MENA upstream in brief Report

Insight 21 September 2023

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Report summary

The MENA upstream in brief provides Wood Mackenzie's expert opinion and analysis of the key events impacting the upstream industry in the Middle East and North Africa. We draw upon our upstream database and data tools to help deepen our clients' understanding of the region. The report primarily focuses on exploration and appraisal drilling, project developments, production, licensing, fiscal and regulatory changes, geopolitics, and corporate and M&A activity.

PKN Orlen and RAK Gas encounter gas at Block 5 in Ras Al Khaimah
OQ divests 40% in Blocks 60 and 48
Saudi Arabia to extend voluntary cuts to end 2023
Sonatrach starts up Southwest Phase 2 fields
ADNOC sanctions UAE's second CCUS project
Déjà vu as SDX Energy eyes second Egypt exit
Iran’s giant South Pars field starts production from its final phase
Lebanon’s second offshore exploration well kicks off, targeting prolific gas play
Cheiron makes another oil discovery in Egypt’s Gulf of Suez
ADNOC Gas signs LNG supply agreement with JAPEX
Saudi Aramco earnings slip; new free cash flow-linked dividend is confirmed
Saudi Arabia to extend voluntary cuts into September
ADNOC to acquire 30% equity stake in Absheron gas field
Majors revoke force majeure on Libyan assets
Genel Energy intends to exit the Sarta PSC in Kurdistan
Chariot secures Moroccan onshore exploration licence
Chevron completes successful Aphrodite gas appraisal in Cyprus
ADNOC LNG signs Heads of Agreement with India
Iraq oil export expansion project could go ahead
TotalEnergies finalises mega deal in Iraq
TotalEnergies achieves improved fiscal terms for Algerian projects
Shell and PETRONAS sanction Phase 10 of Egypt’s West Delta Deep Marine Development
Saudi Arabia and Kuwait claim exclusive rights on disputed gas field
Saudi Arabia and Russia team up for additional cuts
PETRONAS intends to exit Gharraf in Iraq
Israel’s Leviathan partners sanction expansion phase
Eni’s Algerian growth continues with acquisition of Neptune Energy Group
QatarEnergy signs large long-term SPA including equity participation with CNPC
Iraq announces another bid round
Sound Energy in talks with Calvalley Petroleum for Moroccan Farm-down
Eni and Libya sign MoU to reduce upstream emissions
Chevron submits optimised Aphrodite development plan in Cyprus
OPEC+ tackles the outdated baseline: only Abu Dhabi gets an upgrade
Bangladesh signed a 1.5 mmtpa long-term SPA with QatarEnergy
Wintershall Dea makes gas discovery onshore Egypt
Iraq’s Akkas gas field up for grabs
Round 5.2: Iraq offers small fields for development
QatarEnergy sanctions the largest LNG project this year
Aramco Q1 results: challenges of blue hydrogen laid bare
Israel sanctions new overland export pipeline to Egypt
Fujairah LNG is moving to Ruwais
Woodside Energy joins Chevron in two exploration blocks offshore Egypt
Panoro Energy acquires sole ownership of its Tunisian business
First Chinese company to enter giant North Field East
Sonatrach announces six Algerian discoveries
TotalEnergies’ Iraq Gas Growth Integrated Project (GGIP) is back on track
Kurdistan region and federal Iraq governments sign an agreement to resume northern exports
Libya’s National Oil Corporation puts Erawin onstream – its first development since 2011
Kurdistan oil exports suspended as Iraq wins arbitration case against Turkey
ADNOC and BP offer to buy 50% of Israel's NewMed Energy
Egypt-focused companies fall short of 2022 production guidance
Oman advances its 2023 bid round
Swedish independents on a roll in Oman
Déjà vu for Genel Energy as it downgrades Sarta reserves
Iraq’s Cabinet approves the draft budget, with an allocation expected for key energy sector projects
Aramco to maintain ‘upstream pre-eminence’ with trio of oil mega-projects
ADNOC Gas goes public in the world's largest IPO this year
Energean starts production from North El Amriya offshore Egypt
Eridu – Iraq’s new super-giant oil field gets the go ahead
Egypt launches brownfield Gulf of Suez and Eastern Desert bid round
