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The Myth of “Big Oil”

The Myth of “Big Oil”

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Published by Energy Tomorrow
It is important to understand how the energy world has changed. Forty years ago, world oil reserves were largely the domain of the investor-owned, international oil companies (IOC), based principally in the United States. Most people today assume international oil companies are little changed from decades ago, still sitting astride the bulk of these world oil reserves. That is no longer the case. Today, world oil reserves are 80 percent owned by the national oil companies of foreign governments, many formed during the past 30 years. Only 6 percent of worldwide oil reserves are now held by investor-owned oil companies. Faced with such competition, the investor owned oil companies have scaled up within this new world – principally through mergers and acquisitions – by creating ever larger efficiencies, greater technological and project management prowess, and substantially broader competitive access to capital markets.
It is important to understand how the energy world has changed. Forty years ago, world oil reserves were largely the domain of the investor-owned, international oil companies (IOC), based principally in the United States. Most people today assume international oil companies are little changed from decades ago, still sitting astride the bulk of these world oil reserves. That is no longer the case. Today, world oil reserves are 80 percent owned by the national oil companies of foreign governments, many formed during the past 30 years. Only 6 percent of worldwide oil reserves are now held by investor-owned oil companies. Faced with such competition, the investor owned oil companies have scaled up within this new world – principally through mergers and acquisitions – by creating ever larger efficiencies, greater technological and project management prowess, and substantially broader competitive access to capital markets.

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Published by: Energy Tomorrow on Aug 22, 2011
Copyright:Attribution Non-commercial No-derivs

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05/12/2014

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Page 36Energizing America: Facts for Addressing Energy Policy|July 2011
It is important to understand how the energyworld has changed. Forty years ago, worldoil reserves were largely the domain of theinvestor-owned, international oil companies(IOC), based principally in the United States.Most people today assume internationaloil companies are little changed fromdecades ago, still sitting astride the bulkof these world oil reserves. That is nolonger the case. Today, world oil reservesare 80 percent owned by the national oilcompanies of foreign governments, manyformed during the past 30 years. Only 6percent of worldwide oil reserves are nowheld by investor-owned oil companies.Faced with such competition, the investor-owned oil companies have scaled up within this new world –principally through mergersand acquisitions –by creating ever largerefficiencies, greater technological andproject management prowess, andsubstantially broader competitiveaccess to capital markets.
Source: PFC Energy.
The Myth of “Big Oil”
(As a Percent of Proven Reserves)
National Oil Companies (NOCs) Increasingly Control the World’s Oil Reserves1970200710%14%6%6%78%85%1%
In terms of market power,investor-owned internationaloil companies (IOCs) own just 6 percent of theworld’s oil reserves.

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