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The Value of Strategic Resource Ownership - National Winners and Major Losers

National Oil Companies (NOCs) have increased their global ownership to cover 78% of worldwide oil and gas reserves. We show that this has had observable consequences on the relative market value of competitor groupings. Ownership changes are linked with corresponding changes in corporate value for the period 2005 to 2008, covering 689 companies operating across 79 countries. Competitor groups significantly underperform NOCs, an effect we link to their proportional reduction in global resource ownership, a trend expected to continue to benefit NOCs at the expense of all competitors.