Minister Akkenzhenov disclosed this development during a dedicated meeting focused on the advancement of the gas processing plant project. Attendees reviewed the project’s current status, addressed coordination matters among involved parties, and discussed essential measures to ensure the facility’s timely operational launch. The minister emphasized the project’s significant strategic value for bolstering Kazakhstan’s gas industry, underscoring that it remains under the close scrutiny of both the president and the government of Kazakhstan.

It was officially stated that, through a governmental decree, a consortium comprising the China National Chemical Engineering Sixth Construction Company Kazakhstan Branch and China Wuhuan Engineering Corporation Ltd. has been designated as the Engineering, Procurement, and Construction (EPC) contractor for this crucial undertaking.

Following the productive meeting, Minister Akkenzhenov issued directives to all participants, urging them to foster effective coordination and maintain constructive collaboration to meet the project’s established timelines. Additionally, QazaqGaz received instructions to furnish the Ministry of Energy with monthly progress reports, detailing implemented actions and any emerging challenges to facilitate prompt resolution. The Kashagan gas plant is poised to enhance national energy capabilities.

Concurrent to this, active construction is also in progress for a distinct gas processing plant at Kashagan, which will possess a capacity of 1 billion cubic meters. The combined capacity of these two plants will ultimately permit the processing of up to 3.5 billion cubic meters of gas extracted from the Kashagan field. The development of the Kashagan gas plant represents a significant step for the region’s energy sector.

The vast Kashagan field, according to the North Caspian Operating Company (NCOC), holds estimated recoverable oil reserves ranging from approximately 9 to 13 billion barrels, equivalent to 1 to 2 billion tonnes. This significant oil discovery is located offshore in a shallow-water zone, approximately 80 kilometers from the city of Atyrau, in waters about 3 to 4 meters deep. The oil reservoirs themselves are situated over 4 kilometers beneath the seabed, at a depth of around 4,200 meters. The production infrastructure encompasses both offshore and onshore operational complexes, highlighting the scale of the Kashagan field operations and the importance of the new Kashagan gas plant.

Through the latest agreements, the parties confirmed Shell’s role in the Loran gas field, a 7-trillion-cubic-feet offshore reservoir that stretches into the waters of Trinidad and Tobago. In addition, they established a technical alliance designed to support procurement activities and increase production at oilfields in Monagas North. A separate agreement was also signed to facilitate the acquisition of equipment and parts intended to reduce gas flaring.

The Loran gas field forms part of a broader offshore gas development strategy that includes the 4.2-TCF Dragon project involving Shell. Both projects are expected to play a key role in enabling Venezuela to begin offshore gas exports. The country possesses extensive offshore gas reserves that remain largely undeveloped, and the projects are anticipated to support initial gas supplies to Trinidad, where the resource can be processed into liquefied natural gas.

The latest agreements significantly strengthen Shell’s position in Venezuela’s energy sector. Having previously withdrawn from projects and closed offices in the country, the company now moves to the forefront of PDVSA’s partner portfolio for major energy developments.

Speaking during the signing ceremony, which was broadcast on state television, interim President Delcy Rodriguez said, “We are taking a historic step by signing ⁠this license for phase one of the Loran field’s development plan.”

The government also stated that oil produced from fields operated by Shell will help expand the availability of diluents required for the production of Venezuela’s flagship exportable Merey crude while also supporting supplies to domestic refineries.

Beyond Shell’s participation, the Loran gas field is also expected to involve British BP. According to separate agreements signed with the Venezuelan government in April, BP is set to participate in the project as well as in the neighboring Cocuina-Manakin offshore gas project.

A key focus of the discussions was the implementation of the memorandum of understanding (MoU) previously signed by Egypt and Syria in the natural gas sector. The ministers reviewed developments related to the agreement and examined the progress of follow-up measures concerning gas supply through the Arab Gas Pipeline. In addition, both sides explored ways to rehabilitate and modernize Syria’s energy infrastructure by utilizing the expertise and technical capabilities available within the Egyptian petroleum sector. Particular attention was given to the potential role of engineering and construction companies ENPPI and Petrojet in supporting these efforts. The meeting also addressed cooperation in technical training, capacity building, and the exchange of expertise designed to contribute to the advancement of Syria’s energy sector.

During the discussions, Badawi said that Egyptian-Syrian relations are built on deep-rooted historical and fraternal ties, which provide a strong foundation for expanding cooperation across various sectors, particularly energy. He also added that the shared interests and aligned vision of both countries regarding Arab integration create significant opportunities to strengthen partnerships in the oil and natural gas industries for the mutual benefit of both nations.

