BP saw its net Iraq output double last year boosting Mena’s share of BP’s total output to 26%. With the firm focusing spending on key expansion projects in Egypt and Oman this share is set to rise further.

BP posted a loss of $6.5bn last year as it cut capex by $18bn. But the Middle East and North Africa are providing a key ray of hope.

Iraq was the key bright spot on the firm’s 2015 production numbers, while CEO Bob Dudley flags up Egypt’s West Nile Delta project...