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Publié par | world-bank-publications |
Publié le | 13 juillet 2011 |
Nombre de lectures | 45 |
EAN13 | 9780821388327 |
Langue | English |
Poids de l'ouvrage | 1 Mo |
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WORLD BANK WORKING PAPER NO. 218
National Oil Companies
and Value Creation
Silvana Tordo
with Brandon S. Tracy
and Noora ArfaaW O R L D B A N K W O R K I N G P A P E R N o . 2 1 8
National Oil Companies
and Value Creation
Silvana Tordo
with
Brandon S. Tracy and Noora Arfaa© 2011
The International Bank for Reconstruction and Development/The World Bank
1818 H Street NW
Washington DC 20433
Telephone: 202-473-1000
Internet: www.worldbank.org
All rights reserved
1 2 3 4 14 13 12 11
World Bank Working Papers are published to communicate the results of the Bank’s work to the de-
velopment community with the least possible delay. The manuscript of this paper therefore has not
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ISBN: 978-0-8213-8831-0
eISBN: 978-0-8213-8832-7
ISSN: 1726-5878
DOI: 10.1596/978-0-8213-8831-0
Library of Congress Cataloging-in-Publication Data has been requested.
Tordo, Silvana.
National oil companies and value creation / Silvana Tordo with Brandon S. Tracy and Noora Arfaa.
p. cm. — (World Bank working paper ; no. 218)
Includes bibliographical references and index.
ISBN 978-0-8213-8831-0 (alk. paper) — ISBN 978-0-8213-8832-7 (electronic)
1. Petroleum industry and trade. 2. Business enterprises. I. Tracy, Brandon S., 1973- II. Arfaa, Noora.
III. Title.
HD9560.5.T647 2011
338.2’7282—dc23
2011020570Contents
Acknowledgments ..................................................................................................................vii
Abbreviations and Acronyms ................................................................................................ix
Executive Summary......xi
1. The Petroleum Sector Value Chain .................................................................................... 1
1.1 Overview of the Value Chain ..................................................................................... 1
1.2 Policy Decisions Afecting Value Creation ............................................................... 3
1.1.1 Industry Participation ........................................................................................ 4
1.1.2 Licensing and Petroleum Contracts ................................................................ 4
1.1.3 Taxation ............................................................................................................... 5
1.1.4 Depletion Policy .................................................................................................. 5
1.3 Value Creation Through Integration ......................................................................... 7
1.4 Local Content Policies and Value Creation ............................................................... 8
1.5 Conclusion ................................................................................................................... 11
2. The Establishment of a No C: Advantages and Issues ................................................15
2.1 A Brief History of NOCs ........................................................................................... 15
2.1.1 Industry Participation ..................................................................................... 15
2.1.2 The Emergence of NOCs ................................................................................. 16
2.1.3 OPEC Revolution and Post-Colonial World ................................................. 17
2.1.4 The Reaction of Consumer States .................................................................. 19
2.1.5 A New Agenda: Liberalization and Privatization ...................................... 19
2.1.6 The End of History? ......................................................................................... 20
2.1.7 Developments Since 2000 ................................................................................ 21
2.2 Arguments in Favor of NOCs ...................................................................................22
2.2.1 Historical Context ............................................................................................22
2.2.2 The Importance of the Petroleum Sector .....................................................22
2.2.3 Political Gains from State Control ................................................................. 23
2.2.4 Efciency and Monitoring of Operations .................................................... 23
2.2.5 Petroleum Rent Maximization ...................................................................... 23
2.2.6 Socioeconomic Issues and Priorities ............................................................. 24
2.3 Practical Difculties and Setbacks with N OCs ..................................................... 24
2.3.1 Historical Context and Ideology .................................................................... 24
2.3.2 Economic Cost of Political Control ................................................................ 25
2.3.3 Operational Inefciencies ............................................................................... 25
2.3.4 Lack of Competition ........................................................................................ 26
iiiiv World Bank Working Paper
2.3.5 Subsidies and Noncommercial Objectives................................................... 26
2.3.6 Weak Corporate Governance ......................................................................... 27
2.3.7 Funding Strategy and Requirements ............................................................ 27
2.3.8 Confict of Interests and Balance of Control ................................................ 28
2.4 Conclusion ................................................................................................................... 29
3. The Performance and Value Creation of No Cs: A Conceptual Model ....................38
3.1 A Conceptual Model of Value Creation .................................................................. 38
3.2 Measuring the Performance of NOCs: The Value Creation Index ...................... 39
3.2.1 Proxy Measures Used in VCI ......................................................................... 40
3.2.2 Determination of VCI ......................................................................................44
3.3 The Value Drivers .......................................................................................................44
3.3.1 Selection of Proxy Variables ........................................................................... 45
3.4 Conclusion ................................................................................................................... 47
4. Case Studies and Lessons Learned ..................................................................................50
4.1 Exploratory Analysis of Value Drivers .................................................................... 50
4.1.1 Selection of Proxy Variables 50
4.1.2 Indications from the Statistical Analysis...................................................... 52
4.2 Case Studies ................................................................................................................ 53
4.3 The Corporate Governance of NOCs ......................................................................54
4.3.1 Context Variables and NOC Corporate Governance ..................................54
4.3.1.1 External Governance ............................................................................. 67
4.3.1.2 Internal Governanc