According to a statement issued by the Oil Ministry, Khudair held talks with Chevron’s head of corporate business development, Jake Spiering, on opportunities for cooperation between the ministry and the U.S.-based company. The meeting also examined approaches to broaden collaboration in developing Iraq’s oil and gas sectors while supporting future oil production objectives. Khudair highlighted the ministry’s determination to work closely with leading international companies in pursuit of shared goals and the implementation of major projects across Iraq’s oil and gas industry.

Chevron representatives, in turn, expressed their interest in strengthening cooperation with Iraq and evaluating potential investment opportunities in the oil and gas sectors, reaffirming the company’s intention to expand its activities within the Iraqi market.

Existing Agreements and Future Contract Discussions

Earlier in July 2026, the Iraqi cabinet approved the state-owned Basra Oil Company (BOC) to sign a preliminary agreement and non-disclosure agreement with a consortium comprising US-based Capital TI and Chevron, together with Qatar’s UCC, for the construction of strategic oil pipelines. According to the Prime Minister’s Office (PMO), the consortium will conduct technical and financial feasibility studies comparing the Basra-Haditha-Kirkuk-Ceyhan and Basra-Haditha-Baniyas routes.

The discussions build on agreements signed by the Iraqi Oil Ministry and Chevron in February 2026 to oversee and develop major hydrocarbon resources in the country. Under the first agreement, Chevron acquired Russia-based Lukoil’s share in Iraq’s West Qurna-2 oil field, one of the largest oil resources in Iraq and globally. A second agreement was signed between Chevron, Iraq’s Dhi Qar Oil Company, and North Oil Company (NOC) to develop the Nasiriyah oil field, four exploration blocks in the southern Iraqi province of Dhi Qar, and the Balad oil field in Salah al-Din province, supporting future oil production efforts.

The negotiations between Chevron and the Iraqi Oil Ministry are intended to improve the terms of the contract, with discussions focusing on profit margins, revenue-sharing arrangements, capital spending caps, and greater operational flexibility. Chevron reiterated its commitment to expanding long-term partnerships with the Iraqi government to effectively develop oilfields across the country.

Outlining the objectives of the initiative, Handanović said, “We are working on concrete steps to launch a one billion euro project through which we will strengthen and modernize the internal gas infrastructure, institutional capacities and provide support for reform activities with the World Bank.”

“In the first phase, we will build the first section of the Niš-Velika Plana gas pipeline. The new gas pipelines that we build through this project will enable us to use the full potential of gas interconnections with neighboring countries, which means greater energy security, as well as strengthening our position as a transit country and gas hub in this part of Europe, which also brings us greater revenues. The southern and eastern parts of the country will gain greater access to gas, which is important for the development of industry and attracting investments,” she added.

Future Phases to Expand Capacity and Strengthen Project Coordination

The Minister explained that subsequent stages of the EUR 1B gas program are designed to expand the capacity of the existing natural gas transport network while also providing for the construction of compressor stations and the enlargement of underground gas storage capacities. According to her, these measures are expected to improve system security, reinforce regional connectivity, and enhance the flexibility of the overall gas system.

Discussions with the World Bank delegation also addressed the financing process and the organization of project management as preparations continue.

“The working group for project coordination will consist of representatives of the Ministry of Mining and Energy, gas sector companies “Gas Infrastructure”, “Transportgas”, “Srbijagas” and other relevant parties. Until funding is approved, this working group will coordinate the preparation and implementation of the project, so that all activities are carried out within the planned deadlines,” she said.

The meeting further reviewed the implementation timeline for the EUR 1B gas program, including the World Bank’s financing approval procedure, the establishment of a project implementation unit, and the institutional support required to advance the initiative.

Driving Sustainable Growth in the Energy Sector

During the inauguration ceremony held in Abuja, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, emphasized that decarbonisation has evolved into an economic and investment necessity. According to the Minister, the primary objective is to maintain Nigeria as a preferred destination for energy investment by establishing regulatory frameworks that foster investor confidence.

