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Lebanon taps foreign players to assess resource potential8 June 2026
Lebanon’s oil and gas sector received a major boost in January this year when French energy major TotalEnergies, Italy’s Eni and QatarEnergy signed an agreement with the Lebanese government to enter the Block 8 concession in the country’s territorial waters and explore for gas reserves.
Under the terms of the deal, TotalEnergies will operate Block 8 and hold a 35% interest, while Eni and QatarEnergy will hold 35% and 30% stakes, respectively.
Block 8 has long been considered the most promising exploration area in Lebanese waters, but previous efforts to award the exploration permit were repeatedly delayed amid concerns over border tensions and political instability.
The block lies along the previously disputed maritime boundary between Lebanon and Israel. In 2022, the two countries signed an agreement to resolve the long-running maritime border dispute.
In a statement, TotalEnergies said: “The consortium's initial work programme on Block 8 consists of the acquisition of a 1,200-square-kilometre 3D seismic survey in order to further assess the area’s exploration potential.”
Exploration efforts
The Lebanese Petroleum Administration hopes that international oil companies will make discoveries that will help bolster the country’s struggling economy.
Lebanon signed its first offshore oil and gas exploration and production agreement in February 2018, awarding Blocks 4 and 9 to a consortium comprising TotalEnergies, Eni and Russia's Novatek following a licensing round in 2017.
In January 2023, QatarEnergy replaced Novatek in the consortium.
Under the agreement, QatarEnergy acquired Novatek’s 20% stake, as well as 5% each from TotalEnergies and Eni, giving the Qatari company a total stake of 30%. TotalEnergies and Eni each retained a 35% interest.
In TotalEnergies’ latest statement, chairman and CEO Patrick Pouyanne said: “Although the drilling of the Qana 31/1 well in Block 9 did not yield positive results, we remain committed to pursuing our exploration activities in Lebanon.
“We will now focus our efforts on Block 8, together with our partners Eni and QatarEnergy and in close cooperation with the Lebanese authorities.”
Futile attempts
More broadly, Lebanon’s offshore oil and gas sector faces an uncertain outlook, characterised by persistent delays, regional conflict and limited exploration activity.
Despite hopes that maritime agreements and improved diplomatic relations would trigger an energy boom, Lebanon currently produces virtually no oil or natural gas. Political bottlenecks, regional instability and previous dry wells have increasingly shifted attention towards alternative domestic energy solutions.
Lebanon’s ambition to become a hydrocarbon producer remains unfulfilled due to a combination of commercial and political obstacles. Initial optimism was tempered when consortiums led by TotalEnergies announced that no commercially viable gas discoveries had been made in either Block 4 or Block 9.
Despite holding licences for potentially prospective acreage, international companies have remained largely inactive in pursuing further deepwater exploration.
Meanwhile, Lebanon’s third offshore licensing round, launched in 2024, has continued to face delays. Nine offshore blocks within the country’s exclusive economic zone were offered, but interest from exploration and production companies has been limited. As a result, the government has repeatedly extended submission deadlines.
Although the landmark 2022 maritime boundary agreement with Israel removed a major obstacle to exploration in southern waters, regional security concerns continue to influence the pace of development.
In late 2025, Lebanon approved a maritime boundary demarcation agreement with Cyprus aimed at clarifying jurisdictional rights and attracting investment to offshore areas.
Progress in northern waters also remains stalled. More than 652 square kilometres of offshore acreage overlap between Lebanese- and Syrian-claimed waters, making any resolution politically sensitive and diplomatically complex.
Regional volatility continues to weigh on investor confidence. While periodic ceasefires may provide temporary relief, ongoing tensions across the region still make large-scale energy infrastructure investments highly risky.
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Kuwait plans to award $988m upstream contract within 30 days8 June 2026
State-owned upstream operator Kuwait Oil Company (KOC) is planning to officially award a $988m project contract to India’s Larsen & Toubro within 30 days, according to industry sources.
The contract is focused on developing Jurassic Light Oil (JLO) export facilities and upgrading the existing export network.
Kuwait’s Central Agency for Public Tenders (Capt) has approved the award of the contract for the construction of export crude storage facilities and upgrades to the country’s oil export infrastructure.
Now, talks are expected to take place between KOC and Larsen & Toubro to finalise the contract details.
Just two companies submitted bids for the contract in October last year.
The bidders were:
- Larsen & Toubro (India): KD303.5m ($988m)
- Petrofac (UK): KD310.6m ($1.01bn)
Following bid submission, state-owned Kuwait Petroleum Corporation (KPC) discussed the potential cancellation of the contract tender due to the bids coming in significantly over budget and Petrofac becoming ineligible to win contracts in Kuwait.
The financially troubled engineering company was temporarily banned from participation in tenders in Kuwait’s oil and gas sector in December last year.
