MENA upstream in brief Report

Insight 12 December 2024

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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.

Gulf Keystone Petroleum: resilient operations amid challenges in Kurdistan
Genel Energy's setback: court rejects claim against KRG over gas fields
After Assad: the uncertain path to Syria's oil recovery
Egypt to charter floating regas vessel for ten years
OPEC+ extends production cuts amid volatile market
ADNOC nudges closer to gas self-sufficiency with FEED for Bab gas cap
QatarEnergy inks another long-term deal with Shell
ADNOC launches XRG – lower carbon energy and chemicals powerhouse
BP seeks Kirkuk oil revival
Tethys Oil secures first declaration of commerciality for Block 56 in Oman
Aramco’s offshore strategy shift spurs rig suspensions
Kuwait’s US$33 billion gambit
Iran's significant crude production boost amid sanctions challenges
Iran's gas crisis: record production, soaring demand and a growing supply gap
Saudi Aramco further partners with Asian players in downstream
Fiscal reforms on the agenda for Oman’s complex projects
Kuwait faces uphill battle to hit delayed 4 million b/d oil capacity target
ADNOC expands world's largest seismic survey
EGPC’s 2023 bid round underwhelms
New proposal seeks to resolve Iraq-KRG oil dispute amid legal and OPEC hurdles
QatarEnergy farms into Chevron’s North Dabaa Block, offshore Egypt
Oman's LNG expansion moves at pace amid long-term uncertainty
Saudi Aramco announces Q3 results – income down, free cash flow up
QatarEnergy joins TotalEnergies in Iraq’s 1.25 GW solar project
Iraq secures Turkmen gas supply amid power shortages and push for gas self-sufficiency
Kuwait reportedly intends to issue Mutraba field development tender: The first step toward greater IOC collaboration?
OQ raises US$2 billion in record-breaking IPO
Expansion and unconventionals drive a red-hot Middle East rig market
Saudi oil exports trend down amid surge in crude burn
Algeria reignites its upstream sector with the first bid round in a decade
Is BP about to scrap its oil and gas production cuts and double down in the Middle East?
Israel’s NewMed Energy reports delay to Leviathan expansion
ADNOC signs a 14.4 billioninvestment agreement with German chemicals group Covestro
Oman seeks to revitalise offshore exploration with Block 18
UEG poised for strategic exit
West Qurna 1 revamp: PetroChina aims for 45% output surge, but challenges loom
Petronas expands in Abu Dhabi
Saipem’s winning streak continues: US$7 billion of EPC awards in one week
Pakistan Petroleum exits Iraq's Block 8
Aramco builds LNG portfolio with increased stake in MidOcean
Roc Oil offers generous premium for Tethys Oil
Saipem strengthens its role in Qatar’s North Field Production Sustainability project
BlackRock buys into Bapco Energies’ pipeline
Egypt awards tender for 20 LNG cargoes for Autumn delivery
Indian consortium to develop Onshore 1 block in Abu Dhabi
ADNOC and Indian Oil sign a 15-year LNG supply agreement
Breaking bottlenecks: Iraq's push for 6 million b/d by 2028
Bapco Energies moves towards unifying its gas operations
OQ continues its IPO journey
Iraq remains above OPEC+ target as Kurdistan oil output stabilises
Two-month delay for OPEC+ unwinding plan
ADNOC acquires a 35% stake in ExxonMobil's Baytown project
Qatar’s bright idea: more solar, more gas supply for LNG
Daleel Petroleum lands EPSA for Block 15 in Oman
Libya's eastern government threatens to take 1 million b/d off the market
Can Egypt’s latest bid round deliver much needed gas resources?
QatarEnergy seals 15-year LNG deal with Kuwait
TotalEnergies seals deal for vital 1 GW solar project in Iraq
Energean spuds key appraisal well offshore Morocco
Oil production stabilises in Iraq’s Kurdistan
Saudi Aramco publishes its H1 2024 results
BP and Iraq explore redevelopment of the Kirkuk fields
Israel’s Leviathan partners sanction FEED studies on Phase 1B
Iraq’s Sealine-3 project faces further delays
Oman confirms long-awaited fourth LNG train
Creating an onshore rig powerhouse: Helmerich & Payne to acquire KCA Deutag for US$2 billion
Kuwait to bolster rig count as it chases oil expansion target
Energean takes FID on the offshore development of Israel’s Katlan Area
PetroVietnam signs MoU with Algeria's ALNAFT
Kuwait announces the discovery of an offshore giant
Turkmenistan diversifies exports via swap deal with Iran and Iraq
Iraqi Oil Exploration Company secures seismic contracts for Qaiyarah and Naft Khaneh Blocks
ExxonMobil expands horizons with reconnaissance licences in Morocco
Iran and Russia sign a strategic gas agreement
