Halliburton, the global oil services group once headed by Dick Cheney, America’s Vice-President, is to shift its headquarters from Texas to Dubai in a move that reflects the changing balance of power in the world’s oil industry.

Dave Lesar, chief executive, said that Halliburton would retain an office in Houston but open a new corporate headquarters in the fast-growing Gulf financial centre. The chairman, president and chief executive will all be based there.

Speaking at an energy conference in Bahrain, Mr Lesar said that the move reflected Halliburton’s increased concentration on the Middle East, the main centre of expansion in world oil production, and in Asia, where rapid economic growth is demanding vast expansion of energy infrastructure.

The move will be seen as a coup for Dubai.