State-owned Saudi Aramco and Abu Dhabi National Oil Company (Adnoc) are advancing multiple oil and gas capacity-enhancement projects in the Middle East and scaling up investments on the back of improved market fundamentals and rising concerns of global energy shortages in coming years.

Key regional players QatarEnergy, National Iranian Oil Company (NIOC) and Kuwait Petroleum Corporation (KPC) are also expanding capacity and eyeing higher oil and gas output.

Several years of underinvestment, worsened by the Covid-19 pandemic and the Ukraine war, have cut spare capacity in many of the region's oil-producing giants, including Opec kingpin Saudi Arabia, leading them to invest heavily in huge expansion projects.