The decarbonization team is tasked with coordinating a national effort to advance cleaner practices across the oil and gas industry. The government intends to leverage abundant natural gas resources to fuel industrialization, improve domestic gas utilization, and expand energy access while addressing global climate change targets.

Strategic Mandate and Climate Commitments

The mandate for the committee includes several core responsibilities:

• Coordinating initiatives focused on methane reduction.
• Strengthening Measurement, Monitoring, Reporting and Verification (MMRV) systems.
• Facilitating access to international carbon markets and climate finance.
• Supporting the deployment of emissions-reduction technologies.

“Nigeria has also continued to engage constructively within the international community on methane reduction,” said Ekpo.

“Recently, our country expressed support for the United Kingdom-led Global Statement on Reducing Methane Emissions from Fossil Fuel Operations, recognising methane abatement as one of the fastest and most cost-effective opportunities to reduce emissions while preserving energy production,” he added.

Legislative Support for Industrial Improvement

The Minister reiterated that economic development and climate action must progress in tandem, asserting that developing nations should balance environmental protection with poverty reduction. Supporting this initiative, the Chairman of the House Committee on Climate Change, Kama Nkemkanma, confirmed that lawmakers are prepared to enact necessary legislation to support these efforts to clean up the energy sector. The work of the JDWG is intended to ensure that the oil and gas industry remains competitive, resilient, and aligned with sustainable development goals.

The initiative took shape during discussions held between Algeria’s Minister of State and Minister of Energy, Mines and Renewable Energies Mohamed Arkab, and Matthew Harwood, Chief Executive Officer of Norwegian investment firm ICA Finance. The meeting, which included senior officials from Algeria’s energy sector, concentrated on expanding cooperation between Sonatrach and ICA Finance in areas centered on greenhouse-gas mitigation, including methane-abatement technologies, carbon capture and storage, and financing frameworks designed to support lower-carbon hydrocarbon production.

Balancing Climate Commitments with Energy Security

Both sides emphasized broad agreement on the necessity to reduce methane emissions while underscoring that international regulatory frameworks should be grounded in scientific evidence. The discussions acknowledged the need to consider the specific circumstances of hydrocarbon-producing countries and maintain the stability of global energy markets and supplies.

The talks explored opportunities to expand cooperation between Sonatrach and ICA Finance, which specializes in developing and financing methane and CO₂-reduction projects for the oil and gas sector. These discussions build upon a memorandum of understanding signed by Sonatrach and ICA Finance in 2024 to explore cooperation in areas supporting greenhouse-gas emissions reduction and cleaner hydrocarbon production.

The latest exchanges represent a transition from broad cooperation frameworks towards identifying concrete projects capable of supporting Algeria’s longer-term hydrocarbon decarbonization agenda. Algeria has increasingly positioned emissions reduction as a strategic component of its energy policy while maintaining its standing as a reliable supplier of hydrocarbons to international markets.

Algeria’s Climate Commitments and Decarbonization Strategy

Having ratified the Paris Agreement in 2016, Algeria has committed to reducing greenhouse-gas emissions by 7% by 2030 under its updated Nationally Determined Contribution. During the meeting, Minister Arkab reaffirmed Algeria’s commitment to expanding bilateral cooperation with Norway in the hydrocarbons sector, emphasizing the importance of strengthening collaboration between Sonatrach and ICA Finance.

Arkab outlined Algeria’s national climate strategy for the hydrocarbons sector, which encompasses several key initiatives:

• Reducing routine gas flaring to below 1% by 2030
• Intensifying methane-emissions mitigation programmes
• Expanding carbon capture and storage projects
• Promoting circular-economy solutions
• Accelerating the deployment of innovative low-emission technologies
• Supporting Sonatrach’s large-scale reforestation programme, which aims to plant 420 million trees.

