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RMI: Challenges affecting many US energy elements
04/07/2008
National oil companies (NOCs), which now have “superior access to resources and booming domestic markets,” made two thirds of the largest oil and gas discoveries in 2007, said Parker Drilling Co. Chairman and Chief Executive Robert L. Parker Jr. at the RMI Oilfield Breakfast Forum in Houston Mar. 28.“The game is changing,” Parker said, from the 1960s, when international oil companies (IOCs) had full access to 85% of world resources, NOCs controlled 1%, and the Soviet Union held 14%.“Nationalizations in the 1970s and 1980s and tougher terms in the 1990s and 2000s have changed the power balance, with NOCs controlling 65% of reserves in 2005 and 77% today,&rdquo...
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