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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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Oil prices defy analysts’ expectations and fall rather than rise after the outbreak of the Israeli-Hamas war
The oil price defied analysts’ expectations and fell rather than rose after the outbreak of the Israeli-Hamas war on October 7. A month later, despite a 3.7% drop in the price of a barrel of Brent, its value has returned to pre-war levels.
Cyprus waits for Chevron reply before further Aphrodite talks
Cyprus is waiting for a reply from US oil giant Chevron before it makes any further comment on the status of negotiations between the two on the Aphrodite gas field or what may become of the gas field in the future.
Iraqi discussions in Turkmenistan to complete gas supply procedures
Iraq's Ministry of Electricity announced discussions are being held by a government delegation in Turkmenistan to complete the procedures for supplying gas to the country.
Iraq is the third worst country in the world in burning natural gas
The report noted that “gas burning declined globally by an amount that reached 5.9bn cubic metres during the past year 2022, compared to the previous year, with an annual decline rate of 4%.”
Iran VP calls for Chinese investment in oil, gas projects
Iran's First Vice President Mohammad Mokhber called on China to push its petroleum giants to team up with Iranian companies for the development of major oil and gas projects.
Sinopec joins Qatar’s NFS, signs LNG supply deal
Sinopec was this week made a partner in QatarEnergy’s North Field South (NFS) expansion project, with the deal providing the basis for a 27-year deal to supply LNG to China.
Iraqi pipeline talks continue as gas link is completed
Surprise news of a new trunkline connecting Federal Iraqi infrastructure with a gas field in the Kurdistan Region comes as Baghdad reaches across the divide
Iran’s energy conservation drive aims to halve consumption
Iran has drawn up a comprehensive plan to conserve energy through a range of efficiency and saving measures that can potentially slash its daily consumption by half, the CEO of the Iranian Fuel Conservation Co (IFCO) said.
$275bn investment opportunities up for grabs in Iran’s energy sector
The head of the National Iranian Oil Co. (NIOC) said there were ample opportunities up for grabs for foreign investors in Iran’s energy sector.
Iran says it's ready to provide technical energy services
Iran is ready to export its technical and engineering expertise in the oil, gas, and petrochemical sectors, First Vice President Mohammad Mokhbar told a major trade fair in China.
Iran passes UAE to become OPEC's third-largest producer in Q3
Iran has outpaced the United Arab Emirates to become OPEC’s third-largest oil producer in Q3 of 2023, according to US Energy Information Administration data. The country's OPEC output averaged 2.93mn barrels per day from July to September.
US House passes bill to tighten sanctions on Iran oil sales
The US House of Representatives have passed a bill to reinforce sanctions on Iranian oil exports. The “Stop Harboring Iranian Petroleum" bill would target foreign ports and refineries that process petroleum exported from Iran.
Russia ignoring oil export reduction pledges as it seeks more cash to balance the budget
Earlier in the summer, Saudi Arabia and Russia had announced unilateral production cuts in addition to those agreed upon as part of a broader deal within the producer group that were recently extended to into the New Year.
MEOG: Iraq reported to be expanding bid rounds
Cyprus FSRU completes gas test, ready for November handover
The Cypriot FSRU Efyta Prometheas, which was an LNG tanker that has undergone conversion in Shanghai by China’s Cosco Shipping Heavy Industry, has completed its at-sea gas testing on the performance of the LNG cargo containment system.
Iraq plans to boost gas production by 1bn cubic feet per day
Hayan Abdul Ghani, Iraq's Deputy Prime Minister for Energy Affairs and Minister of Oil, announced on November 2 a plan to increase the country's gas production by 1bn standard cubic feet per day.
Iraq announces nearly $10bn in oil revenues in October
Iraqi Ministry of Oil announced on November 2, according to preliminary statistics issued by the Iraqi Oil Marketing Company, crude oil exports reached 109.5mn barrels of crude, with revenues amounting to $9.669bn up to the end of October.
Iraq reported to be expanding bid rounds
Iraq’s Ministry of Oil (MoO) is reported to be including an additional six concessions in its ongoing and planned bid rounds as it looks to stoke investor interest in underexplored areas.
Iranian oil output at 3.4mn bpd, says minister
Iran’s oil production has reached 3.4mn barrels per day, said Oil Minister Javad Owji, confirming earlier data provided by a domestic union that crude output has hit a new high since 2018.
Turkey fails to respond to Iran call for ban on shipping oil to Israel
At an Ankara press conference, Turkey’s top diplomat leaves boycott appeal voiced by his Iranian counterpart hanging in the air.
Iran takes aim at energy consumption with sweeping reforms
Iran is seeking to cut down high energy consumption through efficiency and saving measures enshrined in a sweeping government-proposed bill.
Israel makes licensing awards amid conflict
Israel has announced the results of its fourth competitive licensing round, handing 12 offshore licences to six companies
Iran's daily oil sales to China soar beyond 1.8mn bpd
Iran’s crude exports to China have hit a record high in five years, skyrocketing to more than 1.8mn barrels per day in October, showed data from Brussels-headquartered analytics group Kpler.
Iran’s daily crude output hits five-year high of 3.4mn barrels per day
Iran's crude production has been on a consistent upward trend, with consecutive highs reached in August, September, and October, according to figures released by the Iranian oil ministry and OPEC.
Iran's gas export revenues soar by 125% in H1
Fresh data from the Trade Promotion Organization of Iran indicates a growth of almost 125% in gas-export income compared to the corresponding period a year earlier.
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