The Top Successful Oil Companies in the Middle East
Foreign investment is forecast to rise in 2020 as the government plans to keep an iron grip on the world’s oil, while many large consumers of oil have been scrambling to locate oil at home. The Middle East was responsible for producing about 30% of world production, split between the top eight oil-producing countries, and most oil production is dominated by international oil companies engaged in related activities through joint ventures and other business models. Speak up and let us know what your reason is and which company has stuck in your mind in the comment section.
This is a list of the key companies redefining projects in the region. Consistent up to date data are hard to come by, but we have put together the most accurate list with the information available. Saudi Arabia produced 11.6 million barrels per day, about one out of every eight barrels in the world, as the world’s biggest oil producer after which it fell to second place because of the United States.
Oil Companies have been drilling for nearly a century but as technology has improved, crude oil is used to create fuel and in the production of plastics, so the growing need for more has put the world near the top of the earth’s crust. Thriving companies buttoned down in heavy industries demand to be scrutinized, and some may analyze their units and knock off their efficient methods, while some may dream of landing a job, which is why we would not let go of a chance to provide you with information about the most successful ones in the United Arab Emirates, booming companies according to the number of major projects and their expansion.
1. Saudi Aramco
With proven oil reserves and relatively low costs, Saudi Arabia’s oil and gas industry is controlled by Saudi Arabia’s Ministry of Petroleum and Mineral Resources, as Saudi Aramco is not publicly traded, with several partner companies in joint-venture refineries in the country, including Royal Dutch Shell plc and Total S.A. The company was founded in 1933 and its headquarters are based in Saudi Arabia, having reported revenue of US$ 311 billion in 2012 and Khalid A. Al-Falih as its CEO.
2. Schlumberger Limited
Despite that it is not Middle Eastern, the company plays a role in the UAE, contributing to various services, from deepwater offshore drilling to the excavation of oil.
3. EPC SNC-Lavalin
As part of its mandate, it supports general engineering and has completed a number of contracts over the past five years, in North Africa, as its impressive contract wins in the region due to its ambitious plan to acquire British construction entity Atkins, an acquisition bid that will make SNC-Lavalin’s EPC offering the best. In 2016, it has announced contracts worth $1.1bn, mostly from gas projects, and was very recently awarded a contract for engineering for the Berri increment programme, as well as a five-year extension to its existing GES+ contract, although it is perhaps in Qatar where it has been most successful.