rockdoc123 wrote:I'm sorry but that is just dumb. Where are foreign oil companies completely shut out of now.......nowhere, not one single country in the world.
"While geographic preferences based on corporate presence or long-standing relationships are often factors, it is quality reserves with quality fiscal terms that the companies are after; it is that objective that ultimately guides them in targeting assets and allocating investment dollars. Of total global oil and gas reserves, only about 14% are fully open for IOGC competition, where governments regulate the activities of oil and gas companies, but do not themselves participate in the exploitation of reserves (largely in the US and the UK). A further 17% of global oil and gas reserves are held by Russian companies, both privatized and public, where the degree of openness, the nature of IOGC access and the competitive environments and terms are still evolving and basically still unclear.
Only 11% of global reserves where NOCs are present and governments own the resources are open for IOGC to have equity access to reserves. By far the largest portion of global reserves, 58%, are held by governments and NOCs where IOGCs do not yet have equity access; in part of this portion, IOGCs can have some limited involvement through service contracts or technical service agreements, but they cannot have equity access to reserves. In spite of this, out of some $180bn in capex spent in the global E&P sector in 2002, $140bn was spent by publicly traded companies. The situation is only slightly different if one considers only natural gas, where Russia becomes more dominant, holding about 31% of the global reserve base. Reserves with full IOC equity access amount to some 10% of world reserves, and only 8% of world natural gas reserves where NOC are present are open to IOGCs. When it comes to the remaining 51% of global gas reserves, IOGCs have only limited access, through service contracts, but no equity access." http://www.mees.com/postedarticles/oped/a47n26d01.htm
In Saudi Arabia Russian and Chinese companies are now involved actively in gas/condensate exploration in the Rub Al Khali (although Saudis are making noises about not offering anything more),
The last bit illustrates my point.
in Iran there are still lots of opportunities...
So why are you complaining about the "paucity of good exploration opportunities"?
in Russian BP is still fairly active and the Russian government still is offering opportunities in places like the Urals to participation by foreign oil companies...
If Russia is so open, what was Yukos all about then?
Chavez may be making it difficult for foreign companies but he hasn't thrown them out...
That's consistent with slow-down tactics.
no on the contrary the world has never been a more open playing field from the perspective of oil and gas E&P.
IMO, the facts don't justify that statement.
Also why in the world would any NOC shoot themselves in the foot by not producing their own oil at maximum efficient rates?
Because it makes good economic sense to slow-down when the price is rising. Morgan Stanley and Goldman Sachs are hoarding oil (Source
). If it makes sense for them, why wouldn't it make sense for the NOCs, who can hoard much more effectively simply by dragging their feet.
No I am afraid they are as capitalistic as anyone else, if not moreso given that they have a few decades of catching up to do.
Catch up to what? The American lifestyle? It would make no sense to spend the last dregs of natural oil to build an oil-dependent infrastructure.