Description

Mena Oil & Gas 2025

Mena Oil & Gas 2025 is the latest premium market report from MEED, the leading provider of Middle East business intelligence.

The report provides a detailed analysis of the Middle East and North Africa oil and gas market in 2024 and assesses the outlook for oil, gas and petrochemicals projects in 2025 and 2026.

Included in Mena Oil & Gas 2025:  

• Detailed assessment of the outlook for the oil, gas and petrochemicals projects market in the Middle East and North Africa.
• Comprehensive review of 14 oil and gas markets across the Middle East and North Africa.
• Outlook for policy and investment in oil, gas and petrochemicals projects across the region.
• Projects opportunities with client and procurement details.
• Investment drivers and client spending plans.
• Understand risks and set strategy in the Mena oil and gas market.

The report is of high value to anyone seeking to identify opportunities, understand risks and set strategy in the regional oil and gas projects market.

The Market

The world is transitioning away from its centuries-long dependence on fossil fuels. And for oil producers in the Middle East and North Africa (Mena), the global energy transition is a fundamental change in their business model. Their customers are changing, so too must they.

In response, the region’s leading national oil companies (NOCs) are rolling out new policies and investments to keep them at the forefront of the global energy sector. The policy focus is on diversifying investments into new technologies and fuels, on conserving hydrocarbons reserves, and on reducing greenhouse gas (GHG) emissions through clean tech and reduced consumption.

At the same time, the region’s oil companies are turning from their traditional customers in the west towards new markets in China, India and Southeast Asia. This is bringing new clients, suppliers, and financiers to the region’s oil and gas sector.

But even with such seismic changes underway, the region’s oil and gas producers know that hydrocarbons will be the world’s biggest source of energy for decades to come, even after oil demand growth starts to slow. They also know that their low production costs give them a huge advantage.  As a result, they are investing heavily to expand their upstream and downstream production capacity.

Oil and gas project investment

Since 2014, about $390bn of oil, gas and petrochemicals project contracts have been awarded in the GCC region alone, an average of more than $35bn of awards every year. Now with oil hovering around $70 a barrel and global demand as high as it ever has been, crude producers have the financial firepower and incentive to press ahead.

This is reflected by an all time high spending figure of $72bn in 2023 when Adnoc, QatarEnergy and Saudi Aramco all pushed ahead with their largest project investments including the Jafurah and Hail & Ghasha field developments, the Qatar LNG expansion programme, and the Almiral petrochemical complex.

Capex in 2024 is maintain this momentum. As of September, just over $50bn worth of work has already been let in the GCC, a figure that is higher than all but two of the previous dozen years even with four months of the year still to come.

Project pipeline

The projects pipeline is vast. A little over $470bn of oil, gas and petrochemicals projects are planned across the Mena region. These offer abundant future opportunities for contractors, consultants and suppliers working in the oil, gas and petrochemicals sector in the region.

As the market booms, NOCs are finding it increasingly difficult to source capable EPC contractors and subcontractors, especially in the highly-specialised offshore sector. In this seller’s market, contractors have little spare capacity to take on more work and are pricing this risk into their prices, driving up costs. General cost inflation and logistical challenges compound the issue.

In response, clients are increasingly turning to novel contractual frameworks, such as early contractor involvement (ECI), advanced work packaging, and FEED+EPC contract models to lower construction risk and minimise cost escalation.

There is also considerable change taking place in the way work is being procured and delivered in the region. The drive to increase the value of local content in projects requires companies to procure people, goods and services from local sources where possible, while the need to increase energy efficiency and reduce carbon dioxide emissions is becoming an important aspect of projects.

Key topics in the MENA Oil and Gas 2025 Report:

• Covers all the main sectors of the energy industry including upstream oil and gas, refining and petrochemicals.
• Outlines oil, gas and petrochemicals investment drivers and client spending plans in 14 countries – Algeria, Bahrain, Egypt, Iran, Iraq, Jordan, Kuwait, Libya, Morocco, Oman, Qatar, Saudi Arabia, Tunisia and the UAE.
• Explains the structure of the energy sectors in 14 markets in the Middle East and North Africa.
• Details the main projects under construction and those due to be awarded in 2025 and beyond.
• Outlook for policy and investment in oil, gas and petrochemicals projects across the region.
• Projects opportunities with client and procurement details.
• Investment drivers and client spending plans.
• Identifies the biggest spending clients.
• Identifies the most successful contractors.
• Identifies risks and opportunities.

Who will benefit from the MENA Oil and Gas 2025 Report?

• Oil and gas companies
• Oil, gas and chemicals traders
• Energy investors
• Oil services companies
• EPC contractors
• Construction companies and suppliers
• Manufacturers
• Engineering consultants

What is unique about this report?

• The most comprehensive report on the oil, gas and petrochemicals sector in the Middle East and North Africa.
• MEED’s unrivalled expertise and insight on the Middle East.
• MEED Projects data.

All the MEED Insight reports are delivered via email in digital version.