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Empirical Economics
Article Title: Empirical evidence on the operational efficiency of National Oil Companies
Specialization Codes: 1.7 - Policy and Regulation, 2.7 - Policy and Regulation,
Authors: Stacy L. Eller, Peter R Hartley, Kenneth B. Medlock III
Publication Date: 2011
Description: On the basis of application of both data envelopment analysis and stochastic frontier estimation applied to a panel of 78 firms, we present empirical evidence on the revenue efficiency of National Oil Companies (NOCs) and private international oil companies (IOCs). We find that with few exceptions, NOCs are less efficient than IOCs. In addition, much of the inefficiency can be explained by differences in the structural and institutional features of the firms, which may arise due to different firms’ objectives.

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