MENA upstream month in brief: 2 December 2015

Report summary

Iran stole the limelight in November, unveiling its new petroleum contract along with a list of 70 development and exploration opportunities that will be offered to eager investors.  The announcement came just days after the US signed a memorandum lifting restrictions on sales of Iranian crude. Exports are already on the rise. Elsewhere, a number of major  projects in Egypt, Iraq and Saudi made substantial progress, though costs at Zohr are expected to rise, and Noble and BG made strategic moves in the Eastern Med. A flurry of corporate activity saw rumours of M&A at Genel and Apache, while Oxy and TransGlobe made major exits.  Iraqi production hit a new high since the introduction of the Basrah Heavy blend, though output from Libya fell as the Zueitina terminal closed down again.