The Arabian Gulf Oil Company (AGOCO) has restarted operations at the Sinoun oil field in the Nalut area, as part of the broader strategy of the National Oil Corporation (NOC) to raise production and improve operational efficiency.
State energy giant Saudi Aramco is preparing to launch its first exports from the $100 billion Jafurah gas project later this month, following the sale of several ultra-light crude (condensate) cargoes to global majors.
Russia’s state income from oil and gas is projected to fall sharply in February to around 410 billion roubles, nearly half the level recorded in the same month of 2025. The decline is attributed to the appreciation of the rouble and lower global oil prices.
The North Oil Company (NOC) has successfully restored gas pumping operations at the AB2 compression station in Kirkuk, following a swift emergency response to a technical malfunction early Saturday.
Türkiye and Ethiopia have signed a memorandum of understanding (MoU) on energy cooperation during President Recep Tayyip Erdogan’s visit to Addis Ababa, marking a step toward deeper collaboration in joint energy projects.
The Iraqi cabinet approved what it described as an “amicable settlement” with Russia’s Lukoil over the transfer of operations at the giant West Qurna 2 oil field to the state-run Basra Oil Company, Reuters reported, citing an official statement.
The move follows Baghdad’s decision last month to nationalize the field after the United States imposed sanctions on Lukoil as part of efforts to pressure Moscow over the war in Ukraine. West Qurna 2 is one of the world’s largest oilfields, contributing roughly 0.5% of global oil supply and nearly 10% of Iraq’s total crude output.
Türkiye has begun the deployment of its deep-sea drilling vessel, Cagri Bey, to Somalia, marking the country’s first offshore exploration mission beyond its own maritime jurisdiction, according to Reuters. Energy Minister Alparslan Bayraktar described the deployment as a landmark step in Türkiye's oil and gas exploration strategy, noting that the vessel is scheduled to begin drilling operations at the Curad-1 well off the Somali coast in April.
Chevron Corporation, the upstream-focused producer, has signed lease agreements with the Hellenic Republic, paving the way for hydrocarbon exploration in four offshore blocks in Greece, in partnership with HELLENiQ ENERGY.
The US Treasury Department’s Office of Foreign Assets Control (OFAC) has issued a sweeping relaxation of sanctions on Venezuela’s energy sector. The move grants two general licenses that allow international oil and gas companies (IOCs) to resume operations and negotiate new investments in Venezuela, home to some of the world’s largest proven oil reserves, as reported by Reuters.
OPEC+ is inclined to resume gradual oil production increases starting in April, according to three sources within the alliance, as the group positions itself ahead of stronger summer demand and firmer prices linked to escalating US Iran tensions. The potential move would enable leading producer Saudi Arabia and key member UAE to recover market share.