ICA Finance’s Role in Supporting Energy Transition

ICA Finance expressed strong interest in expanding its presence in the Algerian market and supporting Sonatrach’s energy transition through innovative financing solutions, advanced emissions-reduction technologies and technical cooperation. Harwood welcomed the potential of Algeria’s hydrocarbons sector and acknowledged the efforts undertaken by both Algeria and Sonatrach to reduce carbon emissions.

According to statements from the ministry, ICA Finance reaffirmed its readiness to contribute to the hydrocarbon decarbonization partnership through financing mechanisms, technology transfer and the exchange of expertise.

During the meeting, both sides evaluated the implementation of the understandings achieved at the 19th session of the Iran-Russia Joint Economic Commission in February 2026, assessing progress across all 146 agreed clauses. Officials also examined challenges that have slowed implementation and discussed practical solutions aimed at removing those obstacles.

Paknejad said expanding cooperation in the energy sector remained a central theme of the talks, while discussions also covered Russian companies’ investment in Iran’s oil and gas fields and measures designed to address existing issues. The gas agreement was among the primary subjects considered during the meeting, reflecting the importance both countries continue to place on advancing bilateral energy cooperation.

Gas Trade Negotiations Approach Final Stage

“Agreement has been reached on the main clauses of this contract, with only two clauses remaining that require further negotiations, which we hope will be finalized in the near future,” Paknejad said.

The progress surrounding the gas agreement was highlighted as a key outcome of the discussions, with both sides continuing efforts to complete the remaining provisions. According to the Iranian Oil Minister, resolving outstanding matters is expected to support the broader implementation of the understandings already reached through the Joint Economic Commission and strengthen ongoing cooperation between the two countries.

Russia and Iran Agree to Remove Cooperation Barriers

Russia’s Energy Minister, Sergei Tsybulyov, also confirmed that Tehran and Moscow had agreed to accelerate efforts to eliminate barriers affecting cooperation between companies in both countries. He stated that, despite recent special conditions, cooperation in the energy sector has continued to deliver satisfactory results.

Tsybulyov said regular meetings are held with Iran’s Oil Minister and described the working relationship between the two countries as very positive. He explained that the implementation of agreements reached during the 19th Joint Economic Commission was reviewed in detail, with important decisions taken on every issue under consideration.

He further stated that both governments had agreed to address and resolve all outstanding matters involving Iranian and Russian companies as quickly as possible. Tsybulyov also expressed hope that Iran’s Oil Minister would soon visit Moscow to help accelerate the cooperation process, while reiterating his satisfaction with the progress achieved despite recent developments.

This resurgence in Nigeria crude oil production comes at a critical juncture for global energy markets, as geopolitical tensions continue to threaten supply routes elsewhere. The timing underscores the nation’s growing importance in stabilizing international crude supplies during periods of elevated uncertainty.

Operational Stability Drives Production Gains

The improvement in Nigeria crude oil production output reflects a fundamental shift in operational performance across the country’s producing assets. Total crude oil and condensate production reached 1.735 million bpd in June 2026, representing the fourth consecutive month of growth. The NUPRC attributed this performance improvement to “stable production operations across most producing assets and the absence of any major pipeline outages during the period under review.”

The regulatory body emphasized that enhanced operational stability supported improved production uptime and crude evacuation efficiency, highlighting the critical role of infrastructure reliability in maximizing output. This represents a marked departure from previous years when sabotage and pipeline incidents frequently disrupted flows.

Exceeding OPEC+ Commitments

Nigeria’s performance in June 2026 demonstrated strong adherence to international production agreements. The nation produced 104% of its OPEC+ quota of 1.5 million bpd, validating its capacity to meet and exceed contractual obligations. More impressively, peak combined crude oil and condensate production reached 1.89 million bpd during the month, with the NUPRC noting that this level “reflects Nigeria’s potential to reach 2 million bpd in the near term.”

