Oil Majors consolidated their positions in the Middle East in 2016, with preliminary results indicating a slight fall in liquids production against 2015. But while output flatlined, key contracts were signed that will see sizeable gains in 2017 and beyond.

The combined Middle East liquids share for the five supermajors – US firms ExxonMobil and Chevron, Total of France, Anglo-Dutch Shell and the UK’s BP – fell to around 1.23mn b/d for 2016, down 2% from 2015’s ...