| 摘要 | ��
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1. Research Purpose
As a country required to import the whole quantity of oil, it is inevitable to secure world-class oil company equipped with international competitiveness. As shown by the nation's support for activation of oil enterprise consortium as well as cultivation of state-run oil company for oil development since 2007, there have been sufficient effort in terms of national aspect. Nevertheless, the study on the method of cultivating oil company has been insufficient in both qualitative and quantitative terms compared with such efforts of initiative policy development and implementation. The report that is briefly summarized with major international oil company's financial statements in general could be easily accessible, but there has never been the study meticulously observed on how such enterprises have adapted themselves to the change in world's oil industry in mid-and-long term and how they have grown with which management strategy.
As the task of the first year on��Study on Overseas Resource Development & Strategy��, this study is intended to analyze history and future of management strategy focused on major enterprise aimed at highlighting the importance of oil that plays a core role in world's politic and economic system again, and contributing to the cultivation of oil company that is competitive in steady supply of oil to our nation. That is, the study would review the process of change in world's oil industry up to the present since 1970, and then analyze the process of change in management strategy of major companies that have grown following such change in the trends. In addition, it would diagnose our oil company's future developmental strategy by prospecting future management strategy of major enterprises. Ultimately the study on the management strategy of major enterprise in this paper is expected to provide implication from the aspect of government for cultivation and development of state-run oil company.
2.
Main Findings and Results
As the position of oil producing countries based on resource nationalism during the period 1970 through 1982 rises and the international oil price moves upwards due to the increased concerns of oil supply disruption since the 1st and 2nd oil shocks there have been difficulties for the major enterprises in their securing oil field. Nevertheless, it cannot be denied that such high oil price level at that time brought major companies the increased cash flow. In result, it was possible for such major companies to establish management strategy to aggressively cope with the change in external environment based on increased revenue owing to high oil price at such period, and launch in upper area development, business diversification, and non-energy business.
Nevertheless the environment of international oil market during the period of 1983 through 1991 has been deployed reversely from the period before 1983. That is, Saudi Arabia gave up the role of supply adjustment resulting in over-supply causing sharp fall of international oil price after all. In result, it caused low oil price condition for a long term, which badly influenced on the profitability of major companies causing gradual complaints of shareholders and investors of the relevant enterprises. Such change in environment stimulated the major companies to realize maximized profit of shareholders through their core management strategies focused on internal stability of corporation, which resulted in oil/gas/petrochemical oriented industry being re-organized in detail causing the settlement of existing non-energy industry.
The environment of international oil market since 1992 is characterized with the features of the first period (1970-1982) and the second period (1983-1991) being mixed. That is, the feature of international oil market up to the present since 1991 can be summarized as a it can be a process of transfer from the 2nd period where oil supply/demand was stable at low price level to the 1st period where it was unstable at high price level. The profitability of oil companies has decreased for the time being, but as the ripple effect on major companies affected by such market condition, however, their cash flows as well as profitability have rapidly improved since new high oil price era. But the difficulty in access to resource and oil exploration have increased again because of the concerns on limitedness of oil reserves and expanded market power of oil producing countries. In result, the major companies came to focus on management strategy of increasing its scale of enterprise based on oil business, in more detail, the phenomenon of positively seeking M&A related with oil assets, focusing on oil based short-term operating performance, and reinforcing cooperation with oil producing country NOC for expanding resource access appeared remarkably.
This study aimed at the diagnosis of major companies on the future direction of management strategy besides the analysis of management strategy by periods. Management strategy of major company in future includes sustainable growth that is a core topic of recent international society. That is, it becomes more and more difficult to secure oil at cheap cost owing to the possibility of peak oil, and further the production of energy through technical advance could sustain the survival and management of major companies only following the agreement made by international society in climate change. Therefore management strategy of existing major companies focused on traditional oil and gas development is expected to include the development of New And Renewable Energy as an axis in addition. It is because the recently increased concern on peak oil can be interpreted differently according to economic evaluation method other than a simple mechanical method of calculation. In addition, it could be a hasty decision to give up traditional oil and gas exploration as there exist remarkable errors in exactly estimating the oil reserves in geological terms. Maintaining existing traditional oil and gas exploration strategies and having strategic partnership with non-energy enterprise to develop New And Renewable Energy that is uncertain in marketability rather correspond with the increase of profitability and efficiency that have been dominant strategies of major companies since mid 1980.
Four major companies including Exxon, Mobil, etc. are cooperating with each company specializing in fuel cell technology such as automobile industry within California Fuel Cell Partnership, and are currently testing Hydrogen fuel cell powered vehicle developed by such program on California expressway. As a part of concrete management strategy to embody this, major company positively creates the departments within their organization that exclusively manages and supports automobile manufacturer, company that develops fuel cell technology, company that segregates/stores hydrogen, and essential facility that segregates hydrogen, etc. in order to succeed in developing the technology of New And Renewable Energy such as fuel cell.
3.
Implications and
Policy
Proposal
The study on major company management strategy conducted with the analysis periods set up from 1970 to the present suggest great implications to Korea that currently exerts efforts to cultivate world-class oil companies.
First, it is necessary not to neglect the traditional exploration of oil and gas. The major companies are proud of having the history and know-how of exploring oil for the past century. The fact that efforts of developing traditional oil and gas are made by those oil companies still at this moment proves that the worldwide use of traditional oil would be sustained for the time being. Therefore, the project of Korea National Oil Corporation to explore overseas oil through its large-sized scale is a task to be promoted steadily in mid-and-long term basis.
In addition, it is important to gather national ability in the development of New And Renewable Energy to cope with climate change and traditional oil price increase. To do this, it would be necessary to have national supporting system that may help secure marketability of New And Renewable Energy and encourage cooperation and relationship between private companies. If the motivation for New And Renewable Energy development is prepared by the corporations based on the carbon to be emitted during the period of future 10 years to be determined as national guideline, and government support is added to the establishment of hybrid organization system to realize such motivation in easier manner, such could be promoted similar to New And Renewable Energy development strategies that are recently promoted by major companies.
Lastly, the study is intended to emphasize the necessity of expanding the range of enterprise to be researched in the analysis of major company management strategy history and future prospect. If it could be found that the management strategy of independent enterprise and state-run enterprise scheduled as 2nd and 3rd tasks in future is differentiated from the major company management strategy promoted in this study, it would contribute to the suggestion of more substantial management strategy for domestic private oil enterprise that has similar scale to independent enterprise along with the management strategy of Korea National Oil Corporation as state-run company.
139 pages, 56 refs., 17 tabs., 21 Figs., Language: Korean |
