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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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Chevron in talks with Libya and Iraq on potential oil projects expansion
US energy major Chevron (NYSE: CVX) is holding discussions with the governments of Iraq and Libya to assess potential opportunities to expand its footprint in the oil sector.
Oman oil exports surge 10.3% to $13bn
The Sultanate of Oman experienced a significant boost in its non-oil trade sector during 2025, with figures showing a 10.3% rise compared to the previous year.
Egypt plans $250–350mn oil arrears payments in Q1 2026, unveils mining reform push
The Egyptian government plans to repay between $250mn and $350mn in outstanding dues to international oil companies during Q1 2026, alongside a broader structural plan to settle an additional $750mn
Kuwait prepares $7bn pipeline stake sale amid growing interest
Kuwait is preparing a $7bn pipeline stake sale to foreign investors, mirroring regional trends to fund ambitious economic diversification plans amidst lower oil prices.
Iraq holds oil output steady under OPEC+ deal for March 2026
Iraq will maintain a decision to pause further oil production increases for March 2026, in line with the broader OPEC+ strategy to support crude price.
Norwegian sovereign wealth fund’s end-2025 exposure to Turkey amounts to record $1.7bn
Norway's sovereign wealth fund – Government Pension Fund Global (GPFG), sometimes referred to as the Norwegian Oil Fund – had invested over $1.7bn in Turkish companies as of the end of 2025.
EU considers pivoting from the US to Canada and Qatar for LNG supply
Tensions over Trump’s threats to annex Greenland have spurred EU to seek to reduce its dependence on the US.
Egypt seeks to deepen Italian energy major Saipem’s role in new gas concessions
The Egyptian government is discussing with Italian oil services major Saipem the opportunities to expand the company’s activities in Egypt and potentially upgrading its role from contractor to investment partner in new gas exploration projects
SLB enhances production capabilities at Oman Block-6 field
Petroleum Development Oman recently awarded two five-year contracts to SLB for the provision of essential drilling and extraction machinery at the massive Block-6 site.
Egypt to tender for 930,000 tonnes of fuel imports for February delivery
Egypt’s General Petroleum Authority (EGPA) is set to launch an international tender to import about 930,000 tonnes of petroleum products for delivery in February 2026
Energy Development Oman secures $650mn via decade long sukuk
Energy Development Oman, manager of the key Block 6 assets, has secured $650mn through a 10-year sukuk due January 2036. This deal supports its capital strategy, diversifies funding, and covers annual costs while bridging state and energy interests.
Syria uncovers SYP6bn in corruption at state oil company
Syria’s Central Authority for Financial Control has uncovered financial corruption worth around SYP6bn ($462,000) at the state-owned Syrian Oil Company, linked to a power generation contract signed under the former regime.
Iraq’s SOMO optimistic on Kurdistan oil output as exports hit 200,000 bpd
Iraq’s State Organization for Marketing of Oil (SOMO), revealed optimism about the future of oil production and exports from the Kurdistan Region, citing the success of the current agreement between the federal government in Baghdad and the regional.
US Chevron demands better terms to buy Lukoil’s Iraq oilfield
US oil major Chevron is pressing Iraq to improve the economic returns of the giant West Qurna 2 oilfield as a condition for acquiring the project from Russia’s Lukoil.
Iraq targets oil products exports by 2030, outgoing PM says
Iraq had achieved its highest-ever electricity output, reaching 29,000MW, supported by integrated transmission and distribution plans, including new substations, which have helped ease pressure on the national grid during periods of extreme heat.
Egyptian Enppi and Petrojet plan to form engineering venture with French Technip Energies
Egyptian state-owned engineering and oil services firms Enppi and Petrojet plan to establish a new joint venture with France’s energy firm Technip Energies to compete for large-scale projects
Oman, South Korea partner on $940mn energy project
Libya sees Turkey as key partner in energy push, targets 2mn bpd output
Libyan oil minister Khalifa Abdulsadek said Turkey could play a pivotal role in developing the oil and gas industry in his country with its technical expertise and offshore fleet.
Saudi Aramco raises $4bn in bond sale attracting $21bn in orders
Saudi Aramco raises $4bn in four-tranche bond sale attracting $21bn in orders as oil giant continues active debt market presence amid lower crude prices and fiscal pressures.
Tunisia’s natural gas output falls 12.2% y/y in January-October 2025
Tunisia’s natural gas production declined sharply during the first ten months of 2025, intensifying the country’s dependence on imports to meet rising domestic demand
Qatar Energy secures long term helium deal with Air Liquide
Jordan and Syria sign natural gas supply agreement
Jordan and Syria sign natural gas agreement to supply 4mn cubic metres daily through Jordanian territory, supporting Syrian electricity sector and alleviating energy shortages.
Iraqi focus shifts to export routes amid tensions
Iraq is rapidly advancing contingency plans to reroute crude exports away from the Strait of Hormuz
US-Iran tensions threaten China's billions in Iranian infrastructure investments
US-Iran tensions threaten China's billions in Iranian infrastructure as potential regime change could disrupt Beijing's Belt and Road Initiative and energy security strategy.
Iran gas consumption hits record 726mcm per day amid cold snap
Iran's daily gas consumption hits record 726mn cubic metres as temperatures plunge below zero across 28 provinces, straining energy infrastructure already struggling with economic crisis.

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