How to create the next-generation national oil company

National oil companies (NOCs) worldwide are grappling with the forces of inevitable change."We've had a pretty easy time of it in the last 10 years," the new head of a Persian Gulf downstream national oil company said recently, "but we cannot go on in the way that we have any more."NOCs operate in many of the same regions, use the same technologies, and sell into the same downstream markets as do international oil companies (IOCs). However, NOCs usually have been far less commercial and efficient than private companies, and they have struggled to stay at the forefront of technological change in the industry. With a combination of determined leadership and an understanding of the actio...

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