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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 set for South Pars overhaul following crisis, record output
The managing director of the South Pars Gas Complex has announced a major infrastructure overhaul during the upcoming Iranian calendar year.
Chinese contractor wins contract for redevelopment Iraq’s Naft Khana field
China Oil HBP Group has secured a $225mn contract to restore production at the Naft Khana oil field in Iraq’s northeastern Diyala province
Kuwait’s CGCC secures gas gathering contract in PNZ
Combined Contracting Group Co. (CGCC) has secured a KWD10.2mn ($33mn) agreement to deliver gas gathering support services within the Partitioned Neutral Zone (PNZ)
Shared risks give Iran pause from closing Hormuz
Iran is considering awarding Russia the development of a major shared oilfield, Oil Minister Mohsen Paknejad said, as the two countries step up co-operation in the energy sector.
Iran considers letting Russian firms develop shared oilfield
Iran carried out its long-threatened move after years of sabre-rattling to briefly close the Strait of Hormuz, the world’s most critical oil transit checkpoint, as tensions between Tehran and Washington were running high.
Iran says Russia gas import deal to be signed soon
Iran’s Oil Minister Mohsen Paknejad said a contract to import pipeline gas from Russia would be signed soon after the dispute over the two outstanding clauses was resolved.
UAE Mubadala Energy acquires 15% stake in Egypt’s Nargis offshore concession
UAE’s Mubadala Energy has completed the acquisition of a 15% stake from Italian energy major Eni (BIT: ENI) in the Nargis offshore concession, an exploration area located off Egypt’s Mediterranean coast
Turkey hits out at energy field activities of Greece and Chevron, says Libya entitled to object too
Turkey on February 19 objected to energy field activities being conducted by Greece and US major Chevron (CVX.N).
Kuwait's GDP grows 2.8% in first nine months of 2025
UAE's Mubadala Energy acquires stake in Egypt's Nargis offshore concession
Mubadala Energy has completed its acquisition of a 15% participating interest from Eni in the Nargis offshore concession, an exploration block located approximately 50km off Egypt's coast in the Eastern Nile Delta basin.
COMMENT: US strike on Iran is all but inevitable with Trump backed into a corner
As the Iranians continue to make military threats while blocking off the crucial oil transit point of the Strait of Hormuz, it appears that US President Donald Trump will inevitably launch an attack on Iran.
Oil prices surge as Iran closes down Strait of Hormuz, threatening US imports
Brent crude oil prices spiked from $66.54 per barrel to $69.23 after Iran partially shut down the Strait of Hormuz during naval drills conducted on February 18.
Iran to invest $8bn in gas fields to ease petchem feedstock shortfall
The Iranian petrochemical industry plans to invest $8bn to help develop two newly discovered gas fields in the south of the country in a bid to secure feedstock supplies, a union leader said.
Iran’s ICOFC sets record with gas field developments
The Iranian Central Oil Fields Co. (ICOFC) has set a new record by developing three greenfield gas projects in less than 16 months, sharply cutting the time typically required to bring such fields on stream.
Syrian Petroleum reports 170,000 daily gas cylinder output
Syria’s gas supply is set to stabilise soon as the Syrian Petroleum Company reported a daily output of 170,000 gas cylinders. The company attributed a recent shortage to adverse weather conditions that delayed the unloading of a gas tanker.
Iraq’s oil exports to US top 7mn barrels in January, EIA says
Iraq’s total oil exports reached approximately 3.6mn barrels per day in February 2026, supported by the continued flow of Kirkuk crude through the northern pipeline to Turkey.
Kuwait ranks 30th in GDP per capita, according to Harvard study
The Atlas of Economic Complexity Ranking indicates Kuwait's persistent economic sustainability, underpinned by oil revenues and an increasingly robust financial sector.
Egypt seeks IFC backing for $4bn refinery and mining expansion drive
Egypt’s Ministry of Petroleum and Mineral Resources is currently implementing a plan to modernise existing refineries through six projects with total investments exceeding $4bn
Aramco sells first cargoes of Jafurah condensate
Aramco has commenced exports from its $100bn Jafurah unconventional gas development
Epstein advised against Aramco IPO to avoid ‘Wall Street demons’
Epstein counselled senior Saudi officials to abandon the US IPO of Aramco
Iranian driller NIDC enhances productivity by 5%
Productivity at the National Iranian Drilling Co. has soared 5% year on year to 77%, its chief executive Morteza Fouladi said, as the state driller steps up operations and modernises its fleet.
Saudi Arabia hosts natural gas distribution network bidding for five cities
The Saudi Ministry of Energy announced the results of the prequalification phase for licenses to establish, own, and operate natural gas distribution networks in five industrial cities across the country.
Egypt to launch $3.75bn tender for 75 additional LNG shipments
Egypt is preparing to launch a major international tender in March 2026 to import 75 additional shipments of Liquefied Natural Gas (LNG).
Turkish Petroleum and BP look at potential joint projects in Iraq, Libya
National oil company Turkish Petroleum (TPAO) and British energy major BP have signed a memorandum of understanding on enhancing cooperation in oil and natural gas, including via a potential collaboration in Iraq.
Saudi Arabia’s Midad agrees terms for Lukoil portfolio
Jeddah-based Midad Energy has signed a deal to acquire Lukoil’s sanctioned global assets, while Chevron negotiates improved terms to replace the Russian firm in Iraq

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