June 2008

Trends and Resources

HP Impact: HPImpact: Oil major advises IOCs to reformulate their business strategies

International oil companies (IOCs) must improve their technological expertise to survive a trend of increasing nationalism among nations owning energy resources, according to Paolo Scaroni, CEO of En..

Weirauch, Wendy, Hydrocarbon Processing Staff

International oil companies (IOCs) must improve their technological expertise to survive a trend of increasing nationalism among nations owning energy resources, according to Paolo Scaroni, CEO of Eni SpA. "They need to profoundly rethink their business model in order to survive and prosper in the new oil and gas landscape," he advised in a speech to the biennial International Energy Forum in Rome. Attendees included Saudi Arabia, Venezuela, Iran and other OPEC members. "The relative positions of international energy companies and national energy companies are changing, and not in our favor." The share of global oil reserves held by international oil companies has dropped to 6%, from

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