Webinar | Middle East and North Africa upstream

What to look for in 2024

2023 was a year in which the Middle East and North Africa (MENA) region consolidated 2022’s gains. While production and investment edged up, government revenue dropped significantly, with Saudi Arabia and Qatar hit the hardest. Force majeure on the Iraq-Turkey pipeline causes Kurdistan crude volumes to collapse. 2023 was also a bumper year for licensing rounds with 22 blocks awarded and 89 put on offer. And with COP28 held in Dubai, a raft of net-zero pledges should accelerate investment in clean energies across the region.

2024 heralds much uncertainty: an expansion of OPEC quotas will impact short term oil production across the region while capacity expansion continues apace. Over US$77 billion of upstream investment was sanctioned, notably on gas developments in the Gulf. Led by Iran and Saudia Arabia, gas production will continue in most countries, although Egypt’s gas balance will tighten further. Exploration will centre on Egypt’s Nile Delta, where Eni, Shell and BP will drill several high-profile wells targeting big gas. M&A will be dominated by the region’s national oil companies, while international companies eye the remaining equity in Qatar Energy’s North Field expansion. Join our MENA experts as they assess the key things to look out for in 2024.

Oil production – what will be the impact of the OPEC+ curtailments?
Gas production – where do we expect the largest increases in 2024?
Exploration and licensing – what are the key wells and licensing rounds?
M&A – which assets will domestic NOCs target as they push to diversify internationally?
Decarbonisation – what are the latest energy transition initiatives?


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