Download PDF - Petrofac

2. Development of the oil service sector
The upstream oil & gas industry has four categories of major “actors” -
and their inter-relationships are changing:
Integrated Major Oil Companies (IOCs)
Increasingly focusing on long-term, multi-billion-$ opportunities where
national oil companies are daunted by scale &/or technical complexity
Finding access to conventional oil in conventional regions is more
challenging
National Oil Companies (NOCs)
Increasingly asserting their power, dis-intermediating IOCs - both where
NOCs have ready access to international finance and where they do not
Independent Oil Companies
Generally niche exploration, and less commonly, mature-asset focused
Service companies
Finding, therefore, that the customer-base is shifting
6