Transparency
NOCs are often reticent to publish information in a comparable manner to that of IOCs. For investors who wish to conduct their own research, one simply may not find an abundance of information on closely held NOCs outside of what is already in the public domain. Unless the NOC has publicly issued bonds, investors may not be able to readily conduct research on a given state-owned oil company.
Some state-owned oil companies, such as PEMEX, will publish information for their global bond investors. PEMEX taps the capital markets on a regular basis and provides an outstanding level of information for global investors both in terms of quantity and quality. Annually, PEMEX publishes an entire book dedicated to the status of its hydrocarbon ...
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