National oil companies could one day merge: Petronas chief

The growing partnership between newly empowered national oil companies could one day lead to mergers, says the chief executive of Petronas, the Malaysian state oil firm that blazed a trail overseas 15 years ago.
Armed with cash windfalls from a four-year oil price boom, backed by governments anxious to secure resources and able to get the technology they need from other companies, more national champions will find partners in another state oil firm, not international oil companies (IOCs) like BP or ExxonMobil.
He made no mention of any plans by Petronas for any such action.
A lasting combination of state oil champions would have to overcome big issues of national security and pride, but its success would deal a blow to global majors, already struggling to replace their reserves amid heightened competition and the rise of governments eager to nationalise their resources.
“I think as we move along, as national oil companies develop capabilities and competencies, there is now a willingness… to be working together, sharing resources,” Hassan said during the interview on the 81st floor of the iconic Petronas Towers.

Gulf Times