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MENA upstream in brief

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19 January 2023

MENA upstream in brief

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.

Table of contents

  • 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
    • 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
    • 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
    • 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
    • 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
    • Chariot announces appraisal success with Anchois-2 offshore Morocco
    • Eni dominates Egypt’s muted bid rounds
  • Apache’s Egypt output set for a rebound
    • 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 115 images and tables including:

  • 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

What's included

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