Kistos Energy enters the Middle East.

Independent energy company, Kistos, has expanded portfolio to the Middle East with more than one acquisition from Mitsui E&P Middle East BV in the Sultanate of Oman 

In line with a binding agreement signed by the partners, Kistos will be acquiring a 5% working interest in Block 9 and a 20% working interest in Blocks 3 and 4 onshore Oman. While the Occidental Petroleum-operated Block 9 covers two producing areas, CCED-operated Blocks 3 and 4 include seven producinf fields across an area of approximately 29,000 sq km in eastern Oman.

Kistos' entry into the Middle East adds geographical and onshore production diversification to the Company's existing portfolio. Representing an evolution in the Company's M&A strategy, the Acquisition aligns with the Board's core ambition of pursuing assets that have strong near-term production with significant development and exploration upside. 

With all Blocks secured under the Omani Exploration and Production Sharing Agreements, Andrew Austin, executive chairman of Kistos, said, "This acquisition marks a significant milestone for Kistos as we expand our footprint into a new and strategically important region, acquiring interests which align with our strategy of acquiring high-quality value-accretive assets, in both the near and long term.

"Our entry into the MENA region represents an important step forward in our mission to build a resilient, future-facing energy company. It not only complements our existing portfolio in the North Sea but also provides a platform for long-term growth and enhanced cash flow. Effective 1 January 2025, this acquisition will increase our reserves to 50 mmboe and is expected to deliver a material uplift in Kistos' production in 2026 to approximately 20,000 boepd.

"While we continue to consider the North Sea for further acquisitions, we view this foundational step into the MENA region as a way to diversify our portfolio, allowing us to broaden the opportunities we look at, potentially unlocking future synergies through further expansion in the region.

"On behalf of the Board, I would like to thank our shareholders for their continued support and look forward to sharing further updates as we continue to grow and evolve."

The signing of the MoU. (Image source: Dana Gas)

Dana Gas PJSC, the Middle East’s largest regional private sector natural gas company, has signed an agreement with the Syrian Petroleum Company (SPC) to explore the potential for the redevelopment and expansion of several natural gas fields across central Syria

The fields include the Abu Rabah gas field – one of the largest gas discoveries in Syria – as well as other SPC gas fields.

Dana Gas is the first developer to sign such an agreement. Under the terms of the agreement, Dana Gas will conduct a comprehensive technical assessment of the identified fields and propose a development plan aimed at significantly increasing total gas production if the evaluation is successful and both parties reach a final agreement. The initiative aims to support the government’s ambition to significantly boost national gas production, supporting Syria’s power generation and energy recovery.

Richard Hall, CEO of Dana Gas, said, “This agreement marks an important first step in evaluating opportunities to redevelop Syria’s gas infrastructure and unlock the potential that exists within its gas sector. The fields identified under this MoU could make a real difference to domestic gas production, strengthening Syria’s energy security and supporting local communities.

“Our confidence in taking on this challenge is two-fold: first, the professionalism and technical strength of the Syrian Petroleum team and second, our own proven development and operational expertise, most recently demonstrated through the early completion of the KM250 expansion project in Iraq alongside our joint operating partner. The lessons and capabilities we developed there are directly transferable to projects such as this, where hands-on execution, technical and financial discipline, and regional understanding are key to delivery. We are grateful to our Syrian counterparts for their trust and partnership as we embark on this effort.”

Dana Gas has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and UAE, with 2P reserves exceeding one billion boe and average production of 55,000 boepd in 2024. With sizeable assets in KRI and Egypt, and further plans for expansion, Dana Gas is playing an important role in the rapidly growing natural gas sector of the Middle East, North Africa and South Asia (MENASA) region.

Syria has the potential to significantly increase its oil and natural gas production. Before the civil war in 2011, it was self-sufficient in energy production, producing around 380,000-400,000 bpd of crude and 9 bcm of gas, with oil and gas sales accounting for around 20% of total revenues. However its infrastructure and refineries were damaged in the war, and the imposition of western sanctions, now partially lifted, along with the exit of oil majors from the country also took a toll on its production and refining capabilities. Crude production now stands at around 80,000-100,000 bpd.

QatarEnergy has acquired another exploration stake offshore Egypt. (Image source: QatarEnergy)

QatarEnergy has acquired a 40% stake in the North Rafah block, offshore Egypt

The transaction was recently approved by the government of Egypt, with Eni retaining the remaining 60% interest as operator.

The North Rafah offshore block is located in the Mediterranean Sea, off the northeastern coast of Egypt. It spans nearly 3,000 sq kms in water depths of up to 450 m.

The announcement follows hard on the heels of the acquisition earlier this month of QatarEnergy’s 27% participating interest in the North Cleopatra block offshore Egypt, operated by Shell. It reflects the company’s push to expand upstream exploration activities globally, with maximising value from upstream being one of QatarEnergy’s five key strategic pillars in its vision to be one of the best energy companies in the world. Over the past few months QatarEnergy has acquired exploration licences in the Republic of Congo, Algeria and Namibia.

His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the president and CEO of QatarEnergy, said, "We are pleased with our new position in the North Rafah offshore block, which further strengthens our presence in Egypt and marks another important step in advancing our ambitious international exploration strategy."

The two companies will jointly pursue exploration and production opportunities. (Image source: PETRONAS)

Malaysia’s PETRONAS has signed an MoU with OQ Exploration and Production New Ventures LLC (OQEP) a wholly-owned subsidiary of OQ Exploration and Production SAOG, to jointly pursue opportunities for oil and gas exploration and production across the Middle East and Southeast Asia

The collaboration will leverage PETRONAS’ international upstream expertise and OQEP’s regional knowledge, aiming to unlock new growth opportunities and accelerate value creation in diverse markets.

The agreement was signed at OQPE's headquarters in Oman by Mohd Redhani Abdul Rahman, vice president of International Assets of PETRONAS Upstream, and Mahmoud Al Hashmi, acting chief executive officer and chief operations officer of OQEP,. 

Redhani said, “This collaboration represents a meaningful step forward in our efforts to build a resilient and competitive upstream portfolio. By aligning our strengths with OQEP’s strategic direction, we are well-positioned to pursue impactful ventures in these regions.”

PETRONAS has been active in Oman since 2018 and currently holds participating interests in Block 61. This MoU builds upon the growing relationship between PETRONAS and OQEP, anchored on mutual respect and shared industry goals.

Oman's largest pure-play oil and gas exploration and production company and it is the only upstream oil and gas operator owned by the Government of Oman. OQEP currently ranks among the top three oil and gas producers and is also one of the largest holders of oil and gas reserves in Oman.