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
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
24 April 2026
The European Commission’s response to the Middle East crisis is to double down on its transition strategy, with plans for a new target on electrification
24 April 2026
A major new discovery by Eni and BP that can likely be fast-tracked to production is welcome news for Egypt as it scrambles to plug a widening supply gap and deal with rising import risks
24 April 2026
Countries in the region are turning to the cleaner-burning fuel for power generation, driving demand for imports
