Insight
Middle East and North Africa upstream: 5 things to look for in 2026
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Middle East and North Africa upstream enters 2026 with strong momentum, but what risks could shape investment, supply and strategy across the region? Will Saudi Arabia, the UAE and Oman’s unconventional resources pass their first real tests of productivity and commerciality? Which distressed portfolios, DROs and long-awaited bid rounds will create the biggest M&A and acreage opportunities? Can Syria’s upstream recovery gain traction as sanctions ease and new operators return? How will OPEC+ navigate rising capacity, quota tensions and geopolitical uncertainty? And how are shifting LNG and pipeline dynamics reshaping regional gas flows amid growing import needs and major new export projects?
Table of contents
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Executive summary
- 1. Unconventionals gear up for a big year
- 2. Momentum builds for asset deals across the region
- 3. Syria’s upstream recovery accelerates
- 4. Oversupply risks intensify
- 5. Existing gas trades scale and advance
- Things to look for in 2026 – a regional upstream series
Tables and charts
This report includes the following images and tables:
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Gas breakeven* prices for select unconventional playsLUKOIL’s MENA NPV* by asset and total NPV by countrySyria’s oil and gas fields and infrastructure map with political controlOPEC+ required production levels and spare capacityLeviathan gas production by market allocation
What's included
This report contains:
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