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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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UAE’s top oil company raises output capacity ahead of OPEC+ meeting
The United Arab Emirates’ largest oil company has raised its crude production capacity number by more than 4%, amid the UAE’s disagreement with the OPEC+ alliance about its quota.
Turkey reportedly freezes all trade with Israel
Under pressure from religious conservatives, Turkish leader Erdogan is said to have blocked all exports and imports. Move draws angry rebuke from Israelis.
Controversy surrounds Iraqi oil deal as Parliament raises concerns over Akkas gas field contract
Bahrain courts investors for stake in A/B pipeline
Bahrain is actively seeking investors for an oil pipeline that channels crude from Saudi Arabia, aiming to capitalise on one of its prime energy assets.
Saudi GDP shrinks 1.8% in Q1 due to lower oil production
Saudi Arabia's real gross domestic product (GDP) fell 1.8% year on year in the first quarter of 2024, according to estimates by the government's statistics authority, bnm's Gulf bureau learned on May 1.
Qatar signs record deal with China State Shipbuilding for 18 LNG carriers
State-run QatarEnergy has signed a deal to purchase 18 LNG carriers from China State Shipbuilding Corporation at a price of $6bn, the company announced.
Iraq expects gas from WQ-1 by year-end
Iraqi Prime Minister Mohammad Shia al-Sudani has announced that gas production at the West Qurna-1 oilfield concession is expected to commence within the next six months.
Turkey begins talks with ExxonMobil on LNG deal in quest to diversify gas supply
In an effort to diversify its supply portfolio and reduce its dependence on Russian gas and also strengthen national security, Turkey, a Nato member, is now in the midst of discussions with the US supermajor.
Iran's gas exports income down 45% in 2023, official data shows
Iran’s natural gas exports took a nosedive during the last Persian calendar year that came to an end on March 19, the latest figures released by the customs office show, amid efforts to strike new supply deals with neighbours.
Iran signs multi-billion MoUs to develop 16 gas fields
The National Iranian Oil Co. (NOIC) has signed seven memoranda of understanding with local private firms to study the development of 16 gas fields, the third such “important economic event” this year.
Turkey seeks LNG from ExxonMobil, starts pipeline gas stream to Hungary
Turkey is seeking to secure a new LNG import deal with ExxonMobil, according to a report in the Financial Times. It is part of Turkey’s plans to diversify its gas imports and reduce its reliance on Russian gas.
Workers killed in attack on Khor Mor
A drone attack last week at the Khor Mor gas field in Iraq’s Kurdistan region has resulted in the suspension of operations and the death of several workers.
China threatens to take ‘resolute’ measures against US sanctions on Iran oil trade
China on Monday, April 29, warned of “strong and resolute” countermeasures after the United States introduced new sanctions targeting its oil trade with Iran.
Iran digs new wells in south to boost crude output
The National Iranian Drilling Co. (NIDC) has dug eight oil wells in the southern oil-rich regions as part of the Iranian Oil Ministry’s push for maximising production.
Turkey reportedly in talks with ExxonMobil for LNG that would help curb Russian energy dependence
Deal awarded for MGS 3 work as Aramco drives gas expansion
Baker Hughes has won a significant contract to provide equipment for the third phase of Saudi Aramco’s Master Gas System expansion.
MEOG: Ukrainian firm signs Akkas deal
Iranian oil sector posts 15% growth in 2023, IMF says
Iran’s petroleum industry grew by 15% last year, the International Monetary Fund said in its latest report on the country’s economy.
Iran’s output at South Pars gas field topped 196 bcm last year
South Pars, Iran’s mammoth gas field, cranked out more than 196bn cubic metres of sweetened natural gas in the past Persian calendar year which ended on March 19, the CEO of South Pars Gas Complex said.
Iraq reaffirms commitment to oil export cap amid ongoing breach
Iraq has pledged to keep its promise of capping oil exports at 3.3mn barrels per day for the whole year as data suggests it has failed to uphold the commitment.
Biden signs new Iran oil sanctions amid doubts about enforcement
US President Joe Biden on April 24 signed into law fresh sanctions against Iran’s petroleum sector amid scepticism about the impact of the legislation.
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