Abstract
The oil and gas industry has witnessed a dramatic rise in oil prices since
2003; oil prices have been driven high by a combination of factors - mainly a
rapid acceleration in oil consumption on the back of robust economic growth,
juxtaposed with supply side constraints as oil production capacity is almost
fully utilized. Lingering event risks such as terrorist strikes, political
events or natural calamities that could lead to a disruption to global oil
supply have also added a premium to oil prices. Strong oil prices have enabled
large oil & gas companies to report record profits, which has not only earned
them media attention but also the ire of consumers (and thus politicians) hit
by high energy prices. Many countries, including the United States, have
introduced or are considering imposing ?windfall? taxes on oil & gas
companies. Given the reliance on oil for meeting a nation?s energy
requirements, interventions by local and national governments are fairly
commonplace in the industry. Bolivia nationalized its gas reserves and
Venezuela forced the international companies to cede control. In Europe,
Gazprom?s decision to cut off Ukraine?s supplies sent ripples throughout
Europe, which is heavily reliant on Russian gas. This report identifies the
underlying long term trends in the industry and their implications for future
energy demand and consumption. It also outlines the main drivers of oil prices
and analyzes the global oil & gas reserves and consumption patterns. Finally,
the report profiles the top ten oil & gas companies that are owned and managed
by the private sector. For each company, a summary of the business model,
strengths, strategies and challenges that the company faces will be analyzed.
Companies, where the government owns more than 50% of the equity or exercises
substantial control, have been excluded from the report.
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