View: Gulf energy companies go global after security failures
Semafor · Matthew Martin ·
Once the guarantors of energy, regional producers are looking elsewhere to ensure future supplies.
Matthew’s view
For decades, Gulf oil and gas companies boasted of their reliability. But recent deals point to a new recognition: The region can no longer guarantee energy security for the world. Instead, Gulf producers will spend the next decade investing internationally, enmeshing themselves in global energy supply chains so the region is ready when the next disruptions hit.
In the early days of the Iran conflict, as oil shipments through the Strait of Hormuz virtually ground to a halt, their focus was on rerouting. New pipelines, railways, and ports were discussed as ways to get around the chokepoint.