A Fifty-Year Prospective on World Petroleum Arrangements.
Article from: OGEL 1 (2005), in Production Sharing Contracts
Introduction
The year 1988 marked the fiftieth anniversary of the Mexican expropriation of oil company property. During the past fifty years, the world petroleum market has changed dramatically. In 1938, the world's oil was largely controlled by seven international oil companies. Known as the 'Seven Sisters,' these vertically integrated companies dominated not only the transportation, refining, and marketing of petroleum, but also to a considerable extent the world's oil reserves. Although their control over United States reserves was limited by the presence of many smaller companies, the seven ...