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Part 1: Oil companies adjust as government roles expand

03/26/2007
In the energy industry, the world is not flat. Concentration of oil and gas resources in a handful of small, powerful, and resource-nationalistic governments and their respective national oil companies (NOCs) has created an uneven playing field for international oil companies (IOCs). The rules of the game are being challenged and altered in midcourse by NOCs at host-government direction. The changing competitive landscape will transform the role of traditional IOCs, completing a process that began 40 years ago with a shift in the balance of power favoring NOCs and resource holders.Since 2003, high oil prices have provided NOCs the financing needed to pursue expansion at home and overseas....
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