TotalEnergies acquires CEPSA’s UAE assets
Iraq concludes Round 5
Devastating earthquakes in Türkiye and Syria put energy infrastructure at risk
Iran looks beyond South Pars for gas growth
TotalEnergies’ Iraq mega deal in doubt
Eni sanctions US$8 billion offshore Libyan gas development
Oman's Mabrouk NE starts production
Chevron's Nargis blooms in Egypt's Nile Delta
ExxonMobil awarded two deepwater blocks offshore Egypt
Apex acquires Eni’s producing Western Desert blocks
Zenith Energy signs SPA to acquire OMV Yemen
Egypt’s EGAS launches bid round
Mubadala sells down equity in Israel’s Tamar field
Eni makes third gas discovery offshore Cyprus with Zeus-1 well
ADNOC acquires stake in OMV from Mubadala
Israel launches its fourth offshore bid round
Chevron to expand Israel’s Tamar capacity
Petronas wins Abu Dhabi unconventional onshore block
UAE reveals COP 28 agenda: maximum energy, minimum emissions
BP awarded two new exploration blocks in Egypt’s Nile Delta
QatarEnergy signs 27 year 108 Mt LNG SPA with Sinopec
TotalEnergies and ConocoPhillips complete acquisition of Hess’ 8.16% interest in Libya’s Waha fields
Energean bolsters its Israeli resources
QatarEnergy completes its North Field expansion line-up
Aramco posts record cash flow from higher prices and volumes
ConocoPhillips joins Qatar’s North Field South (NFS) project
Sarsang expansion boosts Kurdistan oil output by 25 kb/d
Energean produces first gas from Israel’s Karish field
Shell expands its Qatar LNG position
QatarEnergy awards major compression project to Saipem
Israel and Lebanon agree offshore border
Eni brings Algeria’s South Berkine onstream in record time
Energean announces gas discovery at Hermes-1 well
Chevron spuds Nargis prospect offshore Egypt
Capricorn reaches new merger agreement: this time with NewMed Energy
TotalEnergies moves first to expand its LNG portfolio in Qatar
Mubadala's gas portfolio strengthened by Sarawak discovery
Shell and TotalEnergies sign an EPSA for Block 11 in Oman
TotalEnergies completes its exit from Kurdistan
Eni to acquire BP’s Algerian assets
Capricorn downgrades Egyptian production guidance
Eni makes large gas discovery with Cronos-1 well in Cyprus
Energean spuds Hermes-1 offshore Israel
Aramco outlines 13 million b/d oil expansion plan
Eni doubles resources at its Abu Dhabi discovery
ADNOC awards itself major contracts for Hail & Ghasha
Algeria’s Sonatrach announces three new discoveries in exceptional year for discovered resources
ExxonMobil closes in on Iraq exit
Occidental, Eni and TotalEnergies agree new terms for Algerian projects
VAALCO to merge with Egypt-focussed TransGlobe Energy
Shell joins Qatar’s giant North Field East LNG project
Sonatrach makes multi-tcf gas discovery near Hassi R’Mel
BP snaps up King Mariout Offshore block offshore Egypt
ExxonMobil gets a share in Qatar’s giant North Field East LNG project
Qatar selects ConocoPhillips in the North Field East LNG project
Eni joins TotalEnergies in Qatar’s giant North Field East LNG project
EU signs MoU with Israel and Egypt to increase gas imports
Aramco sets interim 2035 carbon emissions plans
TotalEnergies secures a stake in Qatar’s giant North Field East LNG project
Iran-Oman gas pipeline project revived
Tullow and Capricorn merge to form leaner Africa energy player
JGC wins major Saudi contract for Zuluf heavy oil increment
- Sinopec signs new production sharing agreement for Algeria’s Zarzaitine oil field
- Abu Dhabi exploration success spurs on
- Shell acquires North East El Amriya exploration block offshore Egypt
Aramco delivers record quarterly results
ADNOC awards Fujairah LNG FEED contract
Energean still hopeful after Athena gas discovery comes in below expectations
Wintershall Dea increases stake in Algeria’s Reggane Nord gas field
QatarEnergy finalises contracts for 32 mmpta North Field East expansion
Libya shuts in nearly half a million barrels per day of oil
More exploration success for Eni in Egypt’s Western Desert
Eni and Egypt’s EGAS sign gas framework agreement
Can Egypt squeeze out more barrels with new fiscal terms?
