Venezuela’s National Oil Company’s Vision for Social Development

National oil companies (NOCs) are in the ascendancy throughout the world, and the traditional oil and natural gas model relating to international energy development and markets must be revised accordingly.

Until recently, international oil companies (IOCs) managed the world
NOCs have become sophisticated, extremely capable, and quite profitable business entities in their own right. Compared to IOCs, NOCs enjoy comparative advantages, and are also gaining competitive advantages throughout the value chain. As such, a major shift from the IOCs to the NOCs has occurred in control of reserves and production of both crude oil and natural gas.

In the 1970s, IOCs controlled more than 80 percent of the world