Sunday October 29, 2006
The international giants are in trouble, with reserves shrinking, taxes and costs rising, and producing nations reneging on deals or nationalising their assets. The answer to their problems could be massive mergers, writes Oliver Morgan
Multinational oil companies are having a tough time. Crude prices are falling, maintaining production is a struggle, yet taxes set by the world’s resource-rich nations are rising – as are costs. Topping it all is a rising trend of energy nationalism stretching round the globe.