National oil companies invest beyond borders

International oil companies face changing business dynamics and rising competition as national oil companies aggressively acquire reserves and other assets around the world.Asian state-owned companies, particularly from China and India, are at the forefront. The Chinese government has pressured oil companies to intensify international mergers and acquisitions (M&A) to satisfy concerns about long-term oil supply.Some Westerners suggest that Asian NOCs disregard financial returns in order to acquire oil reserves and production at any price. But Wood Mackenzie Ltd. analyst Derek Butter disagrees.“It’s not just the Asian NOCs that are driving the high prices in the merger and ...

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