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Agreed, and I apologize for the poorly-worded first post. And you are right to be skeptical about the ability of a privately-managed firm (especially in politically unstable countries) to do much better. My guess is that with a threat of nationalization looming overhead, a private firm may have extracted even faster and with more damaging techniques. Leaving a barrel in the ground when prices are low doesn't do you much good if the oil field won't be yours in 10 years.
