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Author (up) Wolf, C. doi  openurl
  Title Does ownership matter?: The performance and efficiency of State Oil vs. Private Oil (1987-2006) Type
  Year 2009 Publication Energy Policy Abbreviated Journal  
  Volume 37 Issue 7 Pages 2642-2652  
  Keywords State ownership; Performance; Oil and gas  
  Abstract This paper investigates the existence of ownership effects in the global oil and gas industry, i.e. whether there are systematic performance and efficiency differentials between National Oil Companies (NOCs) and privately owned International Oil Companies (IOCs). After discussing key issues of comparing ’State Oil’ and ’Private Oil’, I summarise important trends emerging from the dataset, which covers 1001 firm observation years over the period 1987-2006. Using panel-data regression analysis it is shown that NOCs significantly underperform the private sector in terms of output efficiency and profitability. They also produce a significantly lower annual percentage of upstream reserves, although this may not be an indication of firm efficiency. Overall, this paper suggests that a political preference for State Oil usually comes at an economic cost.  
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  Notes Approved  
  Call Number Admin @ admin @ Wolf2009 Serial 4705  
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