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Table Of Contents

1. The petroleum sector value chain
1.1 Overview of the value chain
1.2 Policy decisions affecting value creation
1.1.1 Industry participation
1.1.2 Licensing and petroleum contracts
1.1.3 Taxation
1.1.4 Depletion policy
1.3 Value creation through integration
1.4 Local content policies and value creation
1.5 Conclusion
2. The establishment of a NOC: advantages and issues
2.1 A brief history of NOCs
2.1.1 Industry participation
2.1.2 The emergence of NOCs
2.1.3 OPEC revolution and post-colonial world
2.1.4 The reaction of consumer states
2.1.5 A new agenda: liberalization and privatization
2.1.6 The end of history?
2.1.7 Developments since 2000
2.2 Arguments in favor of NOCs
2.2.1 Historical context
2.2.2 The importance of the petroleum sector
2.2.3 Political gains from state control
2.2.4 Efficiency and monitoring of operations
2.2.5 Petroleum rent maximization
2.2.6 Socioeconomic issues and priorities
2.3 Practical difficulties and setbacks with NOCs
2.3.1 Historical context and ideology
2.3.2 Economic cost of political control
2.3.3 Operational inefficiencies
2.3.4 Lack of competition
2.3.5 Subsidies and noncommercial objectives
2.3.6 Weak corporate governance
2.3.7 Funding strategy and requirements
2.3.8 Conflict of interests and balance of control
2.4 Conclusion
3. The performance and value creation of NOCs: a conceptual model
3.1 A conceptual model of value creation
3.2 Measuring the performance of NOCs: the value creation index
Figure 3.2 – Components of the VCI
3.2.1 Proxy measures used in VCI
3.2.2 Determination of VCI
3.3 The value drivers
3.3.1 Selection of proxy variables
3.4 Conclusion
4. Case studies and lessons learned
4.1 Exploratory analysis of value drivers
Table 4.1 – NOC sample for statistical analysis
4.1.1 Selection of proxy variables
4.1.2 Indications from the statistical analysis
4.2 Case studies
4.3 The corporate governance of NOCs
4.3.1 Context variables and NOC corporate governance
4.3.1.1 External governance
4.3.1.2 Internal governance
Table 4.7 – Internal governance structure for selected NOCs
Table 4.8 – Internal governance processes for selected NOCs
4.3.2 Selected NOCs corporate governance scorecard
4.4 Lessons learned
Box 4.1 – The grant of special privileges to a NOC: opportunities and pitfalls
Box 4.2 – Local content policies and NOC value creation
Box 4.3 – Consistency and speed of government reforms and NOC value creation
Box 4.4 – Geology and NOC value creation
Box 4.5 – Openness and NOC value creation
Box 4.6 – Corporate governance and NOC value creation
5. Conclusion
Appendix 1– Key stages of the value chain
Appendix 2– Examples of local content policies
Appendix 3– Overview of key research on NOCs
Appendix 4 – Exploratory statistical model: data limitations and issues
Appendix 5 – Relevance of government support to the credit rating of NOCs
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National Oil Companies and Value Creation

National Oil Companies and Value Creation

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Published by Khánh Long

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Published by: Khánh Long on Aug 31, 2011
Copyright:Attribution Non-commercial

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05/25/2012

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