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MENA upstream: 2022 in review

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09 January 2023

MENA upstream: 2022 in review

Report summary

2022 was a solid year for the MENA upstream sector with increased investment, higher production, and record revenues. Capex increased by 25% as the Middle East NOCs continued to award massive contracts and sanction large expansion projects. OPEC+ production cuts continued to unwind, but oil production growth was slowed again with the introduction of a 2 million b/d cut in November. M&A spend totalled US$2.4 billion, with North Africa capturing most of the deals. Fiscal reforms in Egypt and Algeria are paying off by attracting much-needed investment. Exploration activity in Algeria enjoyed a resurgence with 1.4 billion boe of resources discovered. Our review of 2022 highlights key themes and trends for the MENA region, including investment, production, government revenues, M&A, exploration and FIDs.

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This report contains:

  • Document

    MENA 2022 In Review Data.xlsx

    XLSX 568.31 KB

  • Document

    MENA Upstream 2022 In Review.pdf

    PDF 1.18 MB