Aftermath of an Israeli strike in Lebanon
IOCs undeterred by Middle East conflict
Companies operating offshore assets in the region are unlikely to halt development plans for now, even as hostilities intensify
ExxonMobil, Italy’s Eni and a host of other IOCs operating offshore assets in the Middle East and North Africa (MENA) are expected to soldier on through the widening hostiles that are engulfing Israel, Iran, Lebanon, Yemen, Syria and the Palestinian territories. So far, Chevron is the only IOC that has publicly revealed the suspension of work on an offshore MENA project. NewMed Energy, Chevron’s Israeli partner on development of the Leviathan gas field, said on 6 October that the US oil major had halted the expansion plans until April 2025. NewMed had already suffered a setback this year after BP and Emirati state-owned ADNOC suspended talks to buy 50% of the company, which is the biggest sh
Also in this section
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
12 December 2025
The latest edition of our annual Outlook publication, titled 'The shape of energy to come: Creating unique pathways and managing shifting alliances', is available now
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
