Sanctions imposed by the U.S. and the U.K. are paralyzing Lukoil's operations in Iraq, Finland, and Switzerland, putting its foreign businesses and local partners at risk.
Oman LNG has renewed its long-term services agreement with Baker Hughes, including the creation of a local digital center dedicated to monitoring natural gas liquefaction production equipment.
Excelerate Energy has signed a definitive agreement with Iraq’s Ministry of Electricity to develop a floating liquefied natural gas import terminal at Khor Al Zubair, with a projected investment of $450 mn.
Lukoil has started divesting its foreign assets following new US oil sanctions, a move that could reshape its overseas presence and impact supply in key European markets.
Iraq is negotiating a potential revision of its OPEC production limit while maintaining exports at around 3.6 million barrels per day despite significantly higher capacity.
Sultan Qaboos University announces a breakthrough in water electrolysis using new rare-metal catalysts, improving production efficiency by more than 30%.
Alnaft has signed two study agreements with Omani firm Petrogas E&P on the Touggourt and Berkine basins, aiming to update hydrocarbon potential in key oil-producing areas.
ExxonMobil has signed a memorandum of understanding with the Iraqi government to develop the Majnoon oil field, marking its return to the country after a two-year absence.
Sembcorp Salalah Power & Water Company has obtained a new 10-year Power and Water Purchase Agreement from Nama Power and Water Procurement Company, ensuring operational continuity until 2037.
ShaMaran and several international oil companies have reached a provisional deal with Baghdad and Erbil to resume crude exports from the Kurdistan region via pipeline, after months of suspension.
Baghdad has restarted crude shipments from Kurdistan via the pipeline to Turkey, following a two-year halt linked to legal and contractual disputes involving international firms operating in the region.
Eight oil companies and Iraqi and Kurdish authorities have reached a preliminary deal to restart crude exports via the Iraq-Turkey pipeline, halted since March 2023.
TotalEnergies launches construction of the final key infrastructures of the Gas Growth Integrated Project in Iraq, putting into execution all its oil, gas, solar and water components.
A new analysis estimates that existing oil fields could yield up to 1,000 billion additional barrels without major new discoveries, using proven methods supported by artificial intelligence.
QatarEnergy, TotalEnergies and Basra Oil Company begin construction of the final infrastructure components of Iraq’s integrated gas project, mobilising more than $13bn in investments to modernise the country’s energy supply.
Several subsurface stimulation techniques aim to generate hydrogen in situ at low cost. Pilots are advancing, but heterogeneous Technology Readiness Levels (TRL), geological uncertainties, and monitoring requirements are slowing investment.
Iraq is negotiating with Oman to build a pipeline linking Basrah to Omani shores to reduce its dependence on the Strait of Hormuz and stabilise crude exports to Asia.
OPEC+ begins a new phase of gradual production increases, starting to lift 1.65 million barrels/day of voluntary cuts after the early conclusion of a 2.2 million barrels/day phaseout.
Abbas Araghchi will meet Sergey Lavrov in Russia before resuming nuclear discussions with the United States, scheduled for 19 April in Muscat under Omani mediation.
Baghdad has signed a strategic agreement with GE Vernova to build natural gas power plants totalling 24,000 MW, as the country seeks to reduce its energy dependence on Iran.
As Russia ratifies a 20-year civil nuclear agreement with Iran, the United States reopens indirect talks in Oman. Tehran demands the lifting of sanctions, while 275 kg of uranium enriched to 60% raises concerns.
The United States has sanctioned a Chinese refinery processing Iranian crude, increasing pressure on Tehran and raising concerns over global oil market stability.
Cut off from Iranian energy imports by Washington, Iraq accelerates commercial efforts in Africa while resuming oil exports through Turkey to quickly secure new economic and energy markets.
Iraq has initiated its first waste-to-energy project in Baghdad, a $500 mn venture supported by Chinese firm SUS ENVIRONMENT and overseen by Iraqi authorities.
Iraq and the United Arab Emirates have submitted compensation plans to OPEC+ to offset their production surplus in February, amid falling crude prices and the gradual reduction of cuts planned for April.
Under pressure from US sanctions, Iraq explores alternatives to Iranian gas to secure its electricity supply, notably turning to Qatar and Oman, while considering the installation of floating LNG terminals.
Iran invests $17 billion to counteract declining reservoir pressure at South Pars, a gas field shared with Qatar, securing estimated reserves equivalent to around 363 billion barrels of oil.
OPEC+ has authorized a gradual increase in Iraq's oil quota starting in April 2025, enabling the country to reach 4.11 million barrels per day by January 2026, amid strategic developments marked by the imminent reopening of the Iraq-Turkey pipeline.
The United States has decided not to renew Iraq’s exemption, granted since 2018, allowing Baghdad to import electricity from Iran despite U.S. sanctions. This measure increases pressure on Iraq, whose energy supply largely depends on its neighbour.
Opec+ has reaffirmed its plan for a gradual increase in oil production starting from April 2025, a decision that has led to a drop in oil prices, particularly Brent. This strategy marks a shift in the cartel’s approach.
British oil giant BP will present a strategic revision on Wednesday, marked by a shift back to fossil fuels and a reduction in renewable energy investments, following a sharp decline in net profit last year.
Baghdad announces an agreement with Erbil to restart the export of 300,000 barrels per day via the Turkish port of Ceyhan. A government delegation will travel to Iraqi Kurdistan to finalize the export mechanism after two years of suspension.
The Gulf Cooperation Council Interconnection Authority (GCCIA) and the Qatar Fund for Development (QDF) have signed a $100 million financing agreement to connect the Gulf power grid with Oman. This strategic project, with a total cost exceeding $700 million, aims to enhance regional energy security and efficiency.
The Trump administration is increasing pressure on OPEC to boost oil production. Between economic strategies and geopolitical stakes, global market balance remains fragile as OPEC+ takes a cautious approach ahead of key decisions.
Shanghai Electric secures multiple certifications for key energy projects in Dubai, Oman, Bangladesh, and Malaysia, reinforcing its role in the energy strategies of emerging markets.
Iraq and BP finalize an ambitious agreement to rehabilitate four oil fields in Kirkuk and exploit flared gas, aiming to boost energy production and reduce dependence on Iranian gas.
