For such a young company, United Oil has already developed a strong track record and a good reputation in Iraq that will stand it in good stead for its ambition to continue to win work in the country and to expand into other markets.

It is facing increased competition in the market, however, with an influx of drilling companies to Iraq in response to the improved security situation since 2009.

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In Egypt, success in the medium term will depend on whether it finds sufficient oil for development. But with the acquisition of two new rigs, the company’s capacity to either take on new work or devote more resources to drilling its existing concessions will be greatly enhanced. Meanwhile, in Syria a new licensing round offers an immediate opportunity for the company to compete in its home market. Commercial bids for eight onshore blocks are due by 8 December.

The apparent reluctance of Western oil majors to compete in recent licensing rounds in Libya, Egypt and Sudan means that there is every chance of United Oil winning further development work in these markets.

The sell-off of assets by the UK’s BP could also create opportunities in Libya or Egypt, although they are more likely to be for field development rather than E&P.

The sell-off of assets by the UK’s BP could also create opportunities in Libya or Egypt