IOCs Face Mixed Picture In The Mena Upstream

2018 saw Total open up a gap as the Mena region’s largest liquids producer, while BP’s gas output soared. The first months of 2019 were characterized by Eni laying the groundwork for future gains but plenty of opportunities remain for IOCs to snap up acreage.

The world’s largest oil firms have been increasingly drawn towards the US unconventional scene in recent years, and the trend is accelerating. ExxonMobil and Chevron announced eye-catching plans earlier this year to triple their output from the key Permian basin to 1mn boe/d and 900,000 boe/d by 2024 and 2023 respectively ( MEES, 15 March ).

In sharp contrast to its peers, Total has not been seduced by the US shale patch, and has instead focused its efforts on Africa and the Middle East. Many IOCs have been deterred by the political risks in areas such as Iraq and Libya, while more stable countries such as the UAE combine supersized volumes with wafer-thin margins. (CONTINUED - 1759 WORDS)

DATA INSIDE THIS ARTICLE

chart Total Pulls Away From The Chasing Pack To Consolidate Position As Mena's No.1 Liquids Producer ('000 B/D)
chart BP Mena Gas Output Soars On Oman, Egypt Gains, But Remains Well Below Eni And Exxonmobil Levels (Bn Cfd)