Crown Prince Salman succeeded to the throne of Saudi Arabia following the death of his half-brother King Abdullah. We believe current oil policy will remain unchanged. 10% of the UAE ADCO concession was awarded to Total – 30% remains outstanding. Progress was achieved on the Shah (UAE) and South Pars (Iran) gas projects, while in Algeria unconventional gas and development of Leviathan in Israel have faltered. Elsewhere, there are signs of improving fortunes in Egypt.