Qatar continues to dominate regional IOC value through its leading LNG and GTL industries. As recently as five years ago, it was responsible for 60% of the regional IOC value. This has fallen to 40% with lower LNG prices taking the shine off Qatar LNG. Meanwhile contract awards in UAE, renegotiations in Iraq and asset development in Oman and Israel has further narrowed the gap. The Middle East is now a more diverse play for international companies. IOC players should see production grow from 7 million boe/d to 9 million boe/d over the next five years. And there are opportunities to grow that further.