Insight
Middle East and North Africa upstream: 5 things to look for in 2022
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Report summary
2022 could herald exciting times for the upstream sector in the MENA region. Production cuts implemented by OPEC+, which gradually unwound in 2021, are due to end in September. Additional revenues will be welcomed by governments keen to recoup income lost during the pandemic. Yet by fault or design, not all countries in the region will return to pre-pandemic levels. QatarEnergy will make a long-awaited decision in selecting IOC partners to develop its North Field East 4-train LNG development. It is the largest LNG development ever, significantly increasing Qatar's LNG capacity and solidifying its position as the lowest cost LNG producer. A final investment decision on the smaller 2-train North Field South development is also expected. We have identified five key themes to watch in the MENA upstream sector in 2022 as well as some more speculative wildcard scenarios.
Table of contents
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Executive summary
- 1. OPEC+ production quotas due to end
- 2. 2022 another key year in Qatar’s LNG capacity expansion journey
- 3. NOCs make big commitments to the energy transition
- 4. Exploration: a quiet year ahead?
- 5. M&A: deal activity will slow down as assets churn out higher cash flow
- What to look for in 2022 – a regional upstream series
- Published to date
Tables and charts
This report includes 2 images and tables including:
- MENA OPEC producers
- North Field LNG capacity
What's included
This report contains:
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