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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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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.
Iran hit with new US sanctions on petroleum, petrochemical shipping
The US Treasury and State Department issued statements identifying two China-based companies along with several based in the UAE and Vietnam and 20 vessels that will have their US assets frozen and barred from doing business with US firms.
Venezuela’s use of imported US naphtha rising as shipments of Iranian condensate decline
Venezuela has become increasingly dependent on naphtha imported from the US as a diluent for heavy crude oil as condensate shipments from have declined.
No deal with Iran for restoration of cameras at nuclear sites yet says UN inspectorate chief
TotalEnergies expands UAE upstream portfolio
Iraqi minister reiterates gas expansion intention
Iraq’s Deputy Prime Minister for Energy Affairs and Minister of Oil has emphasised the government’s and the ministry’s commitment to supporting investment projects in associated and free gas, exploration, refining industries and infrastructure.
Jordan keen to raise oil imports from Iraq
Jordan aims to boost its oil imports from Iraq, with negotiations currently underway to renew the memorandum of understanding (MoU) between the two countries for the supply of Iraqi crude oil.
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