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Supermajors have lost ground amid the rise of IOCs and NOCs

Genel boss Hayward tells delegates tyranny of scale may force IOCs to rethink strategy

The rise of national oil companies (NOCs) and independents over the past 10 years has dramatically changed the resource ownership map, reversing the balance between international oil companies (IOCs) and NOCs. But are the supermajors losing ground? “It’s a tyranny of scale that afflicts many other sectors,” Tony Hayward, chief executive of Anglo-Turkish independent explorer Genel Energy told WEC 2013. Certainly, the financial markets are questioning if IOCs should be broken up in order to expand again, the former chief executive of UK supermajor BP added. Still, the world needs them to develop the most challenging projects. Hayward believes only IOCs have the technical skills and financial

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