Badawi further noted that Egypt possesses extensive expertise across the oil and gas value chain, supported by advanced infrastructure that includes gas transmission networks, processing facilities, and liquefaction plants. According to him, these strengths position Egypt to support energy cooperation projects with Syria in the coming period.

He also emphasized that stronger energy cooperation between the two countries could contribute to enhanced energy security, deeper regional integration, and greater support for development, reconstruction efforts, and the recovery of Syria’s energy sector.

At the conclusion of the meeting, both ministers agreed to maintain coordination and continue exploring the creation of a technical mechanism to oversee the implementation of agreed projects and cooperation opportunities. The objective is to support the recovery of Syria’s energy sector while further strengthening bilateral cooperation between the two nations.

This assignment is a direct outcome of Indonesia’s commitment to acquire 150 million barrels of Russian crude oil in stages, with the process expected to continue through to the end of 2026. This development regarding Russian crude oil imports marks a diplomatic achievement following Indonesian President Prabowo Subianto’s recent visit to Russia.

Speaking at a press conference held at the Parliament Complex in Jakarta on 8th June 2026, Lahadalia referenced Presidential Regulation No. 26 of 2026. This regulation specifically governs the procurement of crude oil, fuel oil, and liquefied petroleum gas (LPG), with the overarching goal of enhancing national energy security. The minister elaborated that through this regulation, the President’s intention is for energy imports to be managed by a public service agency, a role that Lemigas will now fulfill.

Lahadalia indicated that immediate coordination with Lemigas would commence to prepare for the implementation of these Russian crude oil imports. The primary objective behind empowering Lemigas in managing energy imports is to shorten and simplify the existing processes. Furthermore, this approach is designed to facilitate government-to-government transactions, which can then be followed by collaborations with business entities.

This strategy is detailed in Article 4, paragraph (3) of the aforementioned 2026 presidential regulation. It stipulates that imports undertaken by public service agencies within the energy sector must be conducted in accordance with established cooperation agreements. These provisions encompass both intergovernmental agreements and direct deals between the government and foreign suppliers.

In parallel, Article 5 of the regulation provides a degree of flexibility for the state-run oil and gas company, Pertamina, and other energy agencies. This allows them to proceed with imports during emergency situations, even if prices vary based on factors such as volume, product specifications, country of origin, and delivery timelines, provided they align with contractual agreements.

According to the Deputy Minister of ESDM, Yuliot, the upstream oil and gas regulator, SKK Migas, has formally requested the regulatory framework to be finalized within this timeframe. This regulatory push comes at a particularly sensitive period for the nation’s currency, which has experienced notable depreciation against the US dollar.

Indonesia’s reliance on energy imports makes it particularly vulnerable to global currency fluctuations and supply chain disruptions. National energy data reveals that the country consumes approximately 1.52 million barrels of oil daily, while domestic production stands at a considerably lower 610,000 barrels per day. This deficit necessitates substantial imports of crude oil.

The situation is equally challenging for Liquified Petroleum Gas (LPG). Projections for the full year of 2026 indicate a national LPG demand of 10 million tons, with an estimated 7.8 million tons requiring importation. The government views unlocking unconventional oil and gas reserves as a crucial step in reversing this dependency.

“If domestic production increases, it means we will also reduce imports and will be less affected by currency changes or fluctuations,” Yuliot explained, underscoring the dual benefit of the new measures for both energy security and economic stability.

While a ministerial decree concerning unconventional energy resources is already in place, the ministry has identified that the existing framework is not sufficiently effective in attracting large-scale investment. Director General of Oil and Gas, Laode Sulaeman, confirmed that targeted revisions are underway to simplify operational procedures and strengthen institutional support for the state-owned energy company, PT Pertamina.

“There are several things we need to revise to strengthen support for Pertamina,” Sulaeman stated, highlighting the focus on bolstering the national energy provider’s capabilities through these new oil and gas regulations.

The Ministry of Petroleum and Mineral Resources (MoPMR) highlighted the progress in this endeavor. A meeting between Karim Badawi, Minister of Petroleum and Mineral Resources, and Scott Childers, Director of Strategic Assets and Emerging Markets at Chevron, the designated operator of the Aphrodite field, alongside a visiting delegation, focused on the preparatory steps for the natural gas development and production project. Attended also by Said Salyma, Executive Managing Director of Egyptian Natural Gas Holding Company (EGAS), and Mohamed El-Bagoury, Head of the Central Department for Legal Affairs at MoPMR, the discussions underscored the commitment to moving forward. The established deadline for the finalization of the main agreements is September 2026.

