Finally, Athens has set out to expand their local production potential by offering exploration bids off their Western coast, as well as entering into discussions with Cyprus in a bid to set up Greece as a transport hub for natural gas from the Leviathan natural gas field.
The Saudi Government has less money and less need for landmark projects, some key industries - such as oil exploration and production - have been nationalised and the local workforce has developed to the point where the country needs foreign capital and expertise rather than foreign workers.
The boom in natural gas development should also stimulate the local economies and employment incomes of counties and states where drilling, exploration and transportation are centered.
"Encouraging investment by making a transparent policy (on hydrocarbons) that would cut the time spent in seeking regulatory approvals for exploration activities would be one of such efforts in increasing local production, " Mr. Moily said.