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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 among eight oil producers set to add 450,000 bpd to global supply
S&P Global Energy announced on January 8 that eight of the world’s largest oilfield development projects scheduled to begin operations in 2026 could add more than 450,000 barrels per day (bpd) to global crude markets
Libya expects to resume oil exports from Es Sider port within days
Libya expects to resume oil exports from the Es Sider port within the next few days, after the key terminal remained closed for nearly a year due to protests
Iran’s South Pars gas refinery installs compressors to recover flared gas
Iran’s South Pars eighth gas refinery has begun setting up reciprocating compressors as part of a project aimed at collecting gases burned in flare stacks, a senior official said.
Iranian oil minister faces decision on Azadegan development
Iran’s Oil Minister Mohsen Paknejad has to make a tough decision whether to continue or cancel the development contract for the giant Azadegan oilfield after a deadline to secure initial financing expired.
Iran’s NIDC completes 101 oil, gas wells this year
The National Iranian Drilling Co. (NIDC) has drilled or carried out workovers on 101 oil and gas wells so far in the current Persian calendar year, which started on March 21, 2025, its chief executive Morteza Fouladi said.
Iraq's Basra crude prices fall more than 2% as global oil markets weaken
Iraq’s Basra Heavy and Basra Medium crude prices dropped by more than 2%, mirroring a broader sell-off across global oil markets amid renewed concerns over rising supply.
Iraq’s gas output exceeds demand amid cooking gas shortages
Iraq’s domestic gas output is exceeding national consumption levels, even as temporary distribution and transport problems have led to reported shortages of cooking gas in parts of the country
Jordan seeks one-year extension of Iraqi oil import deal
Jordan seeks to renew a memorandum of understanding (MoU) with Iraq to continue importing Iraqi crude oil under the same terms and specifications as in the previous agreement
BP plans to boost drilling investments in Egypt in 2026
UK energy major BP plans to increase its investments in Egypt by implementing new drilling programmes in 2026 and fast-tracking production from recent discoveries.
Libya cuts gas flaring by 100mn cubic feet per day through five major projects
Libya’s NOC succeeded in reducing natural gas flaring by more than 100mn cubic feet per day, following the implementation of a package of strategic projects aimed at capturing and utilising associated gas instead of burning it
Qatar to provide Egypt with LNG shipments for summer 2026
Qatar is set to fortify Egypt’s energy security through the summer of 2026 by delivering up to 24 liquefied natural gas shipments.
Maduro’s ouster puts Iranian energy claims from Venezuela in doubt
The capture of Venezuelan President Nicolas Maduro by the US has thrown into doubt Iran’s relations with one of its closest allies as well as its ability to recover billions of dollars in outstanding claims linked mainly to energy cooperation.
Iran adds more rigs at South Pars to maximise gas output
Iran’s state-run Pars Oil and Gas Co. (POGC) has doubled the number of drilling rigs operating at its South Pars gas field to 10, a move that has helped push natural gas extraction at the field to a record level, the company’s CEO said.
Turkey’s energy minister commends country’s first publicly-owned floating storage and regasification unit
Turkey’s first publicly-owned floating storage and regasification unit (FSRU) has so far provided 9.3bn cubic metres (bcm) of natural gas to the national transmission system, according to Energy and Natural Resources Minister Alparslan Bayraktar.
Turkey strikes new long-term agreement to import 33bcm of natural gas from Azerbaijan
Turkey has struck a new long-term agreement under which it will import 33bn cubic metres (bcm) of natural gas from Azerbaijan, Turkish Energy Minister Alparslan Bayraktar said on January 4 in a televised interview.
Iran restarts unit at Fajr Jam gas refinery damaged in June Israeli attack
A unit at Iran’s Fajr Jam gas refinery in the southern province of Bushehr has restarted operations after repairs, months after the facility was hit during Israel’s June aggression.
Geopolitical volatility triggers OPEC+ retreat to market neutrality
The leading factions of the OPEC+ alliance have opted to maintain current crude production ceilings
New infield wells see Iran’s South Pars gas output hit record
Iran’s Oil Minister Mohsen Paknejad said natural gas extraction from South Pars surged to an all-time high of 725mn cubic metres (mcm), helped by drilling new in-field wells at the world’s largest gas field.
Iraq’s IDC completes 237 oil well projects in 2025
The Iraqi Drilling Company (IDC) announced it completed drilling and rehabilitation operations on a total of 237 oil wells during 2025, as part of efforts to support crude production targets across Iraq’s major oilfields
Iraq’s PM urges continued talks with US energy major Chevron for further investments
Iraqi PM Mohammed Shiaa al-Sudani has called for continued discussions between the Ministry of Oil and US energy major Chevron to identify the most effective investment mechanisms for Iraq’s oil sector
Iran researchers unveil major recovery plan for Kupal oilfield
Iranian researchers have drawn up an implementation-ready plan to raise recovery rates at the Kupal oilfield in the oil-rich southwestern province of Khuzestan, potentially allowing the extraction of at least 1bn additional barrels of crude.
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.

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