Ministers at the 11th IEF (Rome, April 2008) discussed how the framework conditions for NOC-IOC cooperation could be improved to optimise its potential with due respect to the laws, rights and expectations of all parties. Ministers and industry leaders 'advocated increased cooperation between NOCs and IOCs as a major opportunity in addressing key challenges facing the industry'.
Given the multidimensional nature of the challenges ahead (technological, economical, environmental, political), combining the efforts of all relevant stakeholders offers the most promise in addressing such challenges. Improved cooperation between NOCs and IOCs would better optimise investment in the oil and gas industry, and help secure its development.
In 2008, participants at the two extraordinary IEF Energy Meetings (Jeddah June and London December) called for enhanced cooperation between national and international companies from producing and consuming countries in investment, technology and human resources development.
The 1st IEF NOC-IOC Forum, held in March 2009 in Kuwait was recognised by industry leaders as an important step forward in promoting global energy dialogue and enhancing global energy security. Participants discussed key challenges facing the oil and gas industry in a volatile market and uncertain times. They noted that the relationship between NOCs and IOCs has changed over the years. Highlighting successful examples of long-term cooperation between NOCs and IOCs, participants exchanged views on how the framework conditions for NOC-IOC cooperation may be improved to optimise its potential and to further enhance global energy security.
Participants underlined that regular contacts between NOC and IOC leaders provide a useful platform for industry to discuss the changing business environment and its impact on stakeholder relationships, and called on the IEF to ensure that the key messages of this first NOC-IOC Forum were developed and transmitted to the 12th IEF Ministerial meeting in Mexico, 29-31 March 2010.
At the 12th IEF, Ministers and industry leaders welcomed the establishment by the IEF of the NOC-IOC Forum, expressed satisfaction with the key findings of the 1st IEF NOC-IOC Forum and stressed the importance of developing innovative models for cooperation and value-driven, long-term partnerships between NOCs and IOCs. Looking forward to the second NOC-IOC Forum it was suggested to attempt to draw up IEF general principles or guidelines on NOC-IOC cooperation, based on best practices around the world, as a possible concrete tool to facilitate this cooperation.