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The Shamakhi-Gobustan region onshore Azerbaijan will be developed by MOL Group and SOCAR as they signed a comprehensive production sharing agreement

The joint exploration project will be led by MOL Group as operator with a 65% stake while SOCAR retains 35% interest in the area.

This agreement, which was signed by MOL Group chairman and CEO, Zsolt Hernádi, and SOCAR president, Rovshan Najaf, solidifies the key terms that were proposed for the exploration in June during Baku Energy Week, and builds on previous successful cooperation.

“The final agreement of our latest cooperation with SOCAR marks another major step in our shared commitment to unlocking new potential and expanding our excellent collaboration in Azerbaijan’s upstream sector.

"The Shamakhi-Gobustan joint exploration project adds a great opportunity to our international upstream portfolio, and as the operator, we are proud to build on MOL Group’s extensive experience in exploration and production. Strong foundations have already been laid through the offshore ACG project in Azerbaijan, which is an important pillar of our international operations, playing a vital role in Central Europe’s energy security and providing us flexibility in crude oil sourcing and refining.

"I am very much looking forward to the next chapter of our cooperation in Azerbaijan with our esteemed partner SOCAR, which will further strengthen our region’s energy supply security,” said Hernádi.

The partners are currently planning to initiate a seismic survey early 2026, before drilling can begin shortly after. 

ADNOC, in partnership with Eni S.p.A. and PTT Exploration and Production Public Company Limited (PTTEP), has announced the successful signing of a landmark structured financing transaction of up to US$11bn(AED 40.4bn) for its offshore Hail and Ghasha gas development

Hail and Ghasha is part of the Ghasha Concession, located offshore Abu Dhabi, which is expected to produce 1.8bn standard cubic feet per day (bscfd) of gas. As such, project will play a vital role in meeting ADNOC’s goal of gas self-sufficiency and the rising demand for exports. It is also the world’s first offshore gas project of its kind that aims to operate with net zero emissions, capturing 1.5 million tonnes per year (mtpa) of carbon dioxide (CO2).

In addition to providing immediate access to capital, the financing structure introduces an innovative commercial model that ring-fences midstream processing facilities and operations, which enables ADNOC and its partners to raise low-cost funding while retaining strategic and operational control of the assets.

This is the latest in a series of landmark midstream and infrastructure transactions, including a US$4.9bn (AED18bn) oil pipeline partnership, and a US$10.1bn (AED 37.1 bn) gas pipeline agreement, with some of the world’s leading global infrastructure and institutional investors.

His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC managing director and Group CEO, said, “This landmark transaction builds on ADNOC’s successful track record of global energy partnerships and unlocks capital to drive progress at Hail and Ghasha, one of the world’s most ambitious offshore gas projects. The exceptional demand from over 20 leading global and regional financial institutions reinforces confidence in ADNOC’s value creation strategy, innovative approach to financing, and expertise in delivering mega projects. Hail and Ghasha is an important contributor to ADNOC’s gas strategy and is on track to generate significant value for ADNOC, our partners, and the UAE, while unlocking important new gas resources for our customers.”

ExxonMobil, Aramco and Samref have signed an agreement to look at a significant upgrade of the Samref refinery, in Yanbu, and the possibility of expanding it into an integrated petrochemical complex

The refinery currently has the capacity to process more than 400,000 barrels of crude oil per day, producing a diverse range of energy products including propane, automotive diesel oil, marine heavy fuel oil, and sulphur. The companies will explore capital investments to upgrade and diversify production, including high-quality distillates that result in lower emissions and high-performance chemicals, as well as ways to improve the refinery’s energy efficiency and reduce emissions from operations through an integrated emissions-reduction strategy.

The companies will commence a preliminary front-end engineering and design phase for the proposed project, which would aim to maximise operational advantages, enhance Samref’s competitiveness and help to meet growing demand for high-quality petrochemical products in the Kingdom.

Samref is a joint venture between Aramco and Mobil Yanbu Refining Company Inc., a wholly owned subsidiary of Exxon Mobil Corporation.

Mohammed Y. Al Qahtani, Aramco Downstream president, said, “This next phase of Samref marks a step in our long-term strategic collaboration with ExxonMobil. Designed to increase the conversion of crude oil and petroleum liquids into high-value chemicals, this project reinforces our commitment to advancing Downstream value creation and our liquids-to-chemicals strategy. It will also position Samref as a key driver in the growth of the Kingdom’s petrochemical sector.”

Jack Williams, Exxon Mobil Corporation senior vice president, added, “We value our partnership with Aramco and our long history in Saudi Arabia. We look forward to evaluating this project, which aligns with our strategy to focus on investments that allow us to grow high-value products that meet society’s evolving energy needs and contribute to a lower-emission future.”

GPT Industries’ Iso-Smart remote pipeline monitoring device has attracted a high level of interest from operators in the Middle East since it was introduced to the region around a year ago

Iso-Smart is an all-in-one solution for checking Cathodic Protection (on and instant off potentials), Isolation, Bond currents, AC vs. DC on the line, and more from remote locations. The device can be mounted at any current test station along a pipeline, and incorporates True RMS technology to provide reliable real-time data, helping pipeline owners make informed decisions, address any issues or anomalies before they become critical and comply with pipeline integrity regulations. Combining GPT Industries’ decades of corrosion prevention expertise with the latest remote monitoring technology, it sets a new standard for a versatile, user-friendly remote asset integrity monitoring.

Iso-Smart communicates readings instantly to a secure dashboard, giving operators real-time visibility into asset performance. The platform also supports customisable alerts, automated reporting, and over-the-air firmware updates.

