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The nationalization of oil supplies refers to the process of confiscation of oil production operations and their property, generally for the purpose of obtaining more revenue from oil for the governments of oil-producing countries. This process, which should not be confused with restrictions on crude oil exports, represents a significant ...
The United Kingdom v Iran [1952] ICJ 2 (also known as the Anglo-Iranian Oil Co. case) was a public international law dispute between the UK and Iran.This case concerned the nationalization of Iran's oil which had been, in large part, controlled by the United Kingdom since the early 20th century.
The nationalization of the Iranian oil industry (Persian: نهضت ملی شدن صنعت نفت ایران) resulted from a movement in the Iranian parliament (Majlis) to seize control of Iran's oil industry, which had been run by private companies, largely controlled by foreign interests. The legislation was passed on March 15, 1951, and was ...
Nationalization may occur with or without financial compensation to the former owners. Nationalization is distinguished from property redistribution in that the government retains control of nationalized property. Some nationalizations take place when a government seizes property acquired illegally.
The Achnacarry Agreement or "As-Is Agreement" was an early attempt to restrict petroleum production, signed in Scotland on 17 September 1928. [1] The discovery of the East Texas Oil Field in the 1930s led to a boom in production that caused prices to fall, leading the Railroad Commission of Texas to control production.
The Mexican oil expropriation (Spanish: expropiación petrolera) was the nationalization of all petroleum reserves, facilities, and foreign oil companies in Mexico on March 18, 1938. In accordance with Article 27 of the Constitution of 1917 , President Lázaro Cárdenas declared that all mineral and oil reserves found within Mexico belong to ...
1976, foundation of PDVSA with the nationalization of the Venezuelan oil industry under the presidency of Carlos Andrés Pérez. 2007 On May 1, 2007, the government stripped the world's biggest oil companies of operational control over massive Orinoco Belt crude projects, a controversial component in President Hugo Chávez's nationalization drive.
A national oil company (NOC) is a petroleum company that is fully or partly owned by the government of a sovereign nation. [ 1 ] : 3 NOCs produce about half the world’s oil and gas. [ 2 ] [ 3 ]