Not long ago, the national oil companies (NOCs) of the world looked little further than their own borders for investment opportunities. Today, many NOCs are as international as the international oil companies (IOCs), and some of them carry a lot of clout. NOCs are broadening their scope of investment. Petrobras, for example, which has long pushed the boundaries of deepwater E&P, began some time ago to push outside its national borders. The company has significant holdings in several South American countries as well as the Gulf of Mexico, not to mention its investments in Africa, Europe and Asia.
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