Risk attitudes shape national oil company strategies ///

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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