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Xerox University Microfilms INFORMATION TO USERS This material was produced from a microfilm copy of the original document. While the most advanced technological means to photograph and reproduce this document have been used, the quality is heavily dependent upon the quality of the original submitted. The following explanation of techniques is provided to help you understand markings or patterns which may appear on this reproduction. 1. The sign or "target" for pages apparently lacking from the document photographed is "Missing Page(s)". If it was possible to obtain the missing page(s) or section, they are spliced into the film along with adjacent pages. This may have necessitated cutting thru an image and duplicating adjacent pages to insure you complete continuity. 2. When an image on the film is obliterated with a large round black mark, it is an indication that the photographer suspected that the copy may have moved during exposure and thus cause a blurred image. You will find a good image of the page in the adjacent frame. 3. When a map, drawing or chart, etc., was part of the material being photographed the photographer followed a definite method in "sectioning" the material. It is customary to begin photoing at the upper left hand corner of a large sheet and to continue photoing from left to right in equal sections with a small overlap. If necessary, sectioning is continued again — beginning below the first row and continuing on until complete. 4. The majority of users indicate that the textual content is of greatest value, however, a somewhat higher quality reproduction could be made from "photographs" if essential to the understanding of the dissertation. Silver prints of "photographs" may be ordered at additional charge by writing the Order Department, giving the catalog number, title, author and specific pages you wish reproduced. 5. PLEASE NOTE: Some pages may have indistinct print. Filmed as received. Xerox University Microfilms 300 North Zeeb Road Ann Aibor, Michigan 48106 74-9874 MUNKIRS, John R., 1939- JOINT VBTTURES IN THE INTERNATIONAL PETROLEUM INDUSTRY: PRODUCTION AND PIPELINES. The Ihiversity of Oklahoma, Ph.D., 1973 Economics, general University Microfilms, A XERO\Company , Ann Arbor, Michigan © 1974 JOHN R. MUNKIRS ALL RIGHTS RESERVED THIS DISSERTATION HAS BEEN MICROFIIMBD EXACTLY AS RECEIVED. THE UNIVERSITY OF OKLAHOMA GRADUATE COLLEGE JOINT VENTURES IN THE I INTERNATIONAL PETROLEUM INDUSTRY: PRODUCTION AND PIPELINES A DISSERTATION SUBMITTED TO THE GRADUATE FACULTY in partial fulfillment of the requirements for the degree of DOCTOR OF PHILOSOPHY BY JOHN R. MUNKIRS Norman, Oklahoma 1973 JOINT VENTURES IN THE INTERNATIONAL PETROLEUM INDUSTRY: PRODUCTION AND PIPELINES APPROVED BY d^SSERTATION COMMITTEE ACKNOWLEDGEMENT S This study Is submitted with appreciative acknowledgements: To Professor W. Nelson Peach, George Lynn Cross Research Professor of Economics, for supervision of the study; To other committee members. Professors Jim E. Reese, David Ross Boyd Professor of Economics, Alex J. Kondonassis, David Ross Boyd Professor of Economics, Thomas D. Curtis and David R. Morgan for their advice and helpful suggestions; To Ms. Diane Margaret Munkirs for her patience and dedicated assistance in editing the manuscript. I l l TABLE OF CONTENTS Page ACKNOWLEDGEMENTS................................................................................. i l l LIST OF TABLES ................................................................................. v i i LIST OF ILLUSTRATIONS........................................................................ x i i i Chapter I . INTRODUCTION........................................................................ 1 Purpose and Scope Framework and Method of Approach The Data I I . RECENT LITERATURE ON JOINT VENTURES................... 16 Introduction Corporation Organizational Structure The T echnologist Traditional Industrial Organization Literature The I n d u s try 's View of I t s e l f The Anational Corporation Literature The A n ti-T ru st L ite ra tu re Literature Specifically on Joint Ventures Investment Decision Approach Case Study Approach I I I . THE STRUCTURAL AND FINANCIAL ASPECTS OF JOINT VENTURES................................................................... ^7 International Majors Structural and Financial Types of Joint Ventures Reaspns for Joint Ventures iv Chapter Page International Minors Structural and Financial Types of Joint Ventures Reasons for Joint Ventures Government-owned Companies Structural and Financial Types of Joint Ventures Profit Sharing Joint Ventures Production Sharing Joint Ventures Cost Sharing Partners Reasons for Joint Ventures Summary IV. THE MAGNITUDE OF JOINT VENTURES IN PETROLEUM PRODUCING OPERATIONS......................................................... 