Resources Become the Bottleneck for Development of Multinational Oil Companies

Oil production by oil-producing countries other than OPEC and the former Soviet Union reached its peak in 2002, and output has been declining since then. The world's 43% of oil production comes from 15% of the world's reserves. This situation is unsustainable. Even if it did not reach the peak of production in 2002, it is now almost the same.
The data from 1999 to 2005 show that the output levels of 68 multinational oil companies are basically no improvement. In the past six years, the daily output of crude oil has only increased from 17.2 million barrels to 18 million barrels.
From 2004 to 2006, the combined daily output of several companies including Exxon Mobil, Chevron, ConocoPhillips, Royal Dutch Shell, British BP, French Total, and Italian Enni fell from 14.1 million barrels to 13.6 million barrels. .
Of the 10 companies with the largest reserves in the world, besides the Russian Lukoil, the remaining nine are state-owned oil companies with an average storage and production ratio of 78 years. According to reserve control rankings, ExxonMobil ranked 14, BP ranked 17, Chevron ranked 19th, ConocoPhillips 23rd, and Shell 25th. The average storage-production ratio of the five largest multinational oil companies is only 11 years.
In the future, the status of various companies in terms of reserves will not develop in favor of multinational oil companies. As countries establish their own state-owned oil companies, exploration and development zones that are open to private companies may disappear.
The greatest change is the level and level of competition. Today, the business of multinational corporations is much more difficult than before. First, it is a problem of resources and land. In addition, the scale of new oil and gas discoveries is not large, the output of old oil fields continues to decline, and the competition between state-owned oil companies and multinational oil companies continues to intensify. Competition has driven multinational corporations to get involved in remote areas and the deep sea, into the harsh environment and high temperature and high pressure deep in the earth's crust, which has also led to technological innovation.

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