Tag Archives: C.Wolf

EPRG 0813

Christian Wolf

Does Ownership Matter? The Performance and Efficiency of State Oil vs Private Oil (1987-2006)

EPRG 0813 Non-Technical Summary | PDF

Abstract: This paper investigates whether there are systematic performance and efficiency differentials between National Oil Companies (NOCs) and privately-owned oil companies. The dataset is based on a survey published by Energy Intelligence and covers 1,001 firm observation years in the period 1987 to 2006. After summarising the main trends emerging from the data and discussing some key issues of comparing ‘State Oil’ and ‘Private Oil’, I find that non-OPEC NOCs underperform their private sector counterparts in terms of labour and capital efficiency, revenue generation and profitability. I also find that much of these differences could be bridged through a change in ownership. OPEC producers show higher efficiency metrics than the private sector, which might be related to exogenous asset quality. All NOCs produce a significantly lower annual percentage of their upstream reserves. This paper complements the time-series analysis of oil privatisations in Wolf and Pollitt (2008) and suggests that a political preference for State Oil usually comes at an economic cost.

Keywords: Ownership, performance, efficiency, NOC, IOC, OPEC

EPRG 0805

Christian Wolf, Michael Pollitt Privatising national oil companies: Assessing the impact on firm performance EPRG 0805 Non-Technical Summary | PDF Abstract: This study empirically investigates the impact of privatisation on firm performance in the global oil and gas industry, where questions of resource control have regained widespread attention. Using a dataset of 60 public share… Continue Reading

EPRG 0905

Christian Wolf and Michael G. Pollitt The Welfare Implications of Oil Privatisation: A Cost-Benefit Analysis of Norway’s Statoil EPRG 0905 Non-Technical Summary | PDF Abstract: The oil industry is of great economic significance to many countries, and privatisations of National Oil Companies (NOCs) have often been controversial, as have been the benefits from privatisation more… Continue Reading