- QatarEnergy farms into ExxonMobil’s North Marakia block offshore Egypt
- Sonatrach makes large oil discovery near Algeria’s giant Hassi Messaoud
Eni and Sonatrach announce Berkine Basin oil discovery in Algeria
Aramco's earnings more than double
- BP reported to be nearing sale of Algerian assets
- Focus on OPEC+ as Ukraine crisis deepens
- Energean spuds Athena-1 well offshore Israel
- Israel to increase gas exports to Egypt - this time via Jordan
Dragon Oil breathes fire into Egypt’s Gulf of Suez with exploration success
- Eni discovers gas offshore Abu Dhabi
- Wintershall Dea exits Egypt’s Suez Oil Company Fields
Iraq’s Block 9 (Faihaa) project gets the go ahead
TransGlobe bets big on Egypt with new improved terms
- Chariot announces appraisal success with Anchois-2 offshore Morocco
- Eni dominates Egypt’s muted bid rounds
Apache’s Egypt output set for a rebound
Libya’s shut-ins resume
- Eni signs agreement with Sonatrach to develop Berkine Basin fields in Algeria
INPEX makes a discovery onshore Abu Dhabi
Egypt’s Red Sea attracts new explorers
Genel accepts termination of Bina Bawi and Miran PSC, Kurdistan
Wood wins major Saudi oil expansion FEED award
Aramco agrees US$15.5 billion gas pipeline monetisation
ADNOC upgrades its oil and gas reserves
EOG’s unconventional exploration well in Oman is seen flaring
Lebanon (re)launches its offshore licensing round
Saudi Aramco awards US$10 billion contracts to developJafurahunconventional gas
ConocoPhillips and TotalEnergies to acquire Hess' interest in Libya's Waha concessions
ADNOC takes a leading role in renewables and low-carbon hydrogen production
ADNOC awards EPC contracts for Dalma Gas Development Project
LUKOIL declares commerciality of Eridu field, Iraq
Aramco's earnings soar
Eni adds fresh barrels to Egypt’s Western Desert
Saudi Aramco sets 2050 net zero target
ADNOC LNG looks toFujairahsite for newliquefactionfacility
Is exploration coming back to Libya?
Qatar Petroleum rebrands as QatarEnergy
Saudi Aramco puts timeline on oil capacity expansion
Shell completes the sale of its onshore Egypt portfolio
Iraq launches Nassiriyah gas project after years of delay
Saudi Aramco resurrects its 600 kb/dZulufoilexpansion
BP to partner ADNOC and Masdar on clean energy initiatives
Pharos farms down in Egypt to IPR Energy
Delek Drilling sells its remaining stake in Tamar to Mubadala
TotalEnergies bets big on Iraq
TAQA to sell oil and gas assets?
Russian companies to double-down on Iraq?
Israel will stop issuing new onshore exploration licences
Abu Dhabi concludes its second exploration bid round
Genel responds as KRG moves to terminate Miran and Bina Bawi PSCs
Over US$1 billion in contract awards for Al Shaheen’s Gallaf Project, Phase three
Saudi Aramco profits surge
How will the political upheaval in Tunisia impact its upstream sector?
Iran inaugurates onshore oil pipeline
OPEC+ reveals the cuts end game
Oman to launch 2021 licensing round
Déjà vu as TotalEnergies exits Kurdistan for the second time
Eni award facilities expansion contract at Zubair oil field, Iraq
Qatar Petroleum's strategic partnership with TotalEnergies deepens
Eni spuds delayed exploration well offshore Bahrain
Qatar Petroleum enters Suriname
Skikda LNG in Algeria goes offline due to failure at control system
Kuwait's Al-Zour terminal seeks commissioning LNG cargo
Momentum continues in Abu Dhabi with Shah award
Algeria finally approves TotalEnergies’ acquisition of Repsol’s stake in TFT
MENA podcast: Violence in Gaza and Israel affects the upstream sector
Belbazem development award: the first of many?
