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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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Iraq’s Basra Gas reports rising LNG exports above 700,000 tonnes in 2025
Iraq’s Basra Gas Company announced that exports of liquefied gas have been rising steadily as the company prepares projects to significantly increase volumes shipped abroad.
Israel and Cyprus near gas deal after more than decade of stalled negotiations
Israel and Cyprus are approaching a final agreement on the jointly held Aphrodite-Yishay gas reservoir after more than a decade of stalled negotiations.
Iraq kicks off drilling at Akkas following contract overhaul
Iraq has commenced well-drilling operations at the Akkas gas field in Anbar Governorate
Qatar set for progress on Al-Shaheen following delivery from China
A Chinese fabrication yard has successfully completed the load-out of critical offshore infrastructure for Qatar’s Al-Shaheen oilfield.
Leviathan partners sign FID on field expansion
Chevron and partners sanctioned a $2.36bn expansion of Israel’s Leviathan field, increasing output to 21bcm to bolster regional energy security and exports
Egyptian President El-Sisi directs government to prioritize settlement of foreign oil and gas debts
Egyptian President Abdel Fattah El-Sisi has directed the government to maintain its commitment to settling dues owed to oil and gas companies operating in Egypt
Syrian Petroleum Company receives oil fields after Army's advance
The Syrian Petroleum Company (SPC) announced that the Syrian Army has taken control of oil and gas fields in Deir Ezzor, following recent military advances in eastern Syria.
India’s Russian oil imports slide to two-year low as OPEC share rises
India’s imports of Russian crude fell to their lowest level in nearly two years in December, as tighter Western sanctions disrupted flows and prompted refiners to source more oil from alternative suppliers, pushing OPEC’s share of imports
Iraq targets 57,000MW power capacity expansion in five-year plan
Iraq has outlined details of a five-year plan for the power sector, targeting a total generation of 57,000MW, while disclosing the scale of output tied to contracts signed with global energy firms.
Saudi Arabia surpasses Russia in oil production during 2025
Saudi Arabia surpassed Russia in oil production during 2025 with daily output reaching 9.472mn barrels compared to Russia's 9.13mn barrels, as kingdom restored voluntary cuts faster than Moscow.
Iran's Oil Minister dismisses Trump threats as oil sector continues operations
Iranian Oil Minister Mohsen Paknejad dismisses Trump threats saying Iran continues oil operations despite US president's boasting, as Tehran pursues Venezuelan oil debts dating back three to four years.
Iran signs internal "$2bn" oil sector investment contracts with private sector participation
Iran signs $2bn National Iranian Oil Company investment contracts for drilling and crude oil processing, expected to increase production capacity by 315,000 barrels per day and create 11,500 jobs.
Bahrain and TotalEnergies establish joint oil trading enterprise
TotalEnergies and Bapco Energies have launched BxT Trading, a collaborative venture split equally between the French energy giant and the Bahraini state firm.
Qatar gas sector contracts double to $12.3bn in 2025
Energy infrastructure in Qatar experienced a massive boost throughout 2025 as the value of gas-related agreements surged to $12.3bn.
India’s oil firms strike onshore crude in Abu Dhabi
India’s state-run oil companies have recorded a new overseas upstream milestone with an onshore oil discovery in Abu Dhabi, reinforcing the country’s push to strengthen energy security through international exploration
Saudi Electricity Co. plans dollar-denominated sukuk issuance
Saudi Electricity Co. plans to issue dollar-denominated unsecured priority sukuk with timing and size to be determined, appointing 17 banks as issuance managers for the offering.
Iraq advances plans for West Qurna gas-fired power plant
Iraq is planning to construct a major gas-fired power plant in the southern province of Basra, as the government steps up efforts to boost national generation capacity and ease chronic electricity bottlenecks.
Algeria’s oil exports fall 2% in 2025 despite year-end rebound
Algeria’s oil exports declined by 2% y/y in 2025, equivalent to about 16,000 bpd, despite a strong recovery in shipments during December 2025, energy platform Attaqa reported
Baghdad appoints Woodmac to resolve Kurdish impasse as WQ-2 operator changes
Baghdad has appointed Wood Mackenzie to audit Kurdish production costs while seizing operational control of West Qurna-2 from Lukoil to insulate its output from sanctions
Jordan targets eight major energy projects by 2029
Equinor selects Aibel for maintenance of Hammerfest LNG plant
A $2bn contract for maintenance and modifications is intended to reduce the facility’s offline time.
Kuwait’s KOC provides update on well drilling
Kuwait Oil Co. (KOC) has completed 1,337 oil wells over the past three years
Turkey’s natural gas consumption climbs to record 60-61 bcm in 2025
Households burnt through more than an annual 20 bcm for the first time.
Iraq's state-owned Basra Oil takes operatorship of West Qurna-2 from Russia's Lukoil
Saudi Arabia raises natural gas service tariff to SAR1.39 per MMBtu
Natural Gas Distribution Company announces Saudi Arabia has raised natural gas service tariff to SAR1.39 per MMBtu effective January 1, expecting positive impact on first quarter 2026 results.

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