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  • Risk attitudes shape national oil company strategies


    Mark C. Thurber and David R. Hults

    National oil companies (NOCs) often behave in strikingly different ways from one another and from private, international oil companies (IOCs). Given that NOCs control about three-quarters of world oil reserves (Table 1) by equity share, their variation in corporate strategy has important implications for the world oil market. The recently released book, Oil and Governance: State-owned Enterprises and the World Energy Supply,1 which we co-edited (along with our colleague, David Victor) and contributed to, explores the variations among NOCs through 15 detailed case studies and several cross-cutting pieces. Building off the research in that book, our aim in this article is to discuss the differences among NOCs in their approach to risk and why they matter.

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