Sustained Momentum Throughout 2026

The trajectory of Nigeria crude oil production has shown consistent strengthening throughout the first half of 2026. Monthly output rose progressively from 1.48 million bpd in February 2026 to 1.735 million bpd in June 2026—a clear demonstration of sustained recovery and improved operational execution.

This upward momentum stands in sharp contrast to Nigeria’s struggles over recent years. Persistent challenges from oil theft, pipeline sabotage, and equipment failures in the Niger Delta had forced the nation to repeatedly fall short of its production quotas.

Strategic Response to Global Supply Gaps

Nigeria’s accelerated crude oil production also reflects deliberate policy choices aimed at capturing wider global supply opportunities. Authorities have outlined plans to raise output by an additional 100,000 barrels per day in the immediate term, responding to significant supply disruptions triggered by geopolitical tensions affecting other major producing regions. Nigeria’s state-owned oil and gas company, NNPC, has signaled even more ambitious longer-term objectives, with executives outlining targets to increase production capacity to 2 million bpd over the next two years.

Based on estimates that place South African oil demand at 600,000 barrels per day, the proposed reserve would total about 36 million barrels, representing an asset worth billions of dollars. In addition to the state-held reserves, the draft policy would require licensed wholesalers and importers to maintain inventories equivalent to 21 days of demand. Oversight and management of these strategic oil reserves would fall under the state-owned South African National Petroleum Co.

According to the Department of Mineral and Petroleum Resources, the National Treasury and the SANPC will develop financing mechanisms and instruments for the financing and guaranteeing strategic petroleum stocks.

Regional efforts gain momentum as governments strengthen fuel security

South Africa’s last major emergency stockpiling initiative dates back to the 1970s after the United Nations imposed sanctions on the country over its policy of institutionalized racial segregation. Those circumstances resulted in the construction of the 45 million-barrel Saldanha Bay storage hub on the Atlantic coast.

More recently, concerns over supply security and higher prices linked to the US-Israeli war on Iran have restored the facility’s original purpose of serving as a safeguard against severe oil-supply shortages. The conflict across the Middle East contributed to higher global fuel prices while prompting countries to seek alternative sources of supply. Across Africa, several governments responded by reducing taxes and allocating budget resources to help contain fuel costs.

Alongside these short-term measures, governments are increasingly pursuing infrastructure investments designed to strengthen control over fuel supplies and reduce dependence on trading companies. Morocco announced in June 2026 that it will invest $641 million in the development of fuel-storage facilities, while Uganda plans to expand a state-owned terminal to improve supply stability. Ghana is also preparing to increase the use of domestic crude in its refineries.

At the same time, billionaire Aliko Dangote has accelerated projects across the continent after his Nigerian refinery increased production during the Persian Gulf conflict. These initiatives include constructing another refinery of the same design in Kenya as well as developing storage facilities in The Gambia.

The talks centered on expanding cooperation in natural gas, increasing the involvement of Egyptian companies in Jordan’s energy infrastructure projects, and identifying joint investment opportunities in mining, with a particular focus on phosphate production and downstream mineral industries.

Badawi said Egypt is keen to deepen cooperation with Jordan in both the energy and mining sectors, building on the two countries’ longstanding partnership in natural gas. As part of the discussions, both sides also reviewed ways to expand the presence of Egyptian petroleum companies within Jordan’s energy sector. Companies including Fajr Jordan Egyptian, Petrojet, Enppi, and Gas Misr are already active in the Jordanian market, while Eprom, Town Gas, and Modern Gas are expected to participate in future projects related to natural gas distribution, operations, and maintenance.

Joint Technical Working Groups to Advance Future Implementation

Al-Kharabsheh said cooperation between Jordan and Egypt has become a model for Arab energy integration, noting that previous joint projects have laid a strong foundation for expanding strategic partnerships that deliver long-term economic benefits for both countries. He also announced that Jordan is approaching the signing of agreements with two Egyptian companies to carry out natural gas distribution projects in the industrial cities of Ma’an and Al Muwaqqar.

