Joint Ventures in the Oil and Gas Industry

– The Case of Abu Dhabi
By
A DISSERTATION

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A Dissertation Entitled
Joint Ventures in the Oil and Gas Industry
– The Case of Abu Dhabi
By
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‘I declare that this Dissertation/Research Project, in its entirety, my own work, and that it has not previously been presented in whole or part, for any other award, or published in whole or in part elsewhere.’

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ABSTRACT
For the Oil and Gas Services Industry in an era of globalization and nationalization, the challenge of doing business in emerging markets has become ever more complex. Estimates of the world’s hydrocarbon reserves indicate a shift from West to East where National Oil Companies now hold greater reserves than the previously dominant Western Oil Companies. For the Western based Service Providers that have historically supplied much of the capability and technology in hydrocarbon extraction, this presents challenges not least of which is adapting to different cultural and business norms. Likewise for the development of indigenous capability and experience in these developing markets, local companies must pursue a strategy of knowledge and experience acquisition that enables their sustainable growth and development to a standard on par with international providers if they are to be competitive.
This study draws on the author’s observations of an Abu Dhabi Oil and Gas industry joint venture between a Multi-National Company and a Local Partner, utilizing a phenomenological, case study approach. The drivers and dominant themes are identified, and the outcome in terms of the JV’s achievements are assessed in an attempt to determine the effectiveness of the collaboration and whether this route provides the optimal strategy for market penetration and competitiveness for the MNC, and opportunity for growth and development for the Local Partner. An in-depth interview process is conducted with the management of both partners and serves as the predominant repository of data from which conclusions are drawn and recommendations made.
Reviewing the Literature and via a phenomenological analysis of the data gleaned through the case study, dominant themes surrounding the importance of trust and relationships emerge as the central facet of what a successful venture of this type involves. Based on the stability and effective working relationship that forms the foundation of this joint venture, and the resultant ongoing success relative to its penetration and engagement within the Abu Dhabi market, this study posits that the joint venture approach can deliver a route beneficial to both foreign and local partner alike despite potential differences in culture, outlook and priorities.

ACKNOWLEDGEMENTS
Thank you to my …………

TABLE OF CONTENTS
DECLARATION……………………………. …………………………………………..i
CERTIFICATION STATEMENT ii
ABSTRACT………………………………………………………………….………………….iii
ACKNOWLEDGEMENTS iv
TABLE OF CONTENTS v
TABLE OF FIGURES vii
CHAPTER 1: INTRODUCTION
1.0 JOINT VENTURES AND ABU DHABI
1.1 ABU DHABI’S OILFIELD BACKGROUND
1.2 THE ABU DHABI JOINT VENTURE
1.3 THE DISSERTATION PROBLEM EXPLAINED
1.4 RESEARCH QUESTIONS
1.5 METHODOLOGY OUTLINE AND DATA ANALYSIS
1.6 THE IMPORTANCE OF THIS RESEARCH
1.7 SYNOPSIS OF THE CHAPTERS
CHAPTER 2: LITERATURE REVIEW
2.0 INTRODUCTION
2.1 JOINT VENTURES
2.2 THE MOTIVATORS
2.3 POINTS OF INTEREST
2.4 LOCAL KNOWLEDGE
2.5 CULTURE
2.6 ORGANIZATIONAL CULTURE
2.8 LEARNING
2.9 CONTROL
2.9.1 JV VALUE AND THE POTENTIAL FOR INSTABILITY
2.9.2 CONCLUSION
CHAPTER 3: METHODOLOGY
3.0 INTRODUCTION
3.1 QUALITATIVE INQUIREY
3.2 METHODS OF QUALITATIVE RESEARCH
3.3 THE CASE STUDY APPROACH
3.4 THE ABU DHABI JOINT VENTURE – A PHENOMENOLOGICAL STRATEGY
3.5 EVIDENCE
3.6 DATA ANALYSIS
3.7 RELIABILITY AND VALIDITY
3.8 THE PROCESS OF DATA ANALYSIS LEADING TO THE BUILDING OF A CASE STUDY
3.8 SUMMARY
CHAPTER 4: RESULTS AND DISCUSSION
4.0 INTRODUCTION
4.1 WHY THE JOINT VENTURE?
4.2 ‘WHY THE JV?’ AND HOW THE FINDINGS RELATE TO EXISTING LITERATURE
4.3 ISSUES OF CULTURE
4.4 TRUST
4.5 RELATIONSHIPS
4.6 RISK
4.8 CONTROL
4.9 COMMITMENT
4.9.1 PERFORMANCE
4.9.2 CONCLUSION
CHAPTER 5: CONCLUSIONS AND RECOMMENDATIONS
5.0 INTRODUCTION
5.1 FINDINGS
5.2 WEAKNESSES OF THE RESEARCH
5.3 FURTHER RESEARCH
5.4 IMPLICATION FOR MANAGEMENT
5.5 RECOMMENDATIONS

APPENDICES
APPENDIX A: INTERVIEW QUESTIONS
APPENDIX B: SAMPLE INTERVIEW TRANSCRIPT

REFERENCES

TABLE OF FIGURES
Figure 1.0: Qualitative Analysis ………………………………………………………..8
Figure 3.0: The Case Study Approach………………………………………………..35
Figure 3.1: Kolb’s Learning Cycle ………………………..…………….…38
Figure 3.2: Interviewee Profiles ……………………………………………………….43
CHAPTER 1: INTRODUCTION
1.0 JOINT VENTURES AND ABU DHABI

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