Understanding petroleum regimes in MENA | ZAWYA MENA Edition:
"The Middle East and North Africa (MENA) region has vast petroleum resources with Iran, Kuwait, Saudi Arabia and the United Arab Emirates within the top ten oil producing countries in the World.
National Oil Companies (“NOCs”) in conjunction with International Oil Companies (“IOCs”) typically develop these petroleum resources and the legal regime governing the relationship between a NOC and an IOC varies depending upon the project, the resource and the host country. Historically, host counties were dependent upon the IOC’s know-how, technology and finance but this dependence has reduced as projects were developed and know-how and technology transferred to the NOCs.
Projects are, in the most cases, awarded to IOCs following success bids on tenders and, at the end of 2017, Oman, Egypt and Iraq announced tenders over certain oil and gas blocks in the region."
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