The Growing Importance of National Oil Companies

The efforts of Venezuela’s Hugo Chavez to assert state control over the country’s oil industry are just one example of an important worldwide trend toward the nationalization of oil. According to a very interesting report from Rice University’s Baker Institute for Public Policy, National Oil Companies (NOCs) now control 77 percent of global proved oil reserves. Production is also increasingly controlled by NOCs, according to the report: In contrast to years past, when privately held IOCs with publicly listed shares, such as ExxonMobil, BP, Royal Dutch Shell and Chevron, represented the largest oil and gas producers worldwide, NOCs now dominate […]

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