Special Report: Pemex, PDVSA, Petrobras: how strategies, results differ

National oil companies control the vast majority of the world’s oil reserves, produce most of the planet’s crude, and own much of the oil and gas infrastructure, which makes them major forces in the industry.But while competing as oil companies globally, NOCs face special challenges locally as agents of their governments with obligations to serve the needs of their nations. Some are successfully expanding operations beyond their borders. Some are struggling with depleting resources. And some have become the focus of political ambitions and the center of confrontations.Mexico’s Petroleos Mexicanos (Pemex), Venezuela’s Petroleos de Venezuela SA (PDVSA), and Brazil&rs...

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