National oil companies (NOCs) play an important role in the world economy. They produce most of the world's oil and bankroll governments across the globe. Although NOCs superficially resemble private-sector companies, they often behave in very different ways. Oil and Governance explains the variation in performance and strategy for NOCs and provides fresh insights into the future of the oil industry as well as the politics of the oil-rich countries where NOCs dominate. It comprises fifteen case studies, each following a common research design, of NOCs based in the Middle East, Africa, Asia, Latin America and Europe. The book also includes cross-cutting pieces on the industrial structure of the oil industry and the politics and administration of NOCs. This book is the largest and most systematic analysis of NOCs to date and is suitable for audiences from industry and academia, as well as policymakers.

The largest and most systematic analysis of national oil companies to date.

Part I. Introduction 1. Introduction and overview Part II. Thematic studies of national oil companies 2. The political economy of expropriation and privatization in the oil sector 3. Hybrid governance : state management of national oil companies 4. On the state's choice of oil company : risk, management, and the frontier of the petroleum industry Part III. National oil company case studies 5. Saudi Aramco : the jewel in the crown 6. Oil, monarchy, revolution, and theocracy : a study on the National Iranian Oil Company (NIOC) 7. Handcuffed : an assessment of Pemex's performance and strategy 8. Kuwait Petroleum Corporation (KPC) : an enterprise in gridlock 9. China National Petroleum Corporation (CNPC) : a balancing act between enterprise and government 10. Petróleos de Venezuela, S.A. (PDVSA) : from independence to subservience 11. Awakening giant : strategy and performance of the Abu Dhabi National Oil Company 12. Brazil's Petrobras : strategy and performance 13. Sonatrach : the political economy of an Algerian state institution 14. Norway's evolving champion : Statoil and the politics of state enterprise 15. Gazprom : the struggle for power 16. NNPC and Nigeria's oil patronage ecosystem 17. Fading star : explaining the evolution of India's ONGC 18. Petronas : reconciling tensions between company and state 19. Angola's Sonangol : dexterous right hand of the state Part IV. Conclusions and implications 20. Major conclusions and implications for the future of the oil industry Part V. Appendices