抄録
Ignited by the merger between BP and Amoco in August 1998, drastic reorganization of oil majors is breaking out with such starters as Exxon & Mobil and BP & ARCO. This is in line with mega-mergers enhanced by progressing globalization also involving other industries like communication, automobile and financing. Low oil prices and reducing of refining margin are listed as the reasons of such reorganization of oil majors, and this reorganization gives grave impact to Japanese oil industry. Refining & marketing is confronted with fierce competition. Oil exploration & development is also pressed to improve the transparency of development policy and to seek national consensus. Oil development companies would need to sharpen management power and business strength to meet market movements.
