MEOG - Middle East Oil & Gas

Category
Oil & Gas

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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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Russian oil exports to UAE growing

7 March 2023

Ship-tracking data indicate that the United Arab Emirates (UAE) is importing millions of barrels of Russian crude oil, despite pressure from the United States to isolate Russia, Reuters reported on March 6.

Aramco signs $6bn deal to support Korean firms in-Kingdom

7 March 2023

Saudi Aramco has agreed a $6bn framework deal with the Export-Import Bank of Korea to assist South Korean companies in securing Saudi contracts. The three-year agreement was signed by Eximbank's head Yoon Hee-Sung and Aramco CFO Ziad Al-Murshed.

OQ sets Abraj price as IPO is over-subscribed

7 March 2023

The drilling division of the Omani state oil company, OQ, has revealed that its initial public offering has been oversubscribed by 8.7 times after strong demand from investors, both local and international.

Iran hit with new US sanctions on petroleum, petrochemical shipping

7 March 2023

The US Treasury and State Department issued statements identifying two China-based companies along with several based in the UAE and Vietnam and 20 vessels that will have their US assets frozen and barred from doing business with US firms.

Venezuela’s use of imported US naphtha rising as shipments of Iranian condensate decline

7 March 2023

Venezuela has become increasingly dependent on naphtha imported from the US as a diluent for heavy crude oil as condensate shipments from have declined.

Iraqi minister reiterates gas expansion intention

6 March 2023

Iraq’s Deputy Prime Minister for Energy Affairs and Minister of Oil has emphasised the government’s and the ministry’s commitment to supporting investment projects in associated and free gas, exploration, refining industries and infrastructure.

Jordan keen to raise oil imports from Iraq

6 March 2023

Jordan aims to boost its oil imports from Iraq, with negotiations currently underway to renew the memorandum of understanding (MoU) between the two countries for the supply of Iraqi crude oil.

Global energy sector emissions reach new high in 2022

5 March 2023

Global energy-related CO2 emissions reached a new record in 2022 of 36.8bn tonnes, inching up 0.9% from the previous year’s level, the International Energy Agency reported last week.

Iraq finally finalises fifth licensing round awards

1 March 2023

Iraq’s Oil Ministry has belatedly signed six oil and gas contracts that were awarded in the fifth licensing round (5LR) in 2018. The signings represent a major step forward for the country’s plans to boost domestic energy production.

UN inspectors confirm ‘near nuclear weapon-grade’ uranium particles found in Iran

1 March 2023

Tehran denies discovery is meaningful. Israel steps up sabre-rattling. CIA chief says his agency has no evidence Iranians are moving to “weaponise”.

Gazprom chief to visit Iran for talks

28 February 2023

Alexey Miller, the CEO of Gazprom, is scheduled to visit Tehran on this week to hold discussions with senior officials of Iran's oil and gas sector. The Iran embassy in Moscow has confirmed this news.

ADNOC increases gas IPO share to 5%

27 February 2023

Abu Dhabi National Oil Co. (ADNOC) has announced that it will increase the stake in its gas business being offered in an initial public offering from 4% to 5%.

Saudi Arabia’s Luberef awards Petrojet $148mn EPC contract for Yanbu Growth II Expansion Project

27 February 2023

Saudi Aramco Base Oil Company (Luberef) has signed a SAR555mn ($148mn) engineering, procurement and construction (EPC) contract with Egypt’s Petrojet for the expansion of Yanbu facility (Growth II),

Edited by

Frazer Simm

Editor

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