Role of National Oil Companies
Indeed, the tables have turned for some NOCs. During the financial crisis of 2008 to 2009, many NOCs found themselves in a disturbing predicament where they needed funding, technology, and resources that many IOCs accumulated during the bull run years of crude oil prices from 2006 to mid-2008. For some NOCs this situation has not improved while other NOCs have emerged relatively unscathed.
Today, IOCs are challenged to explore and develop reserves in the frontier of the oil and gas industry. The era of easy oil is undeniably over. What does that mean for producers? Producers are challenged to explore for hydrocarbons in ultra deep waters, the Arctic Circle, unconventional natural gas shales, and some of the most ...
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