National oil company
A national oil company (NOC) is an oil company fully or in the majority owned by a national government. According to the World Bank, NOCs accounted for 75% global oil production and controlled 90% of proven oil reserves in 2010.
Due to their increasing dominance over global reserves, the importance of NOCs relative to International Oil Companies (IOCs), such as ExxonMobil, BP, or Royal Dutch Shell, has risen dramatically in recent years. NOCs are also increasingly investing outside their national borders.
- Tordo, Silvana (2011). "National oil companies and value creation" (PDF).