The Evolving Role of Oil and Gas Companies in the Energy Industry

S. Al-Fattah
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Abstract

This paper provides a review of the evolving role and characteristics of the global oil and gas companies, which increasingly come in a variety of flavors. It also surveys the different types of global oil and gas companies that include national oil companies (NOCs), international oil companies (IOCs), Independents, and oilfield services companies (OFSCs).

The continued rise of NOCs, accelerated by high oil prices, has seen the balance of control over most of the world’s hydrocarbon resources shift decisively in their favor. Their ability to access capital, human resources and technical services directly from oil field service companies, and to build in-house competencies, allows them to operate independently of Investor Owned Companies in most instances.

The demand on NOCs continues to evolve with the global energy landscape to reflect variations in demand, discovery of new ultra-deep water oil deposits, and national and geopolitical developments. NOCs, traditionally viewed as the custodians of their country's natural resources, have generally owned and managed the complete national oil and gas supply chain from upstream to downstream activities. Having secured their home base, NOCs have emerged as joint venture partners with the IOCs and increasingly as their competitors, seeking international upstream and downstream acquisition and asset targets.

The key question is whether this emerging landscape will undermine the sustainability of the IOC resource-ownership business model. Are the challenges of declining production in existing oil fields replacing oil and gas reserves in restricted access or higher cost areas, and the declining of the operating profit margins yet sufficient to reach a tipping point?
石油和天然气公司在能源行业中的角色演变
本文回顾了全球石油和天然气公司不断演变的角色和特点,这些公司越来越多地呈现出各种各样的风格。它还调查了不同类型的全球石油和天然气公司,包括国家石油公司(noc)、国际石油公司(ioc)、独立石油公司和油田服务公司(ofsc)。在高油价的推动下,国家石油公司的持续崛起,已经见证了世界上大多数碳氢化合物资源的控制平衡决定性地向国家石油公司倾斜。他们有能力直接从油田服务公司获得资金、人力资源和技术服务,并建立内部能力,这使得他们在大多数情况下能够独立于投资者所有的公司运营。随着全球能源格局的变化,对国家石油公司的需求不断变化,新的超深水油田的发现,以及国家和地缘政治的发展。传统上,国家石油公司被视为本国自然资源的保管人,通常拥有并管理着从上游到下游的整个国家石油和天然气供应链。在巩固了本土基础之后,国家石油公司开始与国际石油公司建立合资伙伴关系,并越来越多地成为国际石油公司的竞争对手,寻求国际上游和下游的收购和资产目标。关键问题是,这种新兴格局是否会破坏国际奥委会资源所有权商业模式的可持续性。在开采受限或成本较高的地区,现有油田的产量下降是否会取代油气储量,以及运营利润率的下降是否足以达到临界点?
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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