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Article: Market majors. (Oil).(American oil companies; presence in the Middle East)(Statistical Data Included)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- August 23, 2002
- Author:
CopyrightCOPYRIGHT 2002 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In a part of the world where the richest energy reserves are exploited by state-owned entities, US oil companies have managed to carve out a significant presence. Despite being barred by sanctions from operating in Iran, Iraq and Libya, they can be found from Morocco to Yemen working for and with state producers.
The leading US oil majors can draw on a rich and illustrious history in the region. ChevronTexaco Corporation can trace its regional roots back to 1932, when Standard Oil of California (Socal), from which it is descended, opened negotiations with the Saudi government about an oil exploration concession. Following the discovery of oil in 1938, Socal ...