State-rrun firms become R&D leaders

摘要

State-controlled oil companies are aking on a bigger share of the load in developing the new technologies that will be needed to meet growing energy demand in the decades ahead. Research and development (R&D) budgets of state-run firms offer the lat- est evidence of a push by resource-rich nations to maximise value rather than be merely rent collectors. Oil service providers are aiding in the technology push. But even amid projections for energy demand growth of more than 30pc by 2040, the majors are paring budgets and spending little on R&D relative to their overall size.