Capital investment remained strong with a focus on expanding oil & gas production capacity. Gas production grew by over 5%, and liquid production fell by 4% mainly due to OPEC agreements. Egypt’s gas-story goes a full circle as it caps production from Zohr. Saudi production swiftly recovers post attacks on its facilities. After a record year in 2018, M&A spend decreased by 23%. MENA witnessed the largest global discovery of 2019 – the Eram gas field in Iran. Egypt’s first Red Sea bid round attracts major IOCs.