Energean pushes back Karish’s start-up date offshore Israel
Farzad Bgas giantgets the goahead
South Sudan launches its first licensing round
Apache to consolidate its Egypt Western Desert assets
Shell to wrap up its Tunisian portfolio
MENA podcast: Issues and new opportunities in Iraq's gas sector
Mubadala to acquire Delek Drilling’s stake in Tamar
Dana Gas’ sale of Egyptian assets falls through
BP produces first gas at Egypt’s Raven field
Sinopec win tender to develop Mansuriyah gas field, Iraq
Sonatrach issues termination notice for Sunny Hill Energy at Ain Tsila
Saudi Aramco raises US$12.4 billion in oil pipeline deal
Qatar Petroleum's Q1 2021 Qatar upstream activity in review
Qatar Petroleum farms-in to ultra-deepwater blocks offshore Namibia
Qatar Petroleum to take on 100% ownership of Qatargas-1 in 2022
MENA podcast: Shell announces the sale of its onshore assets in Egypt’s Western Desert
Saudi Aramco boosts upstream capex by 40%
Egypt goes all-in with two licensing rounds
Cyprus and Israel agree on a framework to unitise Aphrodite
Shell announces the sale of its onshore assets in Egypt’s Western Desert
MENA podcast: Qatar Petroleum sanctions largest LNG project in history
Eni lifts first cargo at Egypt’s SEGAS LNG plant
DNO acquires ExxonMobil’s stake in the Baeshiqa license, Kurdistan
Qatar Petroleum sanctions largest LNG project in history
Libya chooses new executive authority
PTTEP agrees to buy 20% stake in Oman’s Khazzan project from BP
MENA podcast: Energean on a FID spree in the East Mediterranean
Energean on a FID spree in the East Mediterranean
Qatar and Gulf neighbours settle dispute
MENA podcast: The OPEC+ saga
First oil from Halk el Menzel offshore Tunisia
Pharos Energy looking to sell its Egyptian assets
Mahanicomesonstream in Sharjah Emirate
Four new discoveries announced in Saudi Arabia

Tables and charts

This report includes 173 images and tables including:

Oryx-1 well in Ras Al Khaimah
Blocks 60 and 48 in Oman
2023 monthly oil production from Saudi Arabia and Russia

Algerian sales gas production
Algerian Southwest Phase 1 and 2 projects
ADNOC’s net CCS capacity by project
CCS net project capacity by company*
SDX Energy’s working interest production
Iran's total gas production
Qana-31/1 exploration well operated by TotalEnergies on Block 9, Lebanon
Cheiron's top fields by value
2023 monthly oil production from Saudi Arabia and Russia
Location of the Absheron gas field
Map of the Absheron gas field
Eni, BP and Sonatrach Libyan acerage
Map of Kurdistan's oil and gas fields and its oil export pipeline
Loukos Block map
Aphrodite - expected development concept
Contracted volumes vs LNG demand for India
Iraq’s southern oil infrastructure
Map of the oil fields connected to the Ratawi gas hub
Capital investment committed under 19-13 Hydrocarbon Law
LNG output for Egypt’s LNG terminals
Map of the Offshore Partitioned Zone
Map of the Gharraf field
Leviathan gas production by market
Eni’s working interest Algerian production
Iraq's round 5.2 and round 6 blocks
Working interest capex for Tendrara Phase 1 and Phase 2 post Calvalley farm-in
Eni total emissions by asset
Aphrodite production and capital expenditure
Changes to the oil production allocation from January 2024
Bangladesh's Contracted vs. Uncontracted LNG demand
Wintershall Dea's Egyptian acreage
Iraq 2030 gas production
Expected and sanctioned FIDs across global upstream in 2023
Israeli gas exports to Egypt by route (May 2023)
Woodside's acreage acquisitions in the last decade
Panoro Energy’s global working interest production
Qatar's total LNG capacity in 2030
Algerian discovered resources by basin since 2000
Oil infrastructure
NOC net capital investment
Oil infrastructure
NewMed Energy asset valuation (NPV10, January 2023)
2022 net production guidance and actual production
Oman's 2023 licensing round blocks (Batch-1)
Blocks 56 and 70 in Oman
Genel Energy reported 2P reserves as at 31 December 2022
The UAE's gas supply outlook
Energean's cash flow
LUKOIL working interest production in Iraq
EGPC fields on offer
Net production and cash flow
Southeast Türkiye - upstream and midstream overview
Iran gas production by field start-up decade
Split of the total investment of US$10 billion between the four projects
The Greater Barik area in Oman
