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Article: New recipe needed for IOC-NOC mix.(international oil companies)(national oil companies)
- Article from:
- Petroleum Intelligence Weekly
- Article date:
- April 4, 2005
CopyrightCOPYRIGHT 2005 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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If the world is to find the reserves and produce the oil to meet future demand--which could be roughly 50% higher than today at some 120 million barrels per day by 2030, according to the International Energy Agency--most people agree that the current market structure must evolve. In particular, cash-rich international oil companies (IOCs) feel they simply have to find ways to cooperate with resource-rich national oil companies (NOCs). On paper, partnerships look attractive, enabling NOCs in Opec states to access IOC capital, technology and project management expertise, in exchange for access to some of their vast reserves. In practice, however, persistent flirting has led ...