Despite a trend toward asset privatization, host governments are retaining ownership over strategically important domestic oil and gas resources, effectively limiting corporate foreign direct investment (FDI). These findings are supported by an analysis of global reserve acquisitions for the...

Evidence is provided of the effects of international diversification on global asset ownership and control. We show that international geographic diversification in the oil and gas sector comes at an important cost, lower control over foreign oilfield assets relative to domestic assets (and...