It operates a joint venture in which state owned Nigerian National Petroleum Corp has a majority share.
The company has signed a joint venture deal with a Polish state owned firm to explore Aurelian's six concessions in the Polish Western Carpathians.
No project is more important than a joint venture between Exxon and the Russian state owned company Rosneft to drill oil in the Arctic's Kara Sea.
Shares in Rio Tinto have fallen back despite news of a near $3bn agreement with country's state owned metals group Chinalco to jointly develop an ore joint venture in Africa.
The state owns the land it needs.
Last year, HCP Medical Office Portfolio, a venture of Health Care Property Investors, a publicly traded real estate investment trust, and GE Commercial Finance paid $575 million for 113 medical office buildings in 16 states owned by MedCap Properties.
And financiers complain that Dubai's rulers, despite many hopes, have not yet floated some of its successful state-owned ventures on the exchange.
Increasingly, too, it means waging war on competitors.China normally likes to keep squabbles between state-owned ventures private.
China's state-owned ventures, meanwhile, are failing to generate much excitement among the venture capital community that has watched the Internet develop elsewhere.
Beginning in the 1980s, however, the party endorsed neoliberal economic policies that called for economic deregulation and the privatization of many state-owned ventures, policies that were deeply unpopular among large segments of the Venezuelan population.
The government has leaked to the press a plan to channel cash from profitable state-owned ventures such as oil company Petronas and the employee provident fund (Malaysia's social security system) into large, ailing firms run by the prime minister's allies.