Both parties have committed to intensifying follow-up meetings and expediting the review process for draft agreements, aiming to reach their definitive versions within the coming months. Minister Badawi reiterated Egypt’s unwavering dedication to serving as a principal partner in ensuring the project’s successful execution. He emphasized that adherence to the proposed timelines would be instrumental in enabling the implementation phases, ultimately benefiting the shared interests of Egypt, Cyprus, and the investment partners involved in the field. This advancement in the deal is occurring on both technical and commercial fronts, with ongoing studies and engineering work underway for critical components such as the floating production unit, offshore pipelines, and the comprehensive natural gas transportation and processing system, as detailed by Mr. Childers.

The completion of these foundational agreements is viewed as a significant step toward reaching a final investment decision (FID). This collaboration follows a notable announcement in April 2025, when Cyprus confirmed that Chevron would commence seabed survey operations in early summer. These surveys are essential for the planned construction of a strategic pipeline intended to link the Aphrodite gas field, located in the Eastern Mediterranean, directly to Egypt. This move was preceded by the signing of a memorandum of understanding at EGYPES 2025 between Egypt, Cyprus, and Chevron, which effectively laid the groundwork for the commercial utilization of the Aphrodite gas reserves situated in Block 12 of Cyprus’ Exclusive Economic Zone.

Speaking after a parliamentary hearing on 3rd June 2026, Djoko said, “By July, production must increase to 2,000 barrels per day at a minimum.”

At present, nine entities, including cooperatives, regional government-owned enterprises and small businesses, are operating these wells under a government-supported framework intended to formalize and broaden community participation in the sector. The planned oil output boost is seen as a key element of Indonesia’s strategy to increase domestic production.

The initiative is being implemented under Energy and Mineral Resources Ministerial Regulation No. 14/2025, which authorizes regional state-owned enterprises, cooperatives and micro, small and medium-sized enterprises (MSMEs) to legally manage community oil wells and market their production to state energy company Pertamina or oil and gas contractors. The regulation also allows crude from these wells to be sold at 80% of the Indonesian Crude Price (ICP), creating an official sales channel for output that previously existed largely outside the mainstream oil industry. In December, state oil and gas company Pertamina completed its first-ever purchase of crude oil produced from community-managed wells in Jambi. Djoko said the longer-term potential of these wells could reach 20,000 bpd, highlighting the scale of the anticipated oil output boost if development continues successfully.

Energy Minister Bahlil Lahadalia said President Prabowo Subianto wants communities to have a greater role in the oil and gas industry instead of the sector being dominated by major corporations. To support that objective, the government plans to legalize about 45,000 community-managed oil wells across the country. According to Bahlil, the policy is intended to increase oil production while also supporting local economies and generating employment opportunities. The government considers the optimization of community wells one of several measures required to help meet the oil production target of 610,000 bpd established in the 2026 state budget.

As of 31st May 2026, combined production of crude oil, condensate and natural gas liquids (NGLs) totaled 576,200 barrels of oil equivalent per day. That figure included 491,300 bpd of crude oil, 55,800 bpd of condensate and 29,100 bpd of NGLs.

Indonesia has faced a persistent production deficit for years, with domestic demand exceeding 1.6 million barrels per day, significantly above current output levels. This imbalance has increased dependence on imported crude oil and refined fuels. Last year, Indonesia’s oil lifting averaged 605,300 bpd, while gas lifting reached 951,800 barrels of oil equivalent per day. Authorities hope that an oil output boost from community-managed wells, together with new exploration activities and enhanced recovery projects, will contribute to higher domestic production and improved energy security.

During that period, the Mia Mottley government will evaluate applicants seeking to participate in exploration activities across the island’s ultra-deepwater acreage. Symmonds said the offshore licensing drive reflects the government’s intention to ensure that future offshore oil and gas development remains consistent with Barbados’ renewable energy ambitions and climate-related commitments.

Explaining the standards expected of participating companies, Symmonds emphasized that environmental performance and climate awareness will play a significant role in the selection process.

He further noted the growing importance of methane management, saying: “The question of methane now and the technology associated with it is far more advanced than it was back in 2022. We understand quite clearly now that methane is perhaps the most potent of the greenhouse gases. It is a terrible asphyxiant for the environment. It is the main driver of the warming of our climate, and the truth is that it traps about 80 times more heat than carbon dioxide.”

As part of the current offshore licensing drive, the government has reduced the number of available blocks from the 22 offered during the 2022 bid round to 19.

The remaining acreage is being retained for potential future development by Barbados’ own national energy interests.

He added that the initiative forms part of a broader multi-energy strategy designed to balance renewable energy growth, energy security and economic resilience. Based on preliminary seismic surveys, the government believes significant offshore hydrocarbon resources may exist within Barbados’ waters.

Director of Natural Resources Jamar White said extensive seismic surveys and technical evaluations have pointed to substantial offshore potential.

