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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Iraqi crude export delays ease as Gulf shipping recovers

2 July 2026

Gulf oil exports are gradually returning to normal after regional shipping disruptions, with several international banks expecting crude shipments to recover to pre-conflict levels during July.

Iraq’s Karbala refinery faces allegations over financial irregularities and unlicensed foreign workers

2 July 2026

An Iraqi member of parliament has alleged legal, administrative and financial irregularities at the Karbala refinery, claiming that hundreds of foreign workers are employed without valid work permits and raising questions over the management.

Oman’s OMIFCO to debut on MSX with $2.7bn market capitalisation

2 July 2026

Oman India Fertiliser Company SAOG (OMIFCO) is set to debut on the Muscat Stock Exchange (MSX) on July 8 with an expected market capitalisation of OMR1.04 bn ($2.7 bn), the Oman-based firm said on July 1.

Iraq, Chevron sign confidentiality agreement for West Qurna 2 oilfield

1 July 2026

Iraq's state-run Basra Oil Company signed a confidentiality agreement with US energy major Chevron to facilitate the exchange of technical information to evaluate the West Qurna 2 oilfield.

Iran’s twin oilfields ramp up crude output 35% to record high

1 July 2026

Crude oil production at Iran’s twin Sepehr and Jofeir oilfields has surged by more than 35% to its highest level since production began, driven by new wells and expanded processing capacity, the head of the development project said.

China remains sole buyer of Iranian crude, US Treasury says

1 July 2026

US Treasury Secretary Scott Bessent said that China was the only buyer of Iranian crude oil, with other countries holding back because of concerns that Washington could reimpose sanctions.

US imports of Iraqi oil fall to 4.029mn barrels in April 2026

1 July 2026

US imports of crude oil and petroleum products from Iraq fell sharply in April 2026, declining to 4.029mn barrels from 7.943mn barrels in March.

Iran chief negotiator says oil exports top 40mn barrels after US peace deal

1 July 2026

Iran has exported more than 40mn barrels of crude oil since the United States lifted its naval blockade on Iranian ports under a temporary peace agreement signed on June 17, Iranian chief negotiator Mohammad Baqer Ghalibaf said.

QatarEnergy, ExxonMobil, Cyprus strike deal to exploit gas discovery off Cypriot coast

30 June 2026

QatarEnergy, ExxonMobil and Cyprus have signed a commercial discovery declaration for the Glaucus and Pegasus gas fields in Block 10 offshore Cyprus, advancing plans to exploit the country’s offshore gas resources.

Energy statistics show we remain an overwhelmingly fossil fuel-based world

30 June 2026

Renewables are growing fast, but oil and gas by far still dominate the global energy system.

Iraq seeks new Kirkuk-Ceyhan deal as it advances Syria oil route

30 June 2026

Iraq has dispatched a high-level ministerial delegation to Ankara to negotiate an extension of the agreement governing the Iraq–Turkey oil pipeline, while pursuing parallel discussions with Syria on reopening alternative export routes.

Iraq's SOMO offers steep discounts on Basra crude as Hormuz tensions persist

30 June 2026

Iraq's State Organisation for Marketing of Oil (SOMO) has offered steep discounts on official selling prices for Basra Medium and Basra Heavy crude to contracted buyers, as concerns over shipping through the Strait of Hormuz weigh on demand for July

Iraq's Artawi gas project targets 300mn cubic feet daily in its first phase

30 June 2026

Iraq's Ministry of Oil has reaffirmed the strategic importance of the Artawi gas field project as part of its plans to increase associated gas utilisation, enhance energy security and reduce emissions.

Iranian crude option re-emerges for Pakistan

30 June 2026

Industry executives say refineries in the country remain technically capable of processing Iranian crude. However, commercial and operational hurdles to this being a profitable undertaking continue to limit its attractiveness.

Egypt increases natural gas supplies to industrial sector by 12%

30 June 2026

The Egyptian Ministry of Petroleum and Mineral Resources has increased natural gas supplies to the industrial sector by nearly 12%, equivalent to 200mn cubic feet per day

Iran could regain four key Asian oil markets if US sanctions lifted

30 June 2026

Iran could once again rely on four major Asian markets, China, India, Japan and South Korea, for its crude oil exports if banking sanctions are lifted, a former senior official at the National Iranian Oil Co. (NIOC) said.

Iran’s NIDC completes 23 oil, gas wells in first quarter

29 June 2026

Iran’s state drilling contractor completed drilling and workover operations on 23 oil and gas wells across the country’s onshore and offshore fields during the first three months of the current Persian calendar year, CEO Morteza Fouladi said.

New LNG carrier enters service as Oman expands export fleet

29 June 2026

Oman has marked a significant milestone in its liquefied natural gas (LNG) export sector with the inaugural shipment aboard Muscat LNG, one of the country's newest and most technologically advanced LNG carriers, the local Oman News Agency (ONA) said.

BP returns to Iraqi Kirkuk oilfield projects after security pause

29 June 2026

BP has resumed technical and engineering work on oilfield development projects in Iraq's Kirkuk province after returning foreign personnel who had been withdrawn earlier this year due to regional security concern.

EU's oil and gas suppliers push back against methane regulation

29 June 2026

The US, Qatar, Nigeria and Algeria have warned the EU that its methane regulation could disrupt oil and gas supplies to Europe unless the bloc clarifies the rules and introduces targeted amendments.

Italian Eni starts up major offshore Sabratha gas compression project in Libya

29 June 2026

Italy’s energy major Eni, in partnership with Libya’s state-owned National Oil Corporation (NOC), has commenced hydrocarbon production from the Sabratha Compression Project

Iran's Mapna gets auditor approval for 200% capital increase

29 June 2026

Iran's Mapna Group has received auditor approval for a 200% capital increase that will raise its capital to IRR180,000bn, as the industrial group seeks to strengthen its balance sheet and compete for major power, energy and rail projects.

Pakistan weighs cheaper Iranian oil, gas imports after US eases sanctions

29 June 2026

Energy-hungry Pakistan is considering increasing imports of cheaper oil and gas from neighbouring Iran after the United States temporarily lifted sanctions on Tehran, reopening the possibility of Iranian crude purchases under a 60-day waiver.

Edited by

Frazer Simm

Editor

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