OPEC upstream investment: Middle East growth offsets African declines
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Table of contents
-
Executive Summary
- OPEC investment: US$377 billion over the next five years
- The Middle East weathered the storm
- African investment collapsed and its recovery will be slow
- OPEC production: growth driven by the Middle East
- Middle East benefits from low-cost onshore production
- Africa relies on the Majors and will need to fight for investment dollars
- Investment leads to increased OPEC capacity
Tables and charts
This report includes the following images and tables:
- OPEC capital investment in oil fields
- Deepwater pre-FID projects
- Annual average OPEC decline rates
- OPEC oil production by region
- OPEC oil produced versus reserves and unrisked resources
- 2023 cost of production (capex plus opex) by resource theme
- Majors investment by OPEC region
- Regional NOC investment by OPEC region
What's included
This report contains:
Other reports you may be interested in
Tokyo Metals and Mining Briefing 2025
Ferrous market outlook, energy transition, and trade dynamics—key insights from Wood Mackenzie’s Metals and Mining Tokyo briefing.
$1,050Uncertainties, risks, rewards and regional conflicts in the Middle East
Trade frictions and geopolitical tensions are reshaping upstream risk across the Middle East. Who’s best positioned to adapt?
$1,350ADNOC Onshore
The ADNOC Onshore contract area covers Abu Dhabi's onshore and near-shore areas. It is Abu Dhabi's most productive concession area.
$6,900