Global upstream operators are set to cut investment for a second year in 2026, with capital expenditure expected to drop by 2-3% year-on-year. Wood Mackenzie predicts new growth opportunities in the Middle East and North Africa, adding at least 20 billion barrels of oil equivalent through the 2030s.

Libya launches its first oil exploration bid round in over 17 years to boost production and attract foreign investment. The bid round covers 22 onshore and offshore blocks, aligning with Libya’s goal to reach 2 million barrels per day production.

Iraq, Kuwait, Oman, and Syria offer new oil drilling opportunities, with plans for major developments in the Middle East’s upstream sector. Iraq and Oman plan the Basra-to-Duqm pipeline, while Syria attracts new partners for redevelopment efforts.

Kuwait boosts offshore production with major finds like the Nokhetha discovery, containing significant reserves of light oil and gas. ADNOC Drilling expands into Kuwait and Oman, acquiring a 70% stake in SLB’s land drilling rig business for regional growth.

Syria reopens for energy investments after the fall of the Assad regime, signing deals with foreign companies and easing international sanctions. The US, EU, and UK ease economic sanctions, allowing Syria to reconnect to the SWIFT international payments system.

Middle Eastern nations actively diversify beyond Chinese influence, seeking major IOCs for investment in energy and infrastructure. European and American companies engage in the region to support economic diversification goals and secure new trade routes.

Read more at Yahoo Finance: Where The Middle East’s Next 20 Billion Barrels Are Coming From