Leading Asian economies wound up a week of intense Gulf energy diplomacy yesterday, taking centre stage at a summit where Abu Dhabi unveiled plans to seek international bids for vast oilfields historically run by western oil groups.
As Wen Jiabao, China’s premier, stressed the “political and international dimensions” of a global energy business in which Asian demand was of growing importance, analysts said the Abu Dhabi decision could open the way for the arrival in the Gulf of more eastern multinationals.
“My instinct would be that this would enable the arrival of new entrants, particularly from Asian countries,” said Bill Farren-Price, chief executive of Petroleum Policy Intelligence, a UK-based energy consultancy. “That would also allow the political partnerships between Middle Eastern oil producers and Asian consuming countries to be strengthened.”