“We potentially have upwards of 13 billion barrels of oil in place, potentially 40-plus trillion cubic feet of natural gas,” White said while outlining the requirements companies must satisfy after 1st September 2026.

He further elaborated, saying, “The pre-qualification criteria are subdivided into five key areas. It will assess the legal capacity of the companies, the technical capacity of the companies, the financial capabilities, and, and what we’ve done this year, we’ve expanded the health, safety and environment component to include a critical component related to climate, this criteria outlines then the standards which companies must meet and the type of environmental record that they would have in order to be able to engage in negotiations.”

White added that local content will represent the final assessment category and said those measures will help to basically address and assess any concerns that we would have and ensure that only the best, most qualified and companies with top tier records are able to advance to the negotiation stage.

These pre-qualification procedures will be followed by discussions with approved companies regarding areas of interest. Firms that successfully meet the requirements under the offshore licensing drive will receive a qualification notice confirming that the Government of Barbados considers them suitable to operate in the ultra-deepwater environment.

The government aims to conclude negotiations within three months, after which environmental impact assessments (EIAs) and baseline environmental studies will be required before exploration activities can commence.

The impact of the regional crisis has been particularly severe for Iraq, whose economy remains overwhelmingly reliant on petroleum revenues. With oil shipments constrained and revenues declining sharply, the country is experiencing mounting economic pressure. Petroleum sales continue to account for 90% of revenues for state budget, highlighting the extent of Iraq’s dependence on the sector. While other Middle Eastern producers also rely heavily on hydrocarbon exports, Iraq remains the most exposed to disruptions affecting oil trade. The effective closure of the Strait of Hormuz has forced the country to reduce oil production substantially because exports from Basra must pass through the critical maritime route.

Production from Iraq’s southern oil fields has fallen dramatically since the outbreak of the U.S. and Israeli war on Iran. Average crude output has declined to 1.3 million barrels per day (bpd), compared with 4.3 million bpd before the conflict began, representing a 70% drop. Unlike Saudi Arabia and the United Arab Emirates (UAE), Iraq lacks viable alternatives that can bypass the Strait of Hormuz. As a result, Baghdad has been compelled to cut production while storage facilities and tankers in the Gulf reached capacity.

To mitigate these constraints, Iraq has revived the northern export corridor, enabling crude from the Kirkuk fields to move directly to Turkey’s Mediterranean port of Ceyhan. This renewed Ceyhan oil export route has become increasingly important as the southern pathway through the Strait of Hormuz has remained effectively unavailable for months. Initially, authorities intended to increase pipeline deliveries to 500,000 bpd. However, the government has now raised its ambitions and aims to boost Ceyhan oil export volumes to as much as 770,000 bpd within two and a half months, strengthening the role of the Ceyhan oil export route in sustaining Iraq’s access to international markets.

The forum took place during Presidential Chief of Staff Kang Hoon-sik’s visit to Canada as a special envoy for strategic economic cooperation, marking his second trip to the country following a visit in late January 2026. Highlighting the significance of enhanced energy cooperation, Seoul’s industry ministry noted that “the energy and resource supply-chain environment is being reshaped by prolonged instability in the Middle East and intensifying competition over critical mineral supply chains.”

The ministry added, “In this context, Korea and Canada, which are geopolitically stable and share common values, are being regarded as each other’s best strategic partners.”

According to the ministry, South Korea will raise imports of Canadian crude oil from 4.88 million barrels in 2025 to as much as 16 million barrels in 2026, representing an increase of about 3.3 times. Authorities are also examining the possibility of increasing annual imports to 20 million barrels.

“In this case, Korea would emerge as Canada’s third-largest destination for crude oil exports after the United States and China,” the ministry said.

It further stated, “The two countries agreed to further strengthen such mutually beneficial cooperation, given that this also presents an opportunity for Canada which has supplied more than 90 percent of its crude oil production to the US to diversify its export routes to Asia, the world’s largest crude oil consumption region (by volume).”

The expansion of energy cooperation comes as South Korea seeks to diversify energy procurement and reduce dependence on routes passing through the Strait of Hormuz.

The LNG sector also featured prominently in the discussions. South Korea aims to secure 3.4 million metric tons of Canadian LNG annually, valued at 6.41 billion Canadian dollars ($4.6 billion), through increased investment in Canadian projects involving natural gas liquefaction plants and export infrastructure. The ministry said those volumes could be achieved if Seoul participates in the second phase of the LNG project in Kitimat, British Columbia, where a final investment decision is expected by the third quarter of this year.

Officials said continued energy cooperation in LNG could increase the share of Canadian LNG in South Korea’s imports from 1.7 percent in 2025 to 3 percent in 2031.