Next year is set to be significant one for oil majors in the Middle East. In addition to the ADNOC concession award (See p2), and important milestones in Upper Zakum’s development, there are significant upstream awards likely to be made in Oman, Cyprus, Lebanon, Egypt and possibly Algeria. Investors will be watching the security and political situation closely in Libya to see if the initial promise shown by its oil industry recovery post-revolution can be built on.

Next year will also be critical for Iraq’s oil industry, with extremely challenging plateau target renegotiations to be concluded between Baghdad and oil investors in the south (MEES, 2 November). (CONTINUED - 322 WORDS)