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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’s state driller fast-tracks fleet overhaul
The National Iranian Drilling Co. (NIDC) is pushing ahead with a major programme to modernise its drilling fleet, with six rigs upgraded in recent months and two new heavy rigs set to be built with domestic technology, its chief executive said.
Iran hands over South Pars war-hit refinery to local firms for reconstruction
Iran’s Pars Oil and Gas Co. (POGC), the main developer of the South Pars gas field, has awarded a contract to a consortium of local firms led by Bank Shahr to rebuild its fifth refinery, one of four facilities damaged in Israeli air strikes.
Libya signs production-sharing deal with Chevron for Sirte basin
Libya’s Tripoli-based Government of National Unity (GNU) has signed a production-sharing agreement with US energy major Chevron (NYSE:CVX) to develop the country’s oil and gas resources
Iran's petrol consumption hits record as Tehran queues lengthen
Iran's petrol consumption hit a record 26.2mn litres in Tehran in a single day as queues lengthened, though officials insist fuel supply remains stable.
Egyptian president El-Sisi directs incentives for foreign oil and gas partners
Egyptian President Abdel Fattah El-Sisi has instructed the government to provide targeted incentives for foreign oil and gas partners to accelerate exploration, field development, and production rates in Egypt
Will Trump call persuade Turkey’s Erdogan to halt gas imports from Iran?
Ankara faces headache. Turkey was Iran's third largest trading partner last year. Analysts wonder whether Turkish president will risk upsetting US counterpart.
Gulf Keystone restarts Shaikan output after second shut-in
Gulf Keystone Petroleum (GKP), the largest independent producer in the Kurdistan Region of Iraq, has resumed Shaikan output after a second precautionary halt over regional security
Iranian petrol stations see normal traffic as price hike rumours fuel jitters
Petrol stations in the Iranian capital Tehran are operating without a rush by motorists to fill their tanks, despite rumours of higher fuel prices and amid tougher US sanctions.
Saudi Aramco signs $3.7bn in deals with French firms
Saudi Aramco has signed agreements and an MoU with French firms worth a potential $3.7bn, covering drilling equipment, oil and gas pipes and AI, during MBS's Paris visit.
Defiant Iran says oil production, exports hold up as US mounts sanctions pressure
Iran will find ways to deal with new US measures targeting its economy and oil industry, National Iranian Oil Co. (NIOC) chief Hamid Bovard said, as Washington ramps up pressure on Tehran in what US officials have called an “Economic D-Day”.
Cuba invites Iranian investors into fuel market
Cuba has called on Iranian companies to invest in its fuel supply market, saying investors can operate in the country using “any currency” as Havana opens up parts of its economy under pressure from US sanctions.
Iran values newly discovered Takhteh gas field at $45bn
Iran’s newly found Takhteh gas field in the southern province of Fars is worth about $45bn, a senior official at the National Iranian Oil Co. (NIOC) said, calling it one of the country’s most important gas discoveries in two decades.
TotalEnergies profits from discounted Hormuz crude
TotalEnergies is still shipping crude through the Strait of Hormuz at a profit, its chief executive said on August 24, with producer discounts outweighing higher freight costs
Iran's NISOC installs first locally made bridge plug at Marun oilfield
The National Iranian South Oil Co. (NISOC) has installed the first locally made 7-inch metal bridge plug in a well at the Marun oilfield in the southwest, a move aimed at reducing reliance on foreign equipment.
Oil prices see modest decline on August 24 despite Washington's threat of new Iranian sanctions
Oil prices fell by around 2% on August 24 as traders took profits following two weeks of gains and awaited details of new US sanctions against Iran.
Higher oil, gas revenues strengthen Oman’s fiscal performance in H1 2026
Higher oil and gas revenues provided the main boost to Oman’s fiscal performance in the first half of 2026, helping lift public revenues by 13% despite a 9% increase in government spending, the Ministry of Finance announced on August 23.
Tanker struck by projectile off Saudi Arabia's Yanbu, UK maritime authorities report
A tanker was struck by an unknown projectile and set alight off Saudi Arabia's Yanbu, UKMTO says, in the latest attack on Saudi-linked shipping in the Red Sea.
US says it has diverted 70 ships enforcing Iran blockade
US Central Command says it has diverted 70 commercial vessels and disabled three since resuming its naval blockade of Iran, which Tehran says has halted its oil exports.
Strait of Hormuz shipping slumps by nearly 90%
ADNOC Drilling mulls entry into Egypt's petroleum sector
ADNOC Drilling is exploring a strategic partnership with Egypt's petroleum sector, positioning itself to participate in an expanded onshore and offshore drilling programme planned over the next five years.
Iran’s Tang-e Bijar daily gas output set to soar 57%
Gas production at Iran’s Tang-e Bijar field in western Ilam province is set to climb 57% to 11mn cubic metres (mcm) per day in less than two months as the second phase of its development reaches 70% completion, a project official said.
Tajikistan seeks 2.5mn tonnes of oil from Iran amid Russian fuel shortage
Tajikistan has reportedly requested that Iran supply it with 2.5mn tonnes of oil and petroleum products, as a fuel crisis in Russia disrupts supplies from its traditional supplier.
Algeria’s H1 natural gas output reaches three-year high
Algeria’s natural gas production rose by 4.2% year-on-year (y/y) in H1 2026, adding 2.2bn cubic metres (bcm) to reach 54.01 bcm
Chinese vessels transit Hormuz despite US blockade on Iran
Two Chinese-flagged vessels reported transiting Iranian side of Strait of Hormuz, days after major Chinese shippers said to have halted use of the route.

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