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Middle East and North Africa upstream: 5 things to look for in 2023

30 November 2022

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30 November 2022

Middle East and North Africa upstream: 5 things to look for in 2023

Report summary

Buoyed by high prices and swelling NOC coffers, investment will ramp up in 2023. Spending will be heavily skewed to gas and LNG developments. Gas will also be emphasised in exploration throughout the region as governments capitalise on high prices and the longer-term shift away from Europe’s dependency on Russia. After a year of stasis, momentum could build in Iraq. Investment in long-starved gas and power and critical oil expansion projects can finally take off. We also expect momentum to build in regional M&A, driven by portfolio rationalisation and spearheaded by the Majors. Carbon reduction and sustainability will be dominant themes. We anticipate big strides in GCC countries eliminating methane leakages and expanding carbon capture and storage.

Executive summary
- 1. Gas and LNG will dominate investment
- 2. After a year of political stasis, Iraq’s energy sector is ready for action
- 3. Exploration and licensing: Majors' gas probes will dominate activity
- 4. Focused portfolio rationalisation will increase asset churn
- 5. GCC countries to double-down on low carbon and sustainable development
- What to look for in 2023 – a regional upstream series

Tables and charts

This report includes 4 images and tables including:

2023 capex by country
2023 capex by resource theme
Eastern Mediterranean exploration wells to watch in 2023 and planned licencing rounds
CCS current state versus growth ambitions