It was given the ban after the company announced that it had applied to appoint administrators, a move that potentially put thousands of jobs at risk and increased uncertainty for projects worth billions of dollars in the Middle East and North Africa (Mena) region.
Despite holding talks about the potential cancellation of the tender, KPC ultimately decided to proceed with the contract award process because it considered the project a high priority.
One source said: “Around the same time, projects worth around $8bn were cancelled because of bids coming in over budget, but this one has gone ahead because KPC sees it as an essential project.”
The project was originally tendered in November 2024, with a bid deadline of 1 December the same year.
The bid deadline was extended several times before bids were ultimately submitted.
Kuwait’s oil and gas sector is in turmoil as a result of the ongoing regional conflict that started on 28 February when the US and Israel attacked Iran.
Amid the ongoing conflict, Kuwait’s Ministry of Finance has stopped publishing its monthly report with details about revenues from oil exports.
While there are no official figures available, many experts believe that the country failed to export crude oil during April and May.
This is likely to have a severe impact on the country’s economy, which relies on oil exports for approximately 90% of government revenues.
READ THE JUNE 2026 MEED BUSINESS REVIEW – click here to view PDFGCC looks beyond the Strait; Iraq’s reform window narrows as fiscal assumptions shatter; MEED Top 100 companies.
Distributed to senior decision-makers in the region and around the world, the June 2026 edition of MEED Business Review includes:
> AGENDA: Gulf races to reroute trade> EXPORT ROUTES: Regional war boosts oil and gas pipeline project activity> CURRENT AFFAIRS: UAE’s Opec departure fulfils multiple ends> MEED TOP 100: Middle East stocks recover unevenly> LEADERSHIP: Building the infrastructure that makes net zero possible> TRADE DEAL: UK-GCC trade deal talks concludeTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/17143767/main.png -
Opec+ approves fourth consecutive oil output quota hike8 June 2026
The Opec+ alliance of oil producers has agreed a fourth increase in its oil output targets in as many months, even though the conflict involving Iran, the US and Israel is still preventing several members from pumping more crude.
The war has disrupted oil flows via the Strait of Hormuz, creating a severe supply crisis. Key Opec+ members, including Saudi Arabia, have been unable to supply customers in full since the end of February. The crisis for Opec+ deepened when the UAE left Opec after almost 60 years of membership.
Seven core members of Opec+ – which comprises Opec countries and a group of non-Opec states led by Russia – raised their output quotas from April to June by almost 600,000 barrels a day (b/d).
In practice, however, the group’s production has fallen sharply due to export cuts by Gulf members, averaging 33.19 million b/d in April compared with 42.77 million b/d in February, according to Opec figures.
At the latest meeting of Opec+ oil ministers on 7 June, the seven members agreed to increase targets by 188,000 b/d from July, Opec said in a statement. This matches the June hike, which was adjusted down from monthly increases of 206,000 b/d in April and May to take account of the UAE’s exit.
Iraq’s oil output quota will rise by 26,000 b/d from July under the agreement, an oil ministry spokesperson told Iraq’s state news agency.
On 5 June, oil prices fell to about $93 a barrel as traders gained confidence that renewed conflict between the US and Iran was becoming less likely. Prices were close to $72 before the war began on 28 February.
Brent crude rose sharply at the start of this week after Iran launched ballistic missiles at Israel on the night of 7 June, heightening fears that US-Iran peace talks might once again collapse. Israel has since retaliated with strikes in western and central Iran, despite calls from US President Donald Trump not to respond to the Iranian missiles.
Brent crude jumped by around 4.5% early on 8 June and was trading at $97.52 a barrel as of 11am GST.
The seven key Opec+ members are increasing production as part of the gradual unwinding of a 1.65 million b/d production cut agreed in 2023 by the coalition, which at the time included the UAE.
From July, the seven have about 567,000 b/d of the original cut left to return to the market – taking into account the UAE’s exit from 1 May – according to Reuters calculations.
That would imply the remainder of the cut will be unwound by the end of September if Opec+ maintains monthly hikes of about 188,000 b/d in August and September.
The seven of the 21 Opec+ members who met on 7 June were Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia and Oman. In recent years, only these seven – plus the UAE when it was a member– have been involved in the group’s output-policy decisions.
In a separate meeting on Sunday attended by all Opec+ members, ministers made no change to the group-wide output policy in place until the end of 2026, Opec+ said in another statement.
Opec+ is also reviewing members’ oil production capacity to use as a reference for 2027 production baselines, from which quotas are set. On Sunday, the group reaffirmed the importance of completing the assessment, the statement said.
ALSO READ: UAE to continue working with Opec, energy minister says
READ THE JUNE 2026 MEED BUSINESS REVIEW – click here to view PDFGCC looks beyond the Strait; Iraq’s reform window narrows as fiscal assumptions shatter; MEED Top 100 companies.
