|
|
Article: IOCs face key challenges, must engage NOCs, says new report.(international oil companies, national oil companies)
- Article from:
- The Oil Daily
- Article date:
- June 5, 2007
- Author:
CopyrightCOPYRIGHT 2007 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)
|
International oil companies (IOCs), which are currently enjoying record oil profits, face long-term challenges including resource nationalism, reserve replacement difficulties and rising cost structures in exploration and production, according to a new report by rating agency Moody's.
IOCs should look forward to a more balanced relationship with national oil companies (NOCs), as high commodity prices have led to increased political risk and a new surge in resource nationalism, said a report released Monday by Moody's Investors Service.
"[While] historically the international super-majors may have had the upper hand as a result of their greater expertise, ...