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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 signs multi-billion MoUs to develop 16 gas fields
The National Iranian Oil Co. (NOIC) has signed seven memoranda of understanding with local private firms to study the development of 16 gas fields, the third such “important economic event” this year.
Turkey seeks LNG from ExxonMobil, starts pipeline gas stream to Hungary
Turkey is seeking to secure a new LNG import deal with ExxonMobil, according to a report in the Financial Times. It is part of Turkey’s plans to diversify its gas imports and reduce its reliance on Russian gas.
Workers killed in attack on Khor Mor
A drone attack last week at the Khor Mor gas field in Iraq’s Kurdistan region has resulted in the suspension of operations and the death of several workers.
China threatens to take ‘resolute’ measures against US sanctions on Iran oil trade
China on Monday, April 29, warned of “strong and resolute” countermeasures after the United States introduced new sanctions targeting its oil trade with Iran.
Iran digs new wells in south to boost crude output
The National Iranian Drilling Co. (NIDC) has dug eight oil wells in the southern oil-rich regions as part of the Iranian Oil Ministry’s push for maximising production.
Turkey reportedly in talks with ExxonMobil for LNG that would help curb Russian energy dependence
Deal awarded for MGS 3 work as Aramco drives gas expansion
Baker Hughes has won a significant contract to provide equipment for the third phase of Saudi Aramco’s Master Gas System expansion.
MEOG: Ukrainian firm signs Akkas deal
Iranian oil sector posts 15% growth in 2023, IMF says
Iran’s petroleum industry grew by 15% last year, the International Monetary Fund said in its latest report on the country’s economy.
Iran’s output at South Pars gas field topped 196 bcm last year
South Pars, Iran’s mammoth gas field, cranked out more than 196bn cubic metres of sweetened natural gas in the past Persian calendar year which ended on March 19, the CEO of South Pars Gas Complex said.
Iraq reaffirms commitment to oil export cap amid ongoing breach
Iraq has pledged to keep its promise of capping oil exports at 3.3mn barrels per day for the whole year as data suggests it has failed to uphold the commitment.
Biden signs new Iran oil sanctions amid doubts about enforcement
US President Joe Biden on April 24 signed into law fresh sanctions against Iran’s petroleum sector amid scepticism about the impact of the legislation.
Pakistan positive about Iran gas pipeline completion after Raisi’s visit
Pakistani Defence Minister Khawaja Asif expressed optimism about the completion of a stalled pipeline aimed at pumping Iranian gas to his energy-hungry country, following what he called a “successful visit” by Iran’s president to Islamabad.
Iraq awards Akkas contract to Ukrainian minnow
The Iraqi Ministry of Oil has finalised the award of a contract to develop the Akkas gas field to little-known Ukrainian firm Ukrzemresurs.
Iran oil sanctions bill at Biden’s desk after US Senate approval
The US Senate voted to ramp up sanctions against Iran’s petroleum industry over an unprecedented missile and drone attack on Israel earlier in April.
KOC receives bids for EPF-18 upgrade
Kuwait Oil Co. is reported to have received bids for work to upgrade Early Production Facility 18 in the north of the country.
TotalEnergies signs 10-year supply deal with Oman LNG, greenlights Marsa project
Oman LNG has signed a sales and purchase agreement with France’s TotalEnergies to supply the energy major with 800,000 tonnes per year of LNG the companies announced.
Shell, TotalEnergies and Mitsui eye stake in ADNOC’s Ruwais LNG plant
Two energy majors and a trading house are vying to purchase a stake in Abu Dhabi National Oil Co.’s Ruwais LNG plant.
OQ and TotalEnergies sign deal for Marsa LNG bunkering facility
OQ and TotalEnergies have signed a $1.6bn investment deal to develop the Marsa LNG project at the Port of Sohar.
Aramco in talks to acquire stake in another Chinese downstream player
Saudi Aramco is in talks on acquiring a 10% stake in Chinese refiner and petrochemicals producer Hengli Petrochemical, as it looks to expand its downstream operations in the Asian country.
Pakistan hoping Iran gas pipeline becomes operational ASAP
Pakistan is eager to bring onstream a long-stalled pipeline as soon as possible to receive Iranian natural gas, Iran’s Oil Minister Javad Owji said, after holding talks with his Pakistani counterpart in Islamabad.

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