《国家石油公司与价值创造》由会员分享，可在线阅读，更多相关《国家石油公司与价值创造（128页珍藏版）》请在金锄头文库上搜索。
1、March 2011National Oil Companies and Value CreationNational Oil Companies and Value Creation Volume II 2 Contents 1. Ecopetrol (Colombia) . 4 2. Kazmunaigaz Exploration and Production (Kazakhstan) . 14 3. Oil and Natural Gas Corporation Ltd (India) . 22 4. Petrleos de Venezuela, S.A. (Venezuela) . 3
2、1 5. Petrleos Mexicanos (Mexico) . 42 6. Petrleos Brasileiro S.A. (Brazil) . 54 7. Petro China Company Limited (China) . 66 8. Petroliam Nasional Berhad (Malaysia) . 76 9. The Petroleum Oil and Gas Corporation of South Africa (South Africa) . 86 10. PTT Public Company Limited (Thailand) . 96 11. Son
3、atrach S.A. (Algeria) . 106 12. StatoilHydro ASA. (Norway) . 118 4 1. Ecopetrol (Colombia) Colombia has largely succeeded in revitalizing its hydrocarbon sector, and increasing its once declining oil production through governance and regulatory reforms and the partial privatization of its NOC - Ecop
4、etrol. The government currently owns 89.9 percent of the share capital in Ecopetrol, and plans to reduce its ownership holding to 80 percent. The NOCs experience underscores the importance of sector governance in the creation of value. Reserves addition and cost control remain the focus of Ecopetrol
5、s strategy. Company and country sector evolution Business activities Ecopetrol is the only vertically integrated hydrocarbon company in Colombia and the largest in the country in terms of revenue, profits, assets, and equity.1 The company has five major business segments: (i) oil and gas exploration
6、 and production (E (ii) domestic oil refining and petrochemical production; (iii) domestic transport of oil and refined products; (iv) the development, marketing, and sale of natural gas in Colombia and to export markets; and (v) the marketing and distribution of refined and feedstock products, both
7、 in Columbia and for export. Ecopetrol dominates much of Columbias hydrocarbon production and processing: Ecopetrol accounted for 66 percent of the nations crude oil production and 56 percent of its natural gas production at end 2008. Ecopetrols exports of crude oil and refined products represented
8、48 percent of the countrys total exports of such products in 2008. Ecopetrol controlled all refining capacity in Colombia in 2008 and is the largest wholesale marketer in the country (Coleman and others, 2009).2 With the acquisition of Propilco in 2008, Ecopetrol is the largest petrochemical produce
9、r in Colombia, mainly in polypropylene. Ecopetrol has access to 69 percent of the countrys crude oil pipeline shipping capacity and owns 99 percent of the total product pipeline shipping capacity. Equity ownership Ecopetrols equity was wholly owned by the Colombian government until November 2007 whe
10、n 10 percent of the companys equity was issued and sold on the Colombian stock market. In September 2008, Ecopetrols American Depositary Receipts began trading on the New York Stock Exchange. Ecopetrol was authorized by the government in 2006 to issue up to 20 percent of its capital stock in Colombi
11、a, subject to the condition that the government retain control of at least 80 percent of the companys capital stock. 1 Information in this section comes from the Ecopetrol 2008 SEC Form 20F and Coleman and others (2009). 2 Ecopetrol does not engage in the retail marketing of refined products. 5 Figu
12、re 1.1 shows the internal organization structure of Ecopetrol. Figure 1.1 Ecopetrol Organizational Structure Source: Authors, based on information available on Ecopetrol website (.co). History Ecopetrol was established in 1951 as Empresa Colombiana de Petrleos, a wholly state-owned industrial and commercial company responsible for administering Colombias hydrocarbon resources. Prior to 1955, Ecopetrols role was administrative and regulatory: it oversaw private company operations in the country under a concession established the 1920s. It began limited E production and reserves con
