Approximately two billion dollars a dayof petroleum are traded worldwide, which makes petroleum thelargest single item in the balance of payments and exchangesbetween nations. Petroleum represents the larger share intotal energy use for most net exporters and net importers.While petroleum taxes are a major source of income for morethan 90 countries in the world, poor countries net importersare more vulnerable to price increases than mostindustrialized economies. This paper has five chapters.Chapter one describes the key features of upstream,midstream, and downstream petroleum operations and how thesemay impact value creation and policy options. Chapter twodraws on ample literature and discusses how changes in thegeopolitical and global economic environment and in the hostgovernments' political and economic priorities haveaffected the rationale for and behavior of National OilCompanies' (NOCs). Rather than providing an in-depthanalysis of the philosophical reasons for creatingaNOC, this chapter seeks to highlight the specialnature of NOCs and how it may affect their existence,objectives, regulation, and behavior. Chapter three proposesa value creation index to measure the contribution of NOCsto social value creation. A conceptual model is alsoproposed to identify the factors that affect value creation.Chapter four presents the result of an exploratorystatistical analysis aimed to determine the relativeimportance of the drivers of value creation. In addition,the experience of a selected sample of NOCs is analyzed indetail, and lessons of general applicability are derived.Finally, Chapter five summarizes the conclusions.
PDF
download
878987797
028-85220240
