MENA upstream: 2021 in review

MENA embarked on the long road to recovery following a tumultuous 2020. Capital investment increased 14% after brutal cutbacks the previous year. Oil production grew by 1.4 million barrels, or 5%, due mainly to operating improvements in Libya. Gas production grew by 6% as domestic and export markets recovered from the pandemic. Buoyed by higher prices, government revenues from upstream activity near doubled, having collapsed in 2020. Exploration disappointed again. Yet US$86 billion capital investment pledged in FIDs and contract awards provided optimism for future growth, tellingly centred on brownfield expansion projects. Our review of 2021 provides the key statistics for the MENA region, including production trends, investment, M&A, exploration and capital investment. The report slides are available from the downloads section.