97 Introduction Basic Characteristics and Peculiarities of the Statistics Participating Groups International Majors Joint Venture Operations One-Ovmer O perations Joint Venture Partners Joint Venture Ownership and Inter­ locking Ownership Ties—OPEC C ountries International Minors and Government-owned Companies Joint Venture Operations One-Owner O perations Joint Venture Partners and Interlocking Ownership Ties Summary APPENDIX TO CHAPTER IV....................................................................... 1 50 Petroleum Producing Operations in the OPEC Countries V. THE MAGNITUDE OF JOINT VENTURES IN CRUDE PETROLEUM PIPELINE SYSTEMS........................................... I 7 I Introduction Ownership Characteristics and Participating Groups Statistical Peculiarities V Chapter Page A General Overview International Majors International Minors and Government-owned Companies J o in t Venture and One-Owner P ip e lin e Systems by Area Mddle East Europe A frica Central America and Asia Pacific South America Canada Alaska and Australasia Summary VI. SUMMARY AND CONCLUSIONS.................................................... 210 APPENDIX I ................................................................................................... 228 Legal T itles, Acronyms and Home Countries of Selected Companies Examined in the Study. APPENDIX I I ................................................................................................... 231 Tables Containing Ownership Information on the Major Petroleum Producing and Pipeline Operations for All Ten Areas and a Note Concerning the Statistical Framework of the Study BIBLIOGRAPHY............................................................................................... 3^-^- VI LIST OF tables Table Page 1. Joint Ventures; Jointly Owned Subsidiaries, Contractual Joint Ventures, and Farm-Out Arrangements, Selected Areas, as of June, 1972 .....................................................................................................51-52 2. Joint Ventures: Petroleum Operations Owned by the Same Parent Companies With Each Operation Having a Distinct Legal Identity, Selected Areas, as of June, 1972 .....................................................................................................55-56 3 . Joint Venture: Joint Venture With Minority Participation by the Inter­ n a tio n a l Minors, and Non-Equity Con­ tractual Participation by a State-owned Company in the Middle East, as of June, 1972 ................................................................................• • • • 64-65 4. Joint Ventures: Contractual Joint Ventures and Jointly Owned Subsidiaries in the Alaska Cook I n l e t , V arious Years 1957- 1972 .....................................................................................................68-70 5 . Joint Ventures: Contractual Joint Ventures, Jointly Owned Subsidiaries and Farm-Out Arrangements in Australia, as of June, 1972 .....................................................................................................72-73 6. Joint Venture: Profit Sharing Joint Ventures of Government-owned Companies, Selected Areas, as of June, 1972 ................................ 82 7 . Joint Venture: Production Sharing Joint Ventures, of Government-owned Companies in Indonesia, as of June, 1972 ...................................... 84 V I 1 Table Page 8 . Joint Venture: Cost Sharing Joint Ventures, of Government-owned Companies in Africa, as of June, 1972 ................................................................... 87 9 . World Petroleum Production and the Percent Produced by Joint Ventures, Outside the United States and Communist Bloc Countries, as of 1970 ............................................... 99 10. Petroleum Producing Operations, Joint Venture Operations and Participation by Company Classification, Outside the United States and Communist Bloc Countries, as of 1970 ................................................................................. 105 11. Sales, Assets and Net Income of the Inter­ national Majors, as of 1971 ................................................ 106 12. World Petroleum Production, Outside the United States and Communist Bloc Countries, and Joint Venture Producing Operations Where the Majors Control 50 Percent or More Interest, as of 1970 .................................................... 11^ 1 3 ' The Number of Petroleum Producing O perations and Percent of Production Accounted for by the Majors in One-Owner Operations, Outside the United States and Communist Bloc Countries, as of 1970 ........................................ 118 14-. Major Petroleum Companies and Their Joint Venture Partners in Producing Operations, by Company Classification, Outside the United States and
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