"Most of the world's oil reserves are in the hands of state-run companies, many of which are run badly."
Graph from Economist magazine 8-10-2006
These reserves represent about 100 years of world supply based on the best projections.
So how to think about this?
is that this is a picture of where great oil wealth will be concentrated in coming years. And, even without the
worrisome socio-political implications, the geography itself spotlights why
the United States must - must! - dramatically
focus all possible effort on ending carbon energy dependence.
The Economist Magazine
National oil companies
Oil's dark secret
Aug 10th 2006 | CARACAS AND LONDON
"...these national champions control as much as 90% of the world's oil and gas, they can
do far more than the likes of Exxon to assuage the current worries about supply and to influence
the accompanying record prices. But like most state-owned firms, they are prone to over-staffing,
underinvestment, political interference and corruption."
"The NOCs will gradually become even more dominant as oil production dwindles in areas which
are open to all comers, such as the North Sea and the Gulf of Mexico. New oil is most likely to
be found in the NOCs' territory, precisely because it is largely out of bounds to multinationals
such as Exxon and BP, and so has not yet been thoroughly raked over. In the future, therefore, oil
production will be even more concentrated in the hands of the national firms of Russia and the Persian Gulf."