Natural Oil Companies and Value Creation

Approximately two billion dollars a day of petroleum are traded worldwide, which makes petroleum the largest single item in the balance of payments and exchanges between nations. Petroleum represents the larger share in total energy use for most ne...

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Bibliographic Details
Main Authors:	Tordo, Silvana, Tracy, Brandon S., Arfaa, Noora
Format:	Publication
Language:	English
Published:	World Bank 2012
Subjects:	ACCOUNTING ACCOUNTING PRINCIPLES ALTERNATIVE ENERGY APPROACH AUTONOMY AVAILABILITY BALANCE BALANCE OF PAYMENTS BARREL BARRELS OF OIL BARRIERS TO ENTRY BENCHMARKS BILATERAL TRADE CAPACITY BUILDING CAPACITY UTILIZATION CENTRALLY PLANNED ECONOMIES COMMON GOOD COMPETITIVE ADVANTAGE COMPETITIVE MARKETS CONCESSION CONSUMPTION RATES CONTRACTUAL ARRANGEMENTS CONTRACTUAL OBLIGATIONS CONTRACTUAL RELATIONSHIPS CONVENTIONAL OIL COST SAVINGS CROWDING OUT CRUDE OIL CRUDE OIL PRICE CRUDE PRICE CRUDE PRICES DAMAGES DECISION MAKING DEVELOPMENT POLICIES DISCOUNT RATE DISECONOMIES OF SCALE DOMESTIC OIL DOMESTIC OIL PRODUCTION DOWNSTREAM OIL DRILLING ECONOMIC DEVELOPMENT ECONOMIC EFFICIENCY ECONOMIC GEOLOGY ECONOMIC GROWTH ECONOMIC IMPACT ECONOMIC INCENTIVES ECONOMIC PRIORITIES ECONOMIC RENT ECONOMIC SECTORS ECONOMIC THEORY ECONOMICS ECONOMIES OF SCALE ECONOMIES OF SCOPE EMPIRICAL ANALYSIS EMPIRICAL EVIDENCE EMPIRICAL STUDIES EMPLOYMENT ENERGY SOURCES ENERGY STRATEGIES ENERGY USE ENVIRONMENTAL ENVIRONMENTS EXCESS SUPPLY EXCHANGE RATES EXPLOITATION EXPLORATION AND PRODUCTION LICENSES EXTRACTION FEEDSTOCK FEEDSTOCK COSTS FINANCIAL CRISIS FISCAL REGIME FISCAL TERMS FISH FOREIGN EXCHANGE FUEL GAS COMPANIES GAS EXPLORATION GAS EXPLORATION AND PRODUCTION GAS INDUSTRY GAS INFRASTRUCTURE GAS MARKETING GAS MARKETS GAS PRICES GAS PROCESSING GAS RESERVES GAS RESERVES HOLDERS GAS RESOURCES GDP GENERATION GLOBAL OIL PRODUCTION HORIZONTAL CONCENTRATION HORIZONTAL INTEGRATION HYDROCARBONS INCOME TAX INDUSTRIALIZATION INEFFICIENCY INTERGENERATIONAL EQUITY INTERNAL COMBUSTION INTERNAL COMBUSTION ENGINES INTERNATIONAL OIL COMPANIES INVENTORY INVESTMENT OPPORTUNITIES KEROSENE KEROSENE LIGHTING LIQUID FUEL LIQUIDITY LNG MACROECONOMIC POLICIES MARGINAL COSTS MARKET LIBERALIZATION MARKET PRICES MINERAL MONOPOLY MULTINATIONAL CORPORATIONS MULTIPLIER EFFECT MULTIPLIER EFFECTS MULTIPLIERS NATIONAL ECONOMY NATIONAL OIL NATIONAL OIL COMPANIES NATURAL GAS NATURAL GAS PROJECTS NATURAL RESOURCES NET OIL OIL AND GAS OIL AND GAS SECTOR OIL COMPANY OIL DEMAND OIL DISCOVERIES OIL EXPLORATION OIL EXPORTING COUNTRIES OIL INDUSTRY OIL MARKETING OIL MARKETS OIL PRICE OIL PRICES OIL PRODUCERS OIL PRODUCING OIL PRODUCTION OIL PRODUCTS OIL REFINING OIL RESERVES OIL SECTOR OIL SUPPLY OIL WELL OIL-PRODUCING COUNTRIES OPEC OPEC COUNTRIES OPPORTUNITY COST ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES OWNERSHIP STRUCTURE PERCENT OF PRODUCTION PETROCHEMICAL INDUSTRY PETROCHEMICALS PETROCHEMICALS INDUSTRY PETROLEUM PETROLEUM ASSETS PETROLEUM COMPANY PETROLEUM CONTRACTS PETROLEUM CORPORATION PETROLEUM EXPLORATION PETROLEUM INDUSTRY PETROLEUM MARKETS PETROLEUM POLICY PETROLEUM PRODUCING PETROLEUM PRODUCING COUNTRIES PETROLEUM PRODUCTION PETROLEUM RESERVES PETROLEUM RESERVOIRS PETROLEUM RESOURCES PETROLEUM SECTOR PETROLEUM STOCKS PIPELINE PIPELINES POLICY DECISIONS POLICY MAKERS POLITICAL ECONOMY POLLUTION POWER PRESENT VALUE PRICE CONTROLS PRICE DISCRIMINATION PRICE EXPECTATIONS PRICE INCREASES PRIVATE COSTS PRIVATE PARTICIPATION PRIVATE SECTOR PRIVATE SECTOR PARTICIPATION PRIVATE SHAREHOLDERS PRIVATIZATION PRODUCTION COSTS PRODUCTION OF FERTILIZERS PRODUCTION RATES PRODUCTION SHARING CONTRACTS PROFIT MARGINS PROVEN RESERVES QUOTAS REFINERIES REFINERY REFINING REGRESSION ANALYSIS RESERVOIR RETURN ON INVESTMENT ROYALTY SHALE OIL STATE CONTROL STATE INTERVENTION STATISTICAL ANALYSIS SUBSIDIARY SUPPLY OF CRUDE SUSTAINABLE DEVELOPMENT TAXATION TIME VALUE OF MONEY TRANSACTION COSTS TRANSACTIONS COSTS TRANSITION ECONOMIES TRANSPORT VALUE ADDED WEALTH WORLD TRADE ORGANIZATION WTO
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20111123234110 http://hdl.handle.net/10986/2375 http://hdl.handle.net/10986/5922

