The paradox of the oil majors is that their reserves are pretty minor. Back in 1970, Western oil firms had full access to 85% of the world’s oil reserves, according to consultancy PFC Energy. By 2010, this figure was just 7%.
Yet it would be a mistake to simply conclude that the likes of Exxon Mobil will be progressively squeezed out by monolithic national oil companies. Events of the past few weeks show why………………………………………..Full Article: Source