One of the main goals of the annual PIW Top 50 rankings has always been to compare national oil companies(NOC)and private sector firms through operational criteria.A recent academic analysis of the PIW data on reserves and production shows a strikingly wide gap in the output intensity of national oil companies as compared to major international oil companies(IOC).A key conclusion of the study is that the majors are about one-third better at converting oil reserves into actual production than their state-owned counterparts(p1),according to Nadejda Marakova Victor,a research fellow at Stanford University's Program on F.
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