Buyers' Market for Oil Companies in Davos
DAVOS, Switzerland, Jan 25 (Reuters) - Oil executives normally travel the world to win big contracts - but rarely do government officials travel the other way.
This week in Davos, however, some of the most powerful oil CEOs gathered on the sidelines of the World Economic Forum and were presented with an embarrassment of riches.
While the appearance of Iran's new president and oil minister in front of the heads of BP, ENI, Total and Lukoil made most headlines, the executives also heard presentations by officials from Canada, Mozambique and Mexico.
The head of BP Bob Dudley drew a simple conclusion: "It just shows how big the shifts are in the industry."
Oil prices peaked at $147 a barrel in 2008 amid growing fears that the world was running out of oil. Five years on, oil is considered plentiful thanks to the U.S. shale oil revolution and the discovery of massive oil and gas fields elsewhere.
Some executives are beginning to talk about an easing of resource nationalism, one of the hottest topics in the industry over the past decade as countries such as Russia and Kazakhstan became increasingly assertive about developing their reserves themselves.
"Today a number of countries which have huge reserves of oil and gas begin to say that they need investments to develop them," said the head of Lukoil Vagit Alekperov.
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Operates 28 Offshore Rigs
- BP Midstream Partners Seeks To Raise Up To $893MM In IPO (Oct 16)
- BP, Azerbaijan's SOCAR To Sign Caspian Sea Exploration Deal In 2017 (Oct 12)
- Increasing the World's Oil Reserves with Digitization (Oct 09)
Company: Lukoil more info
- Transneft: Oil Supplies to Lukoil's Norsi Refinery Suspended Due to Fire (Oct 05)
- Russia's Lukoil Eyes Decade Of Oil Output Growth (Sep 20)
- Lukoil Finds Oil at Iraq Well (Feb 22)
Company: Total S.A. more info
- Total CEO: US Shale Oil Industry To See Wave Of Investment (Oct 18)
- Total's CEO Says Will Try To Move Ahead With Iran Gas Project (Oct 17)
- Total Expands Presence in Mexico (Oct 12)
Company: ENI more info
Operates 12 Offshore Rigs
- Eni Bets Big on Zohr Explorer Finding New Treasure (Oct 06)
- Eni Inks Cooperation Deal With China's CNPC (Sep 13)
- Italy's Eni Confident Of Dividend Even With Lower Oil Prices (Jul 28)