State-owned companies are the future of the oil industry

Sao Paulo – The future of the oil industry lies in the hands of state-owned companies in the sector, and they tend to become increasingly global. The information was provided by Jim Pierce, managing director of the maritime and energy section at Marsh, a multinational insurance and risk management company that will promote the Conference of the World’s National Oil Companies in Dubai, in the United Arab Emirates, from February 26 to 28.

“Over the last decades, large independent companies took over the industry, but now the remaining large oil reserves are under the control of national companies, and that is a great responsibility,” the executive told ANBA.


According to Pierce, the main objective of the event is to alert state-owned companies to the risks and challenges posed by globalisation. “There are also emerging risks for companies that start working outside of their borders, problems that escape their control, such as climate changes and pandemics,” he claimed. “We want to introduce a holistic approach to risk management, one that extends beyond simple asset protection,” he said.

Representatives of 30 state-owned oil companies will participate in the conference, including Petrobras, Saudi Aramco, Statoil (Norway), Emirates Oil Company (Enoc), Indian Oil Corporation, Kuwait Gulf Oil Company, Kuwait Petroleum Corporation, Pakistan State Oil, RasGas (Qatar), Safer Exploration and Production Operations Company (Sepoc) and Saudi Arabian Basic Industries Corporation (Sabic).

Brazil-Arab News Agency