Gulf NOCs build overseas footprints

The Middle East’s powerful clutch of national oil companies are turning their attentions outwards, with new acquisitions taking them into previously uncharted territory

Mideast Gulf NOCs are accelerating overseas expansions strategies, forming partnerships and buying into promising upstream and downstream assets that meet domestic mandates to sustain growth—both in hydrocarbons and cleaner energies. QatarEnergy (QE), the Gulf’s major gas exporter, is now active in North America, South America and Africa. It has acquired significant holdings in Namibia’s play-opening offshore basins as well as in Suriname—another frontier offshore upstream opportunity garnering global attention. In the UAE, Adnoc, which is also eyeing stakes in African developments, closed the acquisition of a 24.9% shareholding in Austria-headquartered integrated energy company OMV at the e