Middle East oil companies lead the way on resources

Some country’s face declining production, less as a result of lack of reserves, but more due to the growing challenges of bringing yet untapped reserves on stream. While some national oil companies, such as Qatar Petroleum (rated Aa3) have already developed long-standing partnerships with international peers, others remain more isolated. At the same time, international oil companies have seen their reserve replacement rates decline year-on-year, whilst high hydrocarbon prices have allowed them to build up considerable cash balances which are being applied to shareholders for lack of a sufficient number of large-scale projects.

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