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The Production Crunch; Chavez-style oil nationalism is endangering world economic growth.(Venezuelan President Hugo Chavez)
Byline: J. Robinson West is chairman of PFC Energy, a Washington, D.C.-based adviser to governments and international energy companies.
Last week's announcement from Caracas that the operations of Western energy companies including BP, Chevron, Conoco, Exxon, Total and Statoil were being reduced due to continuing nationalization of oil reserves, and that the Chinese state oil giant CNPC would play a much bigger future role in exploration and production, poses a serious threat to the global oil market.
About 80 percent of the world's oil is controlled by national oil companies. Some of these state-owned enterprises operate at world-class standards, notably Petrobras of Brazil, Petronas of Malaysia and Aramco of Saudi Arabia. In ...
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Source: HighBeam Research, The Production Crunch; Chavez-style oil nationalism is endangering...