Mena Region Drives Oil and Gas Investment Amid Near-Term Uncertainty

The Middle East and North Africa (Mena) region is continuing to drive oil and gas investment, despite near-term uncertainty.

Strong energy demand and regional development plans are fueling opportunities across the sector, with governments strengthening their oil and gas sectors and expanding natural gas capacity.

In 2023, GCC countries awarded a record $79bn in oil, gas, and petrochemical contracts, driven by major developments such as the Jafurah gas field development in Saudi Arabia and Qatar's LNG expansion projects.

However, investment levels have moderated since then, with capital expenditure declining by 9% in 2024 compared to the previous year, followed by a further 23% reduction in 2025.