This paper investigates the existence of ownership effects in the global oil and gas industry, i.e. whether there are systematic performance and efficiency differentials between National Oil Companies (NOCs) and privately-owned International Oil Companies (IOCs). After discussing key issues of...

State-owned enterprises (SOEs) have been declining in numbers in most industries. However, in the oil and gas industry, state-owned national oil companies (NOCs) continue to secure dominant positions in most of the oil-producing countries. In some instances, energy-exporting countries conducted...