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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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Kuwait declares state of emergency following oil spill
Kuwait Oil Co. declared a state of emergency on March 20 after an oil spill occurred in a location in the west of the country. However, no poisonous gas leakage was detected at the site of the incident.
Iran and Saudi look to continue thaw following deal
The Iranian Ministry of Petroleum this week released a statement expressing its willingness to accept foreign investment in its oil and gas projects.
Turkey eyes 40 bcm per year gas exports
Turkey wants to position itself as a key natural gas exporter on the back of its key Sakarya discovery in the Black Sea, the country’s energy minister, Fatih Donmez, said.
Petrofac wins Oman engineering work
UK-based services company Petrofac has been chosen by Shell to undertake a new engineering and procurement services project in Oman. Petrofac said it would carry out a five-year EPS contract for Shell’s Block-10 Mabrouk Phase 2 Project.
MEOG: IDC completes well at East Baghdad
Aramco posts best ever results
This week, Saudi Aramco announced its full-year 2022 financial results, revealing a record net income of $161.1bn – its highest annual profits as a listed company. Aramco also declared a Q4 dividend of $19.5bn, which will be paid in Q1 2023.
COMMENT: The Saudi-Iran rapprochement will lead to lower tensions in the Middle East, but rivalries remain
Saudi Arabia and Iran agreed to restore diplomatic ties on March 10, bringing an end to seven years of conflict between the two nations in a deal brokered by China that is expected to have wide-ranging consequences.
Iran offering crude, gas and condensate on IRENEX
Iranian Oil Minister Javad Owji said at the weekend that crude oil and gas condensates would be sold to foreign customers on the Iran Energy Exchange (IRENEX). They would be available to domestic buyers at the same price during a particular period.
Iranian exports reach highest level since 2018
Iranian Oil Minister Javad Owji has said the country’s crude exports have reached the highest level since the re-imposition of US sanctions in 2018, state media reported.
Oman oil production sees near 10% increase during 2022, new licensing rounds planned
Data from Oman’s National Centre for Statistics and Information (NCSI) shows that oil output rose by nearly 10% during 2022 to 388.4mn barrels (1.064mn barrels per day) compared to 354.5mn barrels (971,236 bpd) in 2021.
IDC completes first well at East Baghdad
The Iraqi Drilling Co. (IDC) announced last week that it had completed the drilling of a well at the East Baghdad oilfield, to the south-east of the capital city.
Iraqi minister reveals expected scale of solar, gas output
Iraqi Oil Minister Hayan Abdulghani revealed that the government is planning to increase its focus on gas investment, while also investing in solar energy projects, during the Iraq Climate Conference.
MEOG: TotalEnergies expands UAE portfolio
Dubai’s Dragon Oil eyes Turkmenistan's offshore Caspian Sea Block 19 as part of expansion plan
Awkward embrace as Iran and Saudi Arabia seal deal on restoring relations brokered by China
Agreement could have implications on reviving nuclear deal and could even help build ties between Moscow, Beijing, Tehran and Riyadh.
Iran recommences work on abandoned LNG project
Iran and Oman sign cross-sector MoU
Iran and Oman’s energy ministers met in Tehran this weekend and announced the signing of a memorandum of understanding covering joint development across oil, gas and petrochemicals.
Iraq remains hopeful of Eridu plans despite uncertainty
Iraq’s Minister of Oil, Hayan Abdulghani, this week belatedly announced the commerciality of the Eridu oilfield in Block 10, reiterating plans for its phased development.
Russian oil exports to UAE growing
Ship-tracking data indicate that the United Arab Emirates (UAE) is importing millions of barrels of Russian crude oil, despite pressure from the United States to isolate Russia, Reuters reported on March 6.
Aramco signs $6bn deal to support Korean firms in-Kingdom
Saudi Aramco has agreed a $6bn framework deal with the Export-Import Bank of Korea to assist South Korean companies in securing Saudi contracts. The three-year agreement was signed by Eximbank's head Yoon Hee-Sung and Aramco CFO Ziad Al-Murshed.
OQ sets Abraj price as IPO is over-subscribed
The drilling division of the Omani state oil company, OQ, has revealed that its initial public offering has been oversubscribed by 8.7 times after strong demand from investors, both local and international.
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