Middle East upstream: what to look for in 2015 Report

Insight 12 January 2015

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Report summary

2015 will be an eventful year in the Middle East with plenty to look out for. Regional geopolitics will play a defining role in the upstream sector. Security concerns in Iraq/Syria will continue to impact oil exports, negotiations on Iran’s nuclear program will edge closer to resolution, and Saudi Arabia will maintain its stance on oil production. Low global oil prices will have limited impact on IOCs thanks to the fixed profit margins and capital commitments typical of many fiscal agreements.

Executive summary
- Saudi Arabia will maintain its stance on oil production
- The low oil price will have limited impact on companies
- Militant activity will continue to impact exports
- An end in sight to sanctions on Iranian oil exports
- New Iranian fiscal terms will spark interest
- ADCO Concession will be renewed
- A long-term resolution between federal Iraq and Kurdistan
- Moratorium on development of the North Field to stay in place
- New contract terms for gas in Kurdistan
- A year of gridlock in Israel
- Dolphin Expansion to supply more gas to UAE
  - What to look for in 2015