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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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Egypt and Qatar sign LNG supply agreement for Sokhna and Damietta facilities
Egypt's EGAS and QatarEnergy signed LNG supply deal for Sokhna and Damietta ports as Cairo secures summer gas supplies and targets return to net exporter status by 2027 with domestic production growth.
Kuwait targets offshore expansion following exploration success
Kuwait is intensifying its efforts to unlock significant offshore hydrocarbon reserves, a strategic shift designed to meet its 2040 production targets
Italian Saipem clinches $600mn Aramco offshore EPC awards in Saudi Arabia
The Italy-based engineering group tightens its grip on Saudi offshore work after landing $600mn in Aramco EPC contracts, showing steady upstream spending despite oil price volatility.
Saudi Aramco awards US oilfield services firm SLB five-year unconventional gas contract
Saudi Aramco awarded a five-year contract to US oilfield services group SLB to provide stimulation and related services for its unconventional gas fields.
China-Iran trade plunges 24% as sanctions bite and Beijing shifts oil suppliers
China-Iran trade plunges 24% to $9.09bn in first 11 months of 2025 as Beijing shifts to Russian crude whilst banking constraints and US sanctions pressure weaken bilateral commerce despite strategic cooperation claims.
Iran, Belarus move to implement oil cooperation deal
Iran and Belarus said their bilateral oil cooperation was moving into an implementation phase after officials reviewed practical steps to execute a joint oil memorandum of understanding.
Oil tankers appear to be cleaving to Georgia, Turkey Black Sea coasts to cut risk of Ukraine drone attacks, says report
Oil tankers carrying Russian crude across the Black Sea appear to be cleaving to the Georgian and Turkish coasts to cut the risk that they will be targeted by Ukrainian sea drones, according to a December 18 report from Bloomberg.
United States sanctions 28 vessels in Iran's shadow fleet, targets ICC judges
US Treasury sanctions 28 vessels and 18 shipping companies in Iran's shadow fleet whilst designating two ICC judges, as part of effort to increase pressure on Iran's sanctions evasion activities.
Israel approves $35bn gas export deal with Egypt
Israeli PM Netanyahu approves $35bn natural gas export deal with Egypt from Leviathan field, with US administration viewing agreement as means to improve relations strained by Gaza war.
Iraq's central bank links reserve decline to oil prices
Iraq’s central bank confirmed that falling oil prices and the withdrawal of liquidity from markets are negatively affecting the country’s foreign currency reserves
Iraq discusses Basra gas project at UAE JCC meeting
Iraq discussed the investment project for the Bin Omar gas field in Basra province during a meeting of the Joint Coordination Committee (JCC) held in the UAE
Iraq’s Basra crude prices fall despite global rise in oil markets
Prices of Iraq’s Basra Heavy and Basra Medium crude grades declined on December 18, bucking a broader rise in global oil markets
Israel approves $35bn Egypt gas export deal linked to Leviathan field
Israel has approved a $35bn natural gas export agreement with Egypt, expected to build on Leviathan-linked exports and deepen Eastern Mediterranean energy cooperation while supporting Egypt’s LNG export capacity.
Iranian business leader alleges corruption blocking oil revenues
An Iranian business leader accused Iran's Central Bank and the Oil Ministry of “clear corruption”, claiming that billions of dollars in oil revenues had failed to return to the country due to the use of intermediary trusts and exchange houses.
Iran feeds associated gas into national grid from western plant
An associated petroleum gas (APG) processing plant in western Iran has pumped treated gas into the national trunkline for the first time, as cold weather drives up energy demand in the country.
Egypt approves $208mmn oil and gas agreements in Western Desert
The Egyptian cabinet has approved a draft law endorsing a concession agreement for the exploration, development and production of oil and gas in the Badr El-Din Integrated Area in the Western Desert
Jordan bans production and sale of gas heaters over safety concerns
Jordan has permanently banned the production, sale and circulation of all types of gas heaters commonly known as “Shamousa” and similar models, warning that violators will face legal accountability
Erdogan urges Russia, Ukrain to stop targeting Black Sea vessels
Turkish President Recep Tayyip Erdogan on December 15 urged Russia and Ukraine to stop targeting vessels on the Black Sea, addressing an event organised by Turkey’s foreign minister to bring together Turkish ambassadors in Ankara.
Iran’s gas use jumps as cold snap grips country
Gas consumption in Iran’s domestic sector has shot up as a cold snap swept across much of the country, the National Iranian Gas Co. (NIGC) said.
Iran raises South Pars output again as new well comes onstream
Natural gas extraction from Iran’s South Pars field rose by 1.7mn cubic metres (mcm) per day, the second such increase this month by the state-run Pars Oil and Gas Co. (POGC).
Egypt expects $16.7bn in oil and gas investments over five years, says minister
International energy majors are currently planning to invest around $16.7bn in Egypt’s oil and gas sector over the next five years
Iraq’s SOMO confirms continued crude exports to US
Iraq’s State Organisation for Marketing of Oil (SOMO) announced on December 14 that the recent rise in crude oil exports to the United States, which reached about 435,000 barrels per day (bpd)
New wells to boost Masirah Oil production
Masirah Oil Ltd (MOL) is preparing for the expansion of at its Yumna field offshore Oman, scheduled for the first quarter of 2026
Iran plans major gas pipeline additions
Plans are underway to build and connect more than 1,000 kilometres of new natural gas transmission pipelines to the national grid by mid-March 2026, Iranian Oil Minister Mohsen Paknejad said.
Syria's oil and gas production dropped by 70% Since 2011
Syria’s energy sector has been severely impacted by the ongoing conflict, resulting in a sharp decline in oil and gas production over the past 14 years

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