State-owned oil companies expanding internationally

01/02/2006
The oil industry can expect changing relationships between international companies and national oil companies (NOCs) within 36 months, said John Knight, Statoil ASA senior vice-president, business development and acquisitions.“I think we are going to see major realignments,” Knight said last month during Deloitte & Touche LLP’s annual energy conference in Houston. “I’m not sure what these realignments will look like, but I have a sense that they are coming.”Eight of the 10 largest oil companies are NOCs, and the NOCs have accounted for 50% of the upstream acquisitions since 2003, he said.“NOCs are not just in producing areas. They are entering...
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