Exxon Sees Technology, Local Needs as MidEast Key

Exxon Mobil Corp. (XOM) is betting that soaring domestic energy demand among the booming economies of the Middle East will spur regional leaders toward offering improved access to their energy resources, with technology the key that may unlock the door.

International oil companies searching for hydrocarbons are struggling to secure exploration rights in much of the Middle East, home to some 60% of global oil and gas reserves, as oil-rich nations emboldened by high crude prices tighten up on contract terms and access rights.

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