MEOG - Middle East Oil & Gas

Category
Oil & Gas

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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 proposes creation of SCO fund for oil and gas projects

26 October 2023

Iran has put forward a proposal to set up a dedicated funding mechanism within the Shanghai Cooperation Organisation (SCO) to jointly sponsor oil and gas ventures.

Iran needs $25bn investment in gas sector to fill energy shortage, MP says

26 October 2023

Iran, which has been grappling with a gas shortfall during cold months, is in need of at least $25bn in investments in its gas industry to solve a chronic energy shortage that intensifies every winter, a lawmaker says.

Iraqi PM signals preparedness to resume oil flows via Turkey

26 October 2023

The Iraqi prime minister this week reiterated his government’s position that it is ready to resume exporting oil through a pipeline that crosses Turkey to the Mediterranean Sea.

Iranian tanker-stored crude hits zero amid rising output, sales

26 October 2023

Iran’s floating oil storage has dropped to zero amid a huge surge in its crude output and exports, according to data from Belgian analytics firm Kpler.

Iran, Russia discuss joint development of oil, gas fields

26 October 2023

Iranian Oil Minister Javad Owji said Tehran and Moscow had discussed the development of oil and gas fields as part of a joint effort for greater cooperation between the two major energy exporters.

Iran overestimating oil sales leads to $8bn budget deficit

26 October 2023

Iran has been ramping up its oil production and exports this year, but it has overestimated the volume and value of sales leading to an $8bn hole in its budget

Major deals signed during Korean president’s visit to Riyadh

25 October 2023

Saudi Aramco agreed significant deals for gas processing and oil storage during this week’s visit to the Kingdom by the Korean president

Iran gains know-how to extract shale oil

25 October 2023

National Iranian Oil has acquired the know-how to extract so-called unconventional oils from its shale reserves in western Lorestan province.

Iran seeks multilateral gas transit deal at SCO meeting

25 October 2023

Iran will try to hammer out a multilateral deal to set up a “North-South gas corridor” during an upcoming gathering of the prime ministers of the Shanghai Cooperation Organization (SCO), Oil Minister Javad Owji said.

War in Gaza won’t change the outcome for East Med Gas Pipeline (EMGP) project

25 October 2023

War in Gaza won’t change the outcome for EMGP, which lost too much momentum before the Mideast fell into conflict.

Iranian gas giant to raise extraction to ease winter shortage

23 October 2023

The CEO of South Zagros Oil and Gas Production, Iran’s second-largest gas producer, says his company aims to ramp up daily extraction to help address the gas shortage ahead of the coming winter.

Iran’s top gas producer touts performance on its 25th anniversary

23 October 2023

The daily output of Iran’s largest gas producer, South Pars Gas, has reached 580mn cubic metres, the company's CEO announced as the company celebrated its 25th anniversary.

Oil markets on edge amid escalations in Israel-Hamas war

22 October 2023

The escalation in the Israel-Hamas conflict is inciting apprehensive speculations about the impact on global oil markets amid the complex web of geopolitics, sanctions and spectre of broader tensions in the region and beyond.

OPEC turns down Iran call for oil embargo on Israel over Gaza

20 October 2023

Iran’s call on Muslim countries to halt oil shipments to Israel appears to have fallen on deaf ears, as OPEC is not planning to take any immediate action.

QatarEnergy and Shell sign deals to supply LNG to Netherlands

19 October 2023

State-owned QatarEnergy and IOC partner Shell this week signed two long-term sale and purchase agreements to supply up to 3.5mn tonnes per year of LNG from Qatar to the Netherlands.

Turkey’s Botas denies debt owed to Gazprom stands at $27.5bn

18 October 2023

Trade media report, meanwhile, reveals European Commission is probing deal on Bulgaria’s gas incumbent Bulgargaz accessing gas supplies via Turkey. Potential competition law breaches identified.

Oil could soar to $150 on expansion of Israel-Gaza conflict

18 October 2023

Fears of a wider conflict in the Middle East have put global oil markets on guard amid Israel's relentless attacks on the Gaza Strip where the Palestinian group Hamas launched a surprise cross-border strike against Israel on October 7.

Rumaila output to rise to 1.4mn bpd

18 October 2023

The consortium responsible for developing Iraq’s supergiant Rumaila oilfield intends to raise production from the field to 1.4mn barrels per day by the end of the year.

Saudi spare capacity update grabs headlines, but no change yet

18 October 2023

Comments this week by the head of Saudi Aramco regarding spare production capacity were jumped on by the press, but the underlying numbers show that the company has yet to achieve its long-term ambitions.

Iran to raise daily oil production to 3.5mn barrels per day by year-end, says NIOC chief

17 October 2023

Iran is poised to ramp up its oil output to 3.5mn barrels per day, the head of the National Iranian Oil Co. (NIOC) said, days after the country put its daily output at over 3.3mn bpd.

Iran calls for industrial investment in natural gas storage

17 October 2023

The National Iranian Gas Co. (NIGC) has called on large industries to invest in the aboveground storage of natural gas, as the country seeks to improve its ability to manage and respond to fluctuations in energy demand effectively.

Edited by

Frazer Simm

Editor

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