These projects are expected to complement the continuing expansion of gas networks in Mafraq and Zarqa, supporting broader use of natural gas across Jordan’s industrial sector and further strengthening energy cooperation between the two nations.

The meeting marked the beginning of Badawi’s visit to the Jordanian capital and was attended by Egypt’s Ambassador to Jordan Khaled El Abyad, Yasser Salah El Din, Chairperson of Fajr Jordan Egyptian Natural Gas Company, Mohamed El Bagoury, Head of the Legal Affairs Department at Egypt’s Ministry of Petroleum and Mineral Resources, along with senior officials from both countries.

At the conclusion of the discussions, the two ministers agreed to establish joint technical working groups to follow up on the proposals presented during the meeting. These groups will develop implementation mechanisms covering natural gas, mining, value-added industries, infrastructure development, and investment partnerships between Egyptian and Jordanian companies, creating a structured framework for advancing future bilateral initiatives.

Although Norway is not a member of the EU, it remains the largest supplier of gas to European markets. In recent months, the country has intensified its efforts to persuade the bloc to abandon its opposition to Arctic drilling. Norway has pointed to the Iran war and what they describe as the biggest oil and gas supply disruption in history as reasons why Europe should strengthen access to reliable energy supplies from regions outside conflict zones. The issue was also discussed in Brussels, where Birol met with Norwegian Finance Minister, Jens Stoltenberg, and subsequently called for a reassessment of the moratorium.

Officials Present Contrasting Views on Arctic Policy

“I support the Commission to give a very close look at this issue because it is extremely important for the European energy security,” Birol said.

“The world needs every drop of oil from Norway,” he added.

In a post on X, Birol wrote that during his discussions with the Norwegian official, “I emphasised Norway’s importance for European energy security as countries reassess their energy strategies.”

Norwegian authorities have consistently argued that the line used to define the Arctic should not automatically serve as the boundary for oil and gas exploration.

Addressing the issue this week, Stoltenberg said, “Of course there are environmental concerns that we have to take into account.”

“But to say no, there should be no oil and gas exploration in the Arctic doesn’t make sense for Norway,” he added.

The document also defines fiscal terms, including a range of taxes designed to reflect the risk profile of different assets, from brownfield deposits to offshore operations.

The newly issued oil regulations represent the first comprehensive regulatory framework for Venezuela’s oil industry since 1943. Notably, the document contains no reference to PDVSA, the state-owned company that was once regarded as a successful national oil producer before declining after years of mismanagement and corruption.

Commenting on the policy change, Samantha Gross, director of energy security at The Brookings Institution, said, “I think that opening up the market is a good thing, if you think about where PDVSA is, they are cash strapped, they haven’t been functioning well for years.”

Private Sector Role Expands Beyond Oil Production

Although PDVSA had already transferred managerial control over oil production to Chevron Corp. and other private-sector companies beginning in 2022, the latest oil regulations significantly broaden private participation by extending market access to oil refining, marketing and distribution. The regulations are directly linked to the landmark reform of Venezuela’s oil law approved in January under the U.S.-backed interim administration led by Acting President Delcy Rodríguez, who has been overseeing a series of major economic reforms.

The opening of the oil industry is intended to attract much-needed investment as the US gradually unwinds sanctions. The government considers this objective even more pressing following last month’s catastrophic earthquakes. Despite the broader market access, Gross noted that opening the sector is only the initial stage of the process.

She explained that Venezuela’s refineries have suffered years of neglect and will require extensive restoration before they can operate efficiently again.

Government Highlights Development Goals

During a signing ceremony broadcast on state television, Rodríguez described the new oil regulations as a historic step aimed at using reserves for the country’s development. Alongside the main regulatory package, the government also issued a separate resolution this week establishing the rules governing the determination, declaration and payment of taxes and royalties applicable to companies involved in oil upgrading, refining, industrialization, marketing and specialized oil field services.