Hard lessons from the oil frontier By Carola Hoyos in London
Published: May 14 2006 22:29 | Last updated: May 14 2006 22:29
Rising oil prices and the consequent shift of power in favour of resource-rich countries such as Venezuela, Russia and Saudi Arabia, have left demand for the traditional services of international oil companies waning.
Petro-states with increasingly sophisticated national oil companies no longer need foreign help to extract oil and gas. This has brought the renegotiation of contracts, exclusion of foreign companies from projects and a host of demands on international groups that range from funding local schools to involvement in electricity or refining sectors. Bolivia is the latest country to change the rules, taking full control of its gas fields from companies including Petrobras of Brazil, Repsol of Spain and the UK’s BG. read more
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