Group 1: Global Investment Trends - Global upstream operators are expected to cut capital expenditure by at least 2-3% year-on-year in 2026, marking a decline of more than 5% compared to 2024 levels, as the industry adapts to sub-$60/bbl oil prices while focusing on long-term resilience [1] - Wood Mackenzie predicts that operators will continue to pursue strategic growth opportunities in various regions, particularly in the Middle East and North Africa, which are projected to add at least 20 billion barrels of oil equivalent through the 2030s [1] Group 2: Libya's Oil Exploration Initiatives - Libya's National Oil Corporation (NOC) has launched its first oil exploration bid round in over 17 years, with bids expected in February 2026 for 22 onshore and offshore blocks, aiming to boost production and attract foreign investment [2] - This initiative aligns with Libya's goal to reach a production level of 2 million barrels per day, close to pre-2011 crisis output, and is viewed as a significant opportunity for international energy companies [2] Group 3: Developments in Iraq, Kuwait, Oman, and Syria - Iraq and Oman are advancing new oil drilling opportunities, including a preliminary agreement to build a crude oil pipeline from Basra to Duqm, which will diversify Iraq's export routes [3] - Kuwait is expanding offshore production, highlighted by the Nokhetha discovery, which contains estimated reserves of 2.1 billion barrels of light oil and 5.1 trillion cubic feet of gas [4] - ADNOC Drilling is expanding its presence in Kuwait and Oman by acquiring a 70% stake in SLB's land drilling rig business, securing six rigs in Oman and two in Kuwait, with plans to double the fleet [4]