
Iran state driller returns overhauled rig to service
Iran has returned a heavy onshore drilling rig to operation after 220 days of repairs and equipment upgrades, in a move officials said would help speed up well maintenance and support the country’s crude production targets.

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