Total Poised For Further Mena Upstream Expansion
22 Jun, 2018
Oil & Gas
The Dragon Rises In The Middle East
Chinese firms have pulled off a quiet revolution in the Middle East’s hydrocarbon sector, racking up portfolios that rival those of the largest IOCs. Chief among them is state-giant CNPC which could yet overtake all of its rival producers.
Any sizeable oil and gas contract awards in the Gulf are now near-guaranteed to have Chinese firms competing vehemently to secure assets, and as often as not doing so successfully. As a case in point, March and April saw high profile awards in Abu Dhabi and Iraq respectively. Yet a tendency to enter into non-operating partnerships with western IOCs means the extent of Chinese participation often slips under the radar.
Traditionally China has been viewed primarily as merely a taker of Middle Eastern crude, a role which it certainly plays with gusto. It was the single largest importer of Iranian oil...
