Oil company Nationalisation

[odie1kanobe]

In the event of oil hitting $150 a barrel there is a possibility that some of the countries that have let in Oil companies to develop and profit from their oil may feel differently.

Its all very well having a contract but if a country tears it up and walks away it could be a long time to get anything back.

Could a situation develop where the Superpowers have to use military force to support oil companies even further.

A 1 million barrel export oil business was worth $20 million 6-7 years ago and potentially now $100-150m.

I think its only a matter of time before it happens.

[CookieMonster]

Saudi Aramco is state owned, ADNOC (UAE) is state owned, The Kuwait Oil Company is state owned, QP (Qatar) is state owned, NIOC (Iran) is state owned, Petroleos de Venezuela is state owned, NOC (Libya) is state owned, Sonatrach (Algeria) is state owned, Sonagol (Angola) and Pertamina (indonesia) are also state owned
Nigeria ia a bit different, they broke up NNPC during the summer and I don't know what the situation is now.

So they're all nationalised. But they need the oil firms for upstream and downstream operations. Having seen how QP operate myself they look after themselves first and the likes of ExxonMobil second. They make a healthy profit from it but the state companies feather their own nests.

I don't see you prediction coming true.

[joel]

In the event of oil hitting $150 a barrel there is a possibility that some of the countries that have let in Oil companies to develop and profit from their oil may feel differently.

Its all very well having a contract but if a country tears it up and walks away it could be a long time to get anything back.

Could a situation develop where the Superpowers have to use military force to support oil companies even further.

A 1 million barrel export oil business was worth $20 million 6-7 years ago and potentially now $100-150m.

I think its only a matter of time before it happens.

Brazil has struck oil - and taken care to get the lion's share. Pity Ireland has been sucked into this oil companies rap - with people creaming it off.

[jimmyfour]

Brazil has struck oil - and taken care to get the lion's share. Pity Ireland has been sucked into this oil companies rap - with people creaming it off.

Yup. Add Statoil to that big list. Governments that work in the interests of their own people - ironically that includes Saudi Arabia - will make it state owned as that generates more local wealth for the nation.

A shame on our government that the sell our gas and oil exploration rights off, while we still buy overpriced oil from Statoil and gas from the bloody Urals 5000km away.

[odie1kanobe]

So you'd rather spend a couple of billion looking for oil

[JCSkinner]

Time we nationalised our reserves, which Fianna Fail gave to Tony O'Reilly and the Norwegians for nothing.

[joel]

Time we nationalised our reserves, which Fianna Fail gave to Tony O'Reilly and the Norwegians for nothing.

You won't see nothing about that in the "Independent", eh!