Natural Gas Daily Middle East & East Mediterranean Policy & Regulation
Middle Eastern NOCs are on a modernisation drive28 July 2017
Some of the Middle East’s biggest NOCs have adjusted their strategies to list their shares, attract foreign investment and engage in more meaningful partnerships with IOCs. But can the region’s state oil giants – which have a reputation for rigidity and scepticism towards foreign ownership – really ease up and move with the times?
Saudi Arabia has forbidden IOCs from developing its oil since the sector was renationalised in the 1970s. It offered gas development opportunities to IOCs in the 1990s, but talks collapsed after Saudi Aramco and the international companies failed to agree terms. The Rub’ al-Khali area was later offered for exploration, but IOCs failed to find commercial deposits and complained domestic gas prices could not support development. However, there are signs Aramco wants to change. Saudi officials have met the heads of some of the world’s biggest IOCs to discuss joint gas ventures in the kingdom.
Log in or register for a free trial to continue reading this article
Not a subscriber?
To access our premium content, you or your organisation must have a paid subscription. Sign up for free trial access to demo this service. Alternatively, please call +44 (0)20 3004 6203 and one of our representatives would be happy to walk you through the service.Sign up