Majors retain technological edge

摘要

State-run oil firms are becoming more technologically advanced as they expand beyond their domestic markets. But the majors retain a competitive advantage because the scope of their upstream activities allows wider application of the indus- try’s cutting-edge technologies. State-run firms have been boosting their research and development (R&D) spending, often in tandem with growing collaboration with private-sector firms. And oil service firms such as Hallibur- ton and Schlumberger have R&D budg- ets that account for a far higher propor- tion of their revenue than those of most oil groups (WPA, 6 January 2012, p2).