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Middle East and North Africa upstream: 2015 in review

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Report summary

2015 was another eventful year in the Middle East and North Africa. Various conflicts across the region impacted upstream operations particularly in Iraq Libya Syria and Yemen. Middle East's OPEC members led by Saudi Arabia maintained production levels and this impacted the global oil price. The Iranian Nuclear Deal was reached in July and is set to transform Iran's upstream sector. Zohr the biggest discovery of 2015 was made offshore Egypt. However lower exploration activity led to a steep decline in discoveries. Capital investment remained robust across much of the region but some countries started to respond to the low oil price and M&A activity remained low. Iran announced new fiscal terms through the Iranian Petroleum Contract (IPC). The IPC aims to encourage investment in Iran's upstream sector. Elsewhere Oman s Shura council voted to increase its LNG corporate tax rate. This was in response to the government's growing budget deficit caused by low oil prices.

What's included

This report contains

  • Document

    MENA upstream 2015 in review.pdf

    PDF 1.59 MB

  • Document

    2015 MENA Dashboard.pdf

    PDF 146.24 KB

  • Document

    Middle East and North Africa upstream: 2015 in review

    ZIP 1.47 MB

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