Exclusive extracts from this 70-page-long report:
- Who are the key players?
A distinction can be made between National Oil Companies (NOCs) and International Oil Companies (IOCs). NOCs are typically established in major oil producing, developing nations (Russia, Mexico, OPEC) and play a significant role in their domestic economies and public finances, whereas IOCs compete with each other in international markets and follow more market and profit-oriented strategies. Over the past decade, a third category of players has emerged: mixed NOCs, which comprise companies that aim to secure their home country's energy security while balancing government objectives with commercial profitability. [...]
Groups analysed in this report include: Shell, PetroChina Company, Sinopec, BP, Exxon Mobil, Total, Chevron, PJCS Gazprom, PJSC Lukoil and Eni.
- What are the players' strategies?
In line with its strategy to improve free cash flow and shareholder returns, Shell has embarked on an action plan to cap investment and operating costs and focus on lucrative new projects upstream, in parallel with asset shuffling. Given the sustained low oil price environment, Shell is looking to keep capex levels at the lower end of its planned budget of €22-27bn per year until 2020. […]
- What are the players' key growth and profitability drivers?
Higher sales volumes of crude oil and gas condensate to Russia and Europe have bolstered Gazprom's performance over the past few years, although revenue growth was hit by the depreciation of the Russian rouble in 2016. [...]