Name: Regional fiscal benchmarking: Middle East and North Africa
Brand: Wood Mackenzie
SKU: 234129
Price: 1350 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Insight 09 November 2026

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Report summary

MENA's upstream sector is competing for international capital at a critical time. The Strait of Hormuz conflict and its disruptions have sharpened the premium on proximate, accessible barrels. In such an environment, fiscal terms are the mechanism through which governments determine whether capital arrives or moves elsewhere.

Executive summary
- Greenfield investment (oil projects) – progressivity and deterrence test
- Greenfield investment (non-associated gas projects) – breakeven price analysis
- Late-life assets and brownfield investment – maximum state share and remaining field life economics
Conclusion

Tables and charts

This report includes the following images and tables:

Key upstream fiscal changes and events in the Middle East and North Africa (2020 onwards)Typical fiscal evolution of a basin (Middle East and North Africa)Progressivity analysis (MENA, onshore, oil)

Effective royalty rate and minimum state share (MENA, onshore oil, US$80/bbl)Fiscal deterrence test (MENA, onshore, oil)Breakeven gas price analysis, investor’s post-tax hurdle rate: 15% (MENA, onshore)Maximum government share and maximum state share (MENA, oil, US$80/bbl)State share vs investor’s NPV10 (brownfield analysis, oil)