QatarEnergy scores a hat-trick of Naphtha deals with Asian buyers
Iran announces another US$8 billion energy investment
Israel’s Leviathan gets the preliminary approval to export higher volumes
Iraq breathes new life into old pipeline plans
PERTAMINA hints at adding a new block in Iraq
Carlyle to create Mediterranean E&P company with acquisition of Energean assets
Sound Energy partially divests Moroccan gas assets
ADNOC greenlights Ruwais LNG
Iraq inaugurated Halfaya gas processing plant
PTTEP acquires Ghasha stake from Wintershall Dea
Aramco awards another large Master Gas System EPC
QatarEnergy signs 27-year LNG agreement with CPC
OPEC+ agrees to extend production cuts into next year but ups UAE quota
Saudi Aramco eyes a stake in Repsol’s renewable power business as it looks to sell up to US$13 billion of shares
ADNOC awards stake in SARB and Umm Lulu concession to SOCAR
Chariot strikes gas onshore Morocco
National Oil Corporation acquires Medco Energi's interest in Area 47
Chinese company awarded the Fao refinery project in Southern Iraq
Shell makes second gas discovery in offshore Egypt campaign
ExxonMobil and Sonatrach sign MoU for Algerian gas development
ADNOC acquires stake in Rovuma LNG from Galp
ADNOC joins NextDecade’s Rio Grande LNG project
ADNOC kickstarts gas production at Ras Al Sadr in Onshore Block 4
ADNOC Drilling is awarded a US$1.7 billion contract
Iraq crude exports to Jordan suspended
Chinese firms dominate Iraq’s Rounds 5+ and 6
SNOC farms into Ras al Khaimah's Block 7
ADNOC agrees thrid LNG supply deal from Ruwais
TotalEnergies Common Seawater Supply Project in Iraq gains momentum
Saudi Aramco announces Q1 2024 results; pressed on gas expansion plans
Iraq gives the green light to develop the Mansuriyah gas field
Aramco awards US$1.7 billion Master Gas System EPC
SNOC makes a new gas discovery in Sharjah
Production suspended at the Khor Mor field after a drone attack
Ukrzemresurs awarded a contract to develop the Akkas field in Iraq
TotalEnergies sanctions Marsa LNG bunkering project in Oman
Shell and PETRONAS approve Phase 11 development of Egypt’s West Delta Deep Marine
Benchmarking the Middle East NOCs against the Supermajors
SDX Energy sells its interest in West Gharib Area for US$6.6 million
Eni reduces stake in Ghasha
Aramco in the running to buy international LNG player as it pulls the plug on domestic rig contracts
Egypt to import LNG again amid gas-crunch
Iraq sets to double gas imports from Iran
ADNOC Gas' grand plans
Federal Iraq could export crude via Turkey
Aramco awards US$7.7 billion contracts for Fadhili gas expansion
Is the door opening to Kuwait's offshore acreage?
Egypt’s highly anticipated Orion-1 well comes in dry
Iran upstream bonanza: US$13 billion contracts for oil fields
Israeli private investor increases stake in Tamar field
Iraq's Sealine 3 project to increase export capacity
US$500 million Bahrain field boost
Aramco publishes annual results and confirms abandonment of its oil capacity target
ADNOC issues LNTP for Ruwais LNG
ADNOC/BP deal with Israel’s NewMed Energy suspended
Iran finalized US$20 billion deal to tackle pressure drop at South Pars
QatarEnergy expands Orange sub-basin position in South Africa
Saudi Arabia extends its 1 million b/d voluntary cuts until June
ADNOC closes acquisition of 24.9% stake in OMV
Energean’s Karish North field starts up offshore Israel
Sonatrach starts commercial production at Ain Tsila gas development
Libya signals plans for licensing rounds
Saudi Aramco boosts reserves at unconventional Jafurah Basin
QatarEnergy launches 16 mmtpa North Field West Expansion
Israel’s Tamar partners approve second capacity expansion
Iran to seal US$14 billion deals with local firms, boosting oil and gas output
ADNOC and BP to form new joint venture in Egypt
Iraq invites Gazpromneft to develop the Nasiriyah oil field
Iran starts production from a joint field with Iraq
US$6 billion boost for Qatar's largest oil field
Jordan plans to ramp up gas production at the Risha field
ADNOC Gas signs long-term LNG SPA with GAIL
TotalEnergies advances its LNG bunkering plans in Oman
Saudi Aramco abandons its plan to raise oil production capacity
Iran’s gargantuan gas ambitions
Iran plans to cease routine gas flaring by 2026
ADNOC ups its low carbon budget to US$23 billion
Upstream reshuffling in Kurdistan: TAQA exits while HKN Energy doubles down
Momentum builds at Tethys' Block 56 in Oman
ADNOC acquires a 10.1% stake in CCUS player Storegga
CCED acquires two new blocks in Oman
Lebanon launches its third offshore licensing round
Harbour Energy enters MENA region with Wintershall Dea deal