Description
Summary:	Approximately two billion dollars a day of petroleum are traded worldwide, which makes petroleum the largest single item in the balance of payments and exchanges between nations. Petroleum represents the larger share in total energy use for most net exporters and net importers. While petroleum taxes are a major source of income for more than 90 countries in the world, poor countries net importers are more vulnerable to price increases than most industrialized economies. This paper has five chapters. Chapter one describes the key features of upstream, midstream, and downstream petroleum operations and how these may impact value creation and policy options. Chapter two draws on ample literature and discusses how changes in the geopolitical and global economic environment and in the host governments' political and economic priorities have affected the rationale for and behavior of National Oil Companies' (NOCs). Rather than providing an in-depth analysis of the philosophical reasons for creating aNOC, this chapter seeks to highlight the special nature of NOCs and how it may affect their existence, objectives, regulation, and behavior. Chapter three proposes a value creation index to measure the contribution of NOCs to social value creation. A conceptual model is also proposed to identify the factors that affect value creation. Chapter four presents the result of an exploratory statistical analysis aimed to determine the relative importance of the drivers of value creation. In addition, the experience of a selected sample of NOCs is analyzed in detail, and lessons of general applicability are derived. Finally, Chapter five summarizes the conclusions.

Natural Oil Companies and Value Creation

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