Contract expiries: 13 billion barrels up for grabs in the Middle East Report

Insight 02 March 2017

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Report summary

On 19 February, the ADCO concession renewal in Abu Dhabi was finalised, with awards to China's CNPC (8%) and China Energy Company Limited (CEFC, 4%). The concession, which is the largest producer in the Middle East with foreign participation, initially expired in 2014. Now that ADCO has been fully awarded, where will companies be looking next for discovered resource opportunities? The next big contract on offer will be Abu Dhabi's offshore ADMA concession, currently producing over 650,000 b/d. Looking into the next decade, some of Qatar's LNG production sharing contracts will expire, starting with Qatargas-1 in 2021. Which companies governments in the Middle East choose to partner with to develop their resources will depend on their strategic priorities. Securing export markets, especially to Asia, will be a priority – we have already seen this shift East in the ADCO awards.

Executive summary
- Large scale production available for foreign companies
- Middle East licence expiries eclipse the rest of the world
- Gross production from contracts expiring 2014-2030
- Recent awards: Total plays a big hand in the Middle East, Asian companies follow suit
- Improved fiscal terms facilitated the final ADCO awards
- Qatar's largest oil field also awarded to Total
- Discovered resource opportunities in Iran
- Next big expiry in the GCC is Abu Dhabi's ADMA
- IOC-accessible working interest production from contracts expiring in Middle East, 2014-2030
- Oil opportunities in Qatar
- Uncertain future for stakeholders in Qatar's LNG projects
- Abu Dhabi's corporate landscape has shifted East
- Asian NOCs have expanded their footprints quickly
- ADNOC still seeks technical expertise
- The door is always open