MEES - Weekly Oil & Gas News Analysis

Genel Energy’s plan to diversify its portfolio away from the Kurdistan Region of Iraq (KRI) through the purchase of Egypt-focused Capricorn Energy (MEES, 3 July) has been derailed. Capricorn’s board had previously recommended Genel’s offer of $4.74/share, and with potential rivals failing to submit bids the company appeared to have a clear run-in (MEES, 14 August), especially after shareholders overwhelmingly voted in favor of the deal on 18 August.

Libya’s oil and gas sector has been on a slow road to recovery after years of instability (MEES, 7 November 2025). Taking advantage of relative stability over the past two years, energy officials renewed efforts to attract IOC investment in the country’s vast untapped resources. Libya completed its first post-revolution licensing round earlier this year (MEES, 13 February).

Egypt is moving to develop permanent LNG import infrastructure as its gas supply shortfall becomes increasingly structural. Production is declining, new developments are insufficient to offset past losses and demand continues to rise. A net exporter in 2023, Egypt appears destined to remain an importer for the foreseeable future. Cairo has now received three bids for an onshore regasification facility at Ain Sukhna Port on the Red Sea coast.

4 Sep 2026 Issue: 69 / 36 By: Peter Stevenson Gain access to over 60-years of energy analysis and news Delve into the details backed by data Exclusive information from high-level officials Assess future risks and opportunities About Mees Subscribe Now or Login to get full access to this article Charts Japan Middle East Crude Imports (mn b/d): Volumes Gradually Recovering Following April Collapse But Share Slips Below 60% For July

A convoy of five oil tankers laden with Iraqi crude oil made it through the Strait of Hormuz into the Gulf of Oman earlier this week, after security concerns had delayed the voyage. The transit reflects the current situation in the strait, where oil exports are gradually creeping up but each transit carries the real risk of deadly Iranian attacks.

Shell and partner Petronas (50% each) have taken a Final Investment Decision (FID) on a new three-well development at Egypt’s mature West Delta Deep Marine (WDDM) concession, as they continue their efforts to maintain output from the project that has been producing since 2003. The UK major announced FID on Phase 12a on 24 August. The project involves three deepwater subsea wells that will be drilled by Saipem in early 2027.

Oil companies in the Kurdistan Region of Iraq have suffered another turbulent year, with missile and drone attacks against energy facilities forcing repeated shut-ins (MEES, 6 March). Prior to the conflict, the region’s output was averaging around 300,000 b/d, and this fell to barely 100,000 b/d over March-May. As the security situation improved, IOCs began to gradually increase production and the region’s output averaged 228,000 b/d last month. As of mid-August, all IOCs had restarted production.

4 Sep 2026 Issue: 69 / 36 By: Peter Stevenson Energean has a four-weeks exclusivity period to firm up its $1bn offer for BP’s Egyptian assets. The deal would substantially expand its Egypt and regional operating footprint while reducing its exposure to Israel. Energean’s finances will come under scrutiny in the coming weeks as it seeks to turn an indicative offer of around $1bn for BP’s Egyptian upstream assets into a firm bid.

4 Sep 2026 Issue: 69 / 36 By: Nada Ahmed UK-listed Predator Oil & Gas is ‘excited’ to start drilling a new onshore gas well in Morocco this year. Having reversed its earlier exit strategy, it is now seeking partners to help fund potential future development. Predator Oil & Gas is preparing to drill another well in Morocco, the UK-listed company announced as it outlined new drilling plans for this year.

4 Sep 2026 Issue: 69 / 36 Gain access to over 60-years of energy analysis and news Delve into the details backed by data Exclusive information from high-level officials Assess future risks and opportunities About Mees