Speaking to Oil Review Middle East at ADIPEC, Michael Monica, director global sales, marketing and customer care at GPT Industries says that the company has successfully piloted Iso-Smart with end users in the region. The pilot is now validated and approved, the next step being to reach out to more end-users.

“The biggest differentiator with this device is that it is able to determine AC density on pipelines, something that is unique to Iso-Smart,” Monica points out. Pipelines exposed to alternating current (AC) from nearby power lines or railways face serious risks, including accelerated corrosion, compromised cathodic protection and safety hazards.

“Iso-Smart can distinguish direct current from alternating current, which is something operators need to be able to determine, and ensures your CP system is at the right level to protect the asset. The big advantage is that it allows you to remotely monitor the asset in real time from a dashboard, eliminating the need to take physical readings at the site. You can tell it you want it to measure, and how often.”

Monica emphasises the importance of Iso-Smart for compliance, noting its real-time monitoring capabilities and the ease of generating reports.

The latest version of Iso-Smart, launched a few months ago, incorporates significant new enhancements, based on end-user feedback, notably a more compact housing designed to fit seamlessly within standard three-inch test stations, making installation simpler, faster, and more practical for new and existing field operations.

Monica goes on to discuss the company’s takeover of Integrated Rectifier Technologies( IRT), a Canada-based manufacturer of transformer rectifiers and related products for the cathodic protection (CP) industry with a strong and established presence in the Middle East and globally.

This strategic acquisition unites GPT’s expertise in flange isolation technology and remote asset monitoring with IRT’s long-standing reputation for reliable rectifier systems, further strengthening GPT’s role in helping operators mitigate corrosion and maintain asset integrity across energy and infrastructure sectors.

Integrating IRT’s rectifier technology with GPT’s Iso-Smart remote monitoring platform will accelerate the development of advanced remote asset integrity systems, providing operators with deeper visibility into CP performance, streamlined data collection and faster response to field issues.

“We’re really excited to be working with IRT,” says Monica. “This acquisition expands our strategy of protecting our customers’ assets in the area of cathodic protection.”

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The fossil-fuel sector offers the largest and most cost-effective opportunity for rapid methane abatement, according to the newly released Global Methane Status Report, launched on the sidelines of COP30 in Belém

Produced by the UN Environment Programme (UNEP) and the Climate and Clean Air Coalition (CCAC), the Global Methane Status Report assesses progress and remaining gaps in efforts to cut methane - a potent greenhouse gas responsible for nearly a third of current warming.

The report shows that although methane emissions are still rising, projected 2030 emissions under current legislation are already lower than earlier forecasts due to a mix of national policies, sectoral regulations, and market shifts. However, the report warns that only full-scale implementation of proven and available control measures will close the gap to the Global Methane Pledge’s target of a 30% cut from 2020 levels by 2030.

Urging decisive methane action to deliver the Global Methane Pledge, ministers attending the Global Methane Pledge Ministerial stressed that the policies, technologies, and partnerships needed to meet the target are available, but require rapid scale-up across the energy, agriculture, and waste sectors. Ministers also called for increased transparency from countries on ambition and action to track progress.

Julie Dabrusin, Canada’s Minister of Environment and Climate Change and Co-Convener of the Global Methane Pledge, said, “This report is a crucial assessment of our progress and a key indicator of the work that’s required to meet the Global Methane Pledge goal. In just four years, we have made improvements, but we must continue to drive faster, deeper methane cuts. Every tonne reduced brings us closer to cleaner air, more resilient communities, and a thriving global economy. It is important for all countries that have agreed to the Global Methane Pledge to continue to work closely together to drive momentum on methane mitigation, turning ambition into tangible benefits for the planet.”

The fossil-fuel sector is the second largest source of anthropogenic methane emissions, responsible for approximately one third of the global total. Under current legislation, emissions from the sector are expected to rise by 8% in 2050 compared to 2020. This sector presents the single greatest potential for rapid, cost-effective methane abatement, according to the report. These reductions could be achieved through readily available technologies and practices, often at low cost.

Since the launch of the GMP, methane abatement policies in the oil and gas sector have become more innovative and widespread, while voluntary initiatives such as the Oil and Gas Methane Partnership (OGMP) 2.0 now cover up to 45% of global oil and gas production.

The rate of policy development and country participation, however, still fall short of what is needed to achieve the 2030 targets. Implementation and enforcement must also be strengthened.

The recent adoption of novel approaches, such as the European Union import standard, offers the potential to use the market to mitigate methane in oil and gas sector more rapidly at the global scale.

Bridging the methane policy gap in the fossil fuel sector calls for strong implementation of existing policies, continuous capacity building, increased ambition from additional producing countries, ramped up technical support and innovative financial mechanisms to facilitate mitigation in developing countries.

Key measures recommended include:

• enhancing monitoring, reporting and verification (MRV) systems across all fossil fuel operations
• expanding the use of direct measurement protocols and corroborated satellite data which could improve the accuracy and transparency of inventories
• expanding leak detection and repair (LDAR) programmes in oil and gas, which not only help reduce leaks but also enhance data quality for inventories and enhance workplace safety and asset integrity;
• ensuring proper sealing techniques during well closure, given methane emissions from abandoned wells can continue for decades after activities cease;
• strengthening enforcement mechanisms with the establishment of clear accountability structures, penalties for non-compliance and independent oversight;
• facilitating access to finance and capacity building;
• harnessing import standards as market leverage, creating a clear incentive for producing countries to adopt stronger mitigation practices; and
• leveraging international and bilateral frameworks for capacity and alignment.