Tables and charts

This report includes 124 images and tables including:

Monthly gross oil production from Shaikan
Oil and gas fields in the central part of Iraq's Kurdistan
Syria’s oil and gas production

Percentage breakdown of Egyptian gas supply
Qatar contracted vs uncontracted LNG supply
ADNOC's international portfolio / XRG's foundational portfolio
Iraq oil infrastructure
Tethys Oil's blocks in Oman
Middle East offshore rig count
Kuwait's upstream capex
Iran’s oil production
Kuwait historic and forecast oil production
Blocks offered and awarded in EGPC 2023 bid round
Eastern Mediterranean blocks with QatarEnergy interest
Oman gas supply/demand balance (2023-2040) assuming LNG expansions*
Mutraba field location
Land rig cost trends and drivers in the Middle East
Saudi Arabia's crude oil production and usage
Blocks offered in 2024 Bid Round
BP’s 2023 entitlement production by region
Israeli gas projects impated by regional insecurity
ADNOC's recent M&A and project sanctions
Block 18 offshore Oman
Map of the Faihaa oilfield and Block 9 in Southern Iraq
West Qurna 1 production outlook
Onshore 2 block in Abu Dhabi
Capex overview for the Marjan Complex
Iraq's fourth bid round awarded contract areas
Saudi Aramco's LNG portfolio*
NFPS contracts
Qatar’s upstream and LNG capex outlook
SBPC's AB-4 pipeline
Egypt’s monthly gas imports (2015-2026)
Onshore 1 block in Abu Dhabi (highlighted in red)
ADNOC contracted LNG supply by import country
Iraq’s crude oil production by region, with forecast
OQ'a proceedings from divestments and privatisation
OQ's upstream valuation* by asset
Qatar’s gas production – excluding current LNG feedstock assets
Block 15 location in Oman
Kuwait gas supply
Net present value and returns for current resources and upside case
Jordan gas supply and LNG regas capacity
Monthly oil production in Kurdistan by field
Kirkuk fields and Iraq Turkey pipeline
Leviathan gas allocation by phase
Iraq's crude export infrastructure
Iraq's crude oil export capacity
The billion-dollar club: Iraq IOC portfolios with remaining NPV above US$1 billion
Kuwait’s historic and forecast well count (excluding Partitioned Zones)
Karish/Katlan Area fields gas production and FPSO capacity
Asian NOC's Algerian production - 2024
Al-Nokhatha discovery location with disputed boundaries and the disputed Dorra field.
Gas export routes in Turkmenistan, Iran and Iraq
Qaiyarah, Naft Khaneh and Ratawi block locations
Moroccan offshore wells drilled
Gas pipelines in Turkmenistan, Azerbaijan, and Russia
Qatar NGL and condensate production by asset
Middle East NGL and condensate production
Iran's gas production
Leviathan DMO and export quotas
Iraq's oil infrastructure
M&A Opportunities
Chevron’s working interest production
Algerian production
Flaring in Iraq in 2030 vs. 2023
EPC packages for the MGS Phase 3 expansion project
OPEC+ voluntary adjustments and cuts in place since November 2022
Moroccan pre-production projects
Area 47 location
Iraq’s refining capacity
Pliocene and Pre-Pliocene deepwater creaming curves
Key fields in southwest Algeria's Ahnet and Gourara Basins
Licensed unconventional blocks in Abu Dhabi
Results of Rounds 5+ and 6
Ras al Khaima blocks
Egypt/Eastern Mediterranean blocks with QatarEnergy interest
Map of the Tuba field
Expected percentage CSSP water allocation by field
Mansuriyah's capital expenditure
Saudi gas projects capex
Sharjah blocks
Map of the Khor Mor Field
Akkas Capital Costs
West Delta Deep Marine gas production
SDX’s Egyptian portfolio by value*
Ghasha Contract Area capex by category (real, 2024)
Egyptian production and imports
Iraq gas supply and imports
Northern Iraq export infrastructure map
Map of the gas fields processed at the Fadhili gas plant
Historic upstream capital investment by country – Qatar, UAE, and Kuwait
Current position of Kuwait’s offshore rigs and Nukehedha-1 location.
Eni Egyptian acreage
Capex in oil fields
Tamar cash flow vs gas production and capacity
Iraq’s export capacity
Iraq's export capacity
Bahrain field production and drilling activity
Gas production from South Pars by phase
Table: Block 3B/4B participation before and after farm-in by QatarEnergy and TotalEnergies
Block 3B/4B location and partners
Middle East OPEC producers planned H1 2024 oil supply
Energean’s value by country, Israel value by field and IRR
Ain Tsila 2010 production view vs current production view
Saudi Arabia's remaining oil and gas resources (2P+2C) by field
Tamar’s gas production with incremental expansion capacity
Capital investment and production outlook
Nasiriyah oil production outlook
Map of Sohrab and the neighbouring fields
Qatar crude oil production
Awarded EPCI contracts for Al Shaheen's Ruya phase
Jordan’s Risha gas field bordering open blocks in Iraq
Block 10 and Sohar LNG bunkering terminal
Iran's flared gas volumes by field
Iran's gas capture facilities under construction
Capital allocation (2023 - 2027)*
Low carbon spend per annum (2023 – 2027)*
Map of the Atrush field in Kurdistan
Block 56 in Oman
CCED's blocks in Oman
Blocks on offer in Lebanon’s third bid round
Wintershall Dea’s MENA assets by value