Exxon’s Egyptian and Cypriot acreage
Company rankings by working interest production
Yemen's production by company peer group
Egypt’s EGAS launches bid round
Tamar gas production and cash flow (gross)
East Mediterranean – Zeus-1 gas discovery location
Global Polyethylene packaging demand
Blocks on offer in Israel's fourth bid round
Israeli gas fields production and capacity forecast
Unconventional Onshore Block 1
BP's Egyptian acreage
Energean’s Israeli resource base
Net working interest LNG production capacity
Uplift to 2030 LNG capacity from the North Field expansion
ConocoPhillips’ net equity LNG production
Energean net cash flow by country
Israel gas production forecast
Upstream and LNG investment in 2023
Offshore Israel – Lebanon maritime zone
Development times for areas brought onstream since 2000 – FID to first production
Hermes-1 location
Chevron’s Eastern Mediterranean acreage
Mubadala top 10 upstream assets by value (NPV10)
Oman Blocks 10, 11, 12 and 77
BP and Eni Algerian production and combined annual cash flow
Capricorn Energy’s Egyptian production
Energean's Israeli acreage
Algeria discovered resources 2012-2022
Algeria 2022 exploration success to date
Blocks 404 and 208
VAALCO and TransGlobe net cash flow
Algeria gas creaming curve
BP’s Egyptian acreage
ConocoPhillips' net equity LNG production
Eastern Mediterranean gas production
Saudi Aramco 2035 emissions reduction target
NFE commercial structure
Oman gas production by project
Top 10 global crude oil producers in 2030
ADNOC's 10 year gas production outlook
Energean’s Israeli assets by value and resources
Wintershall Dea upstream value by country – total NPV US$30 billion
Wintershall Dea / Edison combined Algeria cash flow
Design capacity at FID of largest LNG project sanctions (year sanctioned)
Libya's oil production by basin
2022 Emissions intensity of top Middle East producers
Production from Meleiha fields
Eni’s working interest Egyptian production
Algerian gas production
United Energy Group working interest oil and gas production
Historical capital investment in TransGlobe's Eastern desert assets
Libya's oil output by basin
Conventional oil and gas fields. Onshore Block 4 is highlighted in yellow.
Blocks awarded during the 2019 GANOPE round
Genel Energy resources prior to PSC termination
EOG flaring on Block 36 in Oman
Lebanon 2nd licensing round
Remuneration fee for Iraq TSCs
Carbon emission intensity of the top 10 oil and gas producers
Top 20 IOCs in Libya by acreage
Gross oil and gas production by asset
Iraq's gas production capacity
Cost efficiency of oil mega projects since 2015
IPR Energy's working interest production in Egypt
Mubadala portfolio, post-Tamar acquisition
Map of the oil fields connected to the Ratawi gas hub
TAQA’s oil and gas portfolio by country
Russian companies working interest production from Federal Iraq
UAE creaming curve
Abu Dhabi second exploration bid round
Bina Bawi oil and gas production
Qatar capex 2021-2025
Tunisia's oil and gas production by company
Iran's export terminal capacity
Crude oil production
Map of 2021 licensing round blocks
ShaMaran's net production
Bahrain remaining resources by primary resource theme (mmboe)
Kuwait gas infrastructure map
Shah capex by phase (nominal to 2021, real thereafter)
Israel gas infrastructure
Al Yasat production
Gas Quality
South Sudan 2021 bid round
Egypt onshore production by start-up decade
Gas production from Hasdrubal and Miskar
Israel's gas production
Production from Dana Gas' Egypt portfolio
West Nile Delta map
Iraq's gas production capacity growth
Ain Tsila map
Cash raised in transactions since 2019
Qatar Petroleum's Qatar upstream capex to 2030
Net resources discovered by the Majors
Blocks on offer during the 2021 EGAS and EGPC bid rounds
Energean production in Israel and Egypt
Halk el Menzel field
Production from Fayum fields
SNOC net production by project
Abu Dhabi Onshore Discoveries
ExxonMobil and Shell’ Nile Delta acreage
Majors’ Nile Delta 2019-2020 direct awards
Hassi Messaoud liquids production
BP and Eni’s Algerian working interest production
OPEC+ oil productions levels
Offshore Israel
Israeli gas exports
Abu Dhabi Offshore Block 2
Wintershall DEA Egypt production
Anchois map
EGPC and EGAS blocks offered and awarded
Eni's Algerian net production