Distributed to senior decision-makers in the region and around the world, the June 2026 edition of MEED Business Review includes:
> AGENDA: Gulf races to reroute trade> EXPORT ROUTES: Regional war boosts oil and gas pipeline project activity> CURRENT AFFAIRS: UAE’s Opec departure fulfils multiple ends> MEED TOP 100: Middle East stocks recover unevenly> LEADERSHIP: Building the infrastructure that makes net zero possible> TRADE DEAL: UK-GCC trade deal talks concludeTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/17143267/main.jpg -
Israel strikes Iranian petrochemicals complex8 June 2026
Israel has hit Iran’s Mahshahr petrochemicals complex in the country’s Khuzestan province, according to the Israeli military and reports in Iranian news outlets.
The Israeli military said that it was targeting Karun Petrochemical Company.
In a separate statement, Mahshahr Petrochemical Special Economic Zone said that workers at the site had been evacuated.
Karun Petrochemical Company produces a range of products.
It has the nameplate capacity to produce 40,000 tonnes a year (t/y) of toluene diisocyanate (TDI) and 40,000 t/y of methylene diphenyl diisocyanate (MDI).
It also has the capacity to produce 30,000 t/y of aniline and 92,300 t/y of nitric acid (HNO3).
TDI and MDI are both used primarily as building blocks to create polyurethane products.
TDI is mostly used to make flexible polyurethane foams and MDI is usually used to create rigid foams, adhesives, sealants and elastomers.
Aniline is also used to make urethane polymers, as well as being used in the dye industry, where it is a precursor to indigo, which is used to dye jeans blue.
Nitric acid is a highly corrosive mineral acid and its main industrial use is to produce fertilisers.
The Mahshahr petrochemicals complex is one of the most important petrochemical complexes in Iran. It was previously hit by Israel in strikes in April, forcing evacuations.
On 4 April, Israeli forces targeted at least eight major petrochemical complexes in the Mahshahr region, along with critical supporting infrastructure, including power plants that supply electricity to the industrial zone.
Mahshahr accounts for approximately 28% of Iran’s petrochemicals production.
Iran’s petrochemicals industry is the country’s second-largest source of export revenue after crude oil.
The country has a nominal production capacity of about 95 million t/y of petrochemicals, although actual output prior to the latest conflict was significantly lower due to persistent shortages of electricity and natural gas.
Iran has invested tens of billions of dollars in developing its petrochemicals infrastructure, and if facilities are severely damaged, rebuilding would pose a major financial and technical challenge.
READ THE JUNE 2026 MEED BUSINESS REVIEW – click here to view PDFGCC looks beyond the Strait; Iraq’s reform window narrows as fiscal assumptions shatter; MEED Top 100 companies.
Distributed to senior decision-makers in the region and around the world, the June 2026 edition of MEED Business Review includes:
> AGENDA: Gulf races to reroute trade> EXPORT ROUTES: Regional war boosts oil and gas pipeline project activity> CURRENT AFFAIRS: UAE’s Opec departure fulfils multiple ends> MEED TOP 100: Middle East stocks recover unevenly> LEADERSHIP: Building the infrastructure that makes net zero possible> TRADE DEAL: UK-GCC trade deal talks concludeTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/17142886/main.jpg -
Saudi Energy commissions 2.5GW battery storage project5 June 2026
Saudi Energy, formerly Saudi Electricity Company, has commissioned a major 2.5GW battery energy storage project across five regions in Saudi Arabia.
The project, which serves power grids in Riyadh, Rabigh, Dawadmi, Jouf and Qassim, completed all grid-tied charging and discharging tests at the end of May, said Chinese supplier NR Electric in a statement.
National Grid Saudi Arabia, a wholly owned subsidiary of Saudi Energy, awarded Saudi firm Alfanar Company and China’s BYD Energy Storage the contract to build and install five battery energy storage system (bess) facilities with a total combined installed capacity of up to 2,500MW, equivalent to a rated capacity of up to 12,500 megawatt-hours, in January 2025.
Alfanar was appointed as the project’s engineering, procurement and construction contractor, while BYD Energy Storage was responsible for the design, supply, supervision of installation, testing and commissioning, and maintenance of the bess plants.
The 12.5 gigawatt-hour (GWh) project is the world’s largest grid-scale energy storage deployment, requiring 2,364 system cabinets in total.
NR Electric said it supplied the project’s grid-forming control technology and more than 2,000 power conversion system units.
The main applications for the planned bess facilities include load shifting, black start, frequency regulation and voltage support.
They are expected to replace part-load operation of existing power plants by charging and discharging electricity according to system load variations and primary and secondary reserves, among other potential applications.
Shenzhen-based BYD previously announced that the five bess plants would take its total deployments in Saudi Arabia to about 15.1GWh.
It deployed its bess products on Saudi Arabia’s first on-grid bess plant in Bisha, one of 17 projects globally with a capacity of over 1GWh that entered operations in 2024.
> Be recognised among the best in the industry at the MEED Projects Awards 2026 …
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