MENA upstream: 2020 in review
2020 impacted the upstream oil and gas industry in the MENA region like no other year. Capital investment was down over 20% across the region. Oil production fell by 2.8 million b/d, but notably gas production continued to grow. However, this does not tell the whole story. As a result of a turbulent year for OPEC+, some countries increased output before agreeing to record cuts. Government revenue from the sale of oil and gas, vital to so many countries in the region, was slashed. Many development projects were delayed. Egypt, UAE and Oman awarded some new licences.