Ithra (King Abdulaziz Center for World Culture) celebrates the first ‘Founding Day’ holiday in Saudi Arabia
Mideast upstream long-term outlooks diverge
The region’s producers have their own specific goals and face drastically different challenges
This year will see global upstream oil and gas field development capex rise by 11pc year-on-year, to around $475bn, a significant improvement from 2020’s lows, according to Renaissance Energy’s forecast. The aggregate numbers, however, obscure significant variation. Much of this year’s increase in capex—when adjusted for inflation—is more modest. With questions looming around whether the global oil industry is underinvesting and the challenge of financing upstream projects, how is the Middle East positioned for the decade ahead? Despite Opec+ grabbing headlines last year for its nominal 2mn bl/d cut in production—which has been in place since November 2022—the highlight of the year was the s
Also in this section
10 December 2024
Sector at economic and strategic crossroads, but clear path ahead for midstream additions
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
29 November 2024
The country's fifth and sixth oil and gas bid rounds have attracted a range of new players with gas as well as oil ambitions—and there’s a seismic shift in the contracting process
28 November 2024
Iraq is charting a new path for its indigenous resources and its youth, hoping to electrify the future with a mix of reforms and modernisation to fuel growth
