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Genel Enerji’s Heritage Oil deal represents an important first step in the consolidation of Kurdistan’s oil sector. GSN’s soundings suggest the deal isn’t politically motivated, but it will still serve to reinforce the trend of growing Turkish commercial influence in the region, which could be the precursor to warmer political relations.

Ever since five UK citizens were snatched from the Iraqi Ministry of Finance in May 2007 – they continue to be held by Iranian-backed groups – it has been passé to consider a ministry building as secure or Iraqi forces as entirely trustworthy. Nor are Iraqi security forces yet sufficiently polished to meet the rigorous security standards of western executives.

Kurdistan oil was set to start flowing through Iraq’s northern export pipeline as GSN went to press, a range of sources said, including to one of the international companies whose field is covered by a recent compromise deal between the federal Ministry of Oil (MOO) and the Kurdistan Regional Government (KRG)’s Natural Resources Ministry. And yet, thanks to a determination on both sides not to compromise on fundamental issues of principle, it is still unclear how the exporting IOCs will be paid.

Bid award ceremonies lasting two days will begin early on 29 June, drawing unprecedented numbers of IOCs to Baghdad to participate in a series of eight sequential bids for oil and gas fields. The round’s timing means that IOCs’ engagement in Iraq must get very real, very quickly, with this round of bidding expected to be followed by months of horse-trading over terms and farm-ins.

Heritage Oil Corporation’s announcement on 6 May of a discovery in the Kurdistan Regional Government (KRG) zone, with oil in place of between 2.3 bbls and 4.2bn bbls, eloquently demonstrated why international oil companies (IOCs) from minnows to supermajors are prepared to take huge risks to participate in Iraq’s hydrocarbons sector.

The collapse of energy export revenues is piling further pressure on President Ali Abdullah Saleh as the tribal and post-socialist wings of the southern campaign unite around a figurehead, Ali Salem Al-Baydh, who talked exclusively to GSN about the evolving crisis.

AIM-listed Gulfsands Petroleum seems well positioned to capitalise on Syria and Iraq’s political re-awakenings. Listed on London’s Alternative Investment Market, Mayfair-based Gulfsands Petroleum’s share prise rose by 2.7% on 24 April to £2.02 on news that its Khurbet East Field on Block 26 in Syria was larger than expected.

After eight months in the doldrums triggered by the global credit crisis, Middle East project finance has bounced back to life with the stunning commitment of $3bn from commercial banks to refinance the Dolphin pipeline. With liquidity still very tight, a boost was necessary to bring banks back into the international syndications market.

The Jubail export refinery is scheduled to hit the financing market in June, “but will probably come a little later,” a leading regional project finance banker, who wished not to be identified, told GSN. The Jubail facility was estimated initially to cost a massive $12bn, but Saudi Aramco is seeking a reduction to below $10bn for the proposed

With the government still in limbo, and the financial crisis putting pressure on everyone, it comes as no surprise that major international oil companies are withdrawing staff and nearing ‘the end of their tether’ with Kuwait’s energy project delays, which in recent months has seen the cancellation

Russia's Stroytransgas plans to add 8m m3/d to production capacity from fields in central and northern Syria. The Abu Rabah gas field came

Straitened economic times and the fall in oil prices are putting a strain on the development of Syria’s oil and gas sector. IOCs are cutting back on investment and licensing rounds have proved disappointing. But recent changes in the Ministry of Petroleum’s organisational structure show the government is thinking seriously about making its prospects more attractive to investors.

Taqa profits down as oil price stays low. Oxy deal to raise output. Qatar to build 100MW solar power plant

Former boss Sir Fred Goodwin is vilified in the British press, and the UK government effectively controls 68% of its equity, but credit crunch victim Royal Bank of Scotland retains some significant businesses, notably a project finance arm which has acted as advisor to major GCC project sponsors including Qatar Petroleum, Saudi Aramco, Total, ConocoPhillips, ExxonMobil and Occidental Petroleum Corp (Oxy). Rumour has it that, as it refocuses its investment banking operations, a contrite RBS is set to exit project, leveraged and real estate lending.

Yemen is trying to counter the threat of falling oil production by bringing in more IOCs – with recent changes to the hydrocarbons law intended to entice back the majors, rather than giving new incentives to the minnows who have helped build up its industry. The emergence of export LNG is an added incentive to invest, provided gas-gathering systems and other infrastructure can be efficiently developed. President Saleh is looking to old friends in Russia to help develop such projects, but all participants are welcome during a period when many western IOCs are confronted with financial pressures, and equity stakes will become available as firms seek to cash in their assets.