Moody's: Qatar partners for its future

Whilst the overall outlook for international oil company ratings remains stable, the growing longer term challenges to access and develop new reserves is likely to support greater cooperation between the international majors and some national oil companies, Moody's Investors Service said in a new industry outlook for the sector.

The likely reserve base of Saudi Aramco alone far outweighs that of the five international super-majors, Moody's said. At the same time, some national oil companies are becoming increasingly formidable players as regards their commercial, financial and technical performance, the agency added.

Many parts of the Middle East remain heavily under-explored, providing large upside for new oil and gas discoveries. 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, the agency said.

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