Marsh, the world's leading insurance broker and risk adviser, today advised that National Oil Companies (NOCs) need to prepare for ongoing price volatility as the global economy emerges from recession. With their long planning cycles, NOCs face significant business risks from short- to medium-term oil price fluctuations.

Commodity pricing will be just one of the many risk issues to be addressed at Marsh's third National Oil Companies conference, which is to be held February 22–24, 2010 at the InterContinental Hotel in Dubai. The conference – NOCs into the future: the Challenges and Opportunities ahead" – will focus on the risks faced by NOCs as they make their key strategic and operational plans. Marsh's NOC conference in 2008 attracted over 500 senior-level attendees from NOCs in all parts of the world.

Jim Pierce, chairman of Marsh's Global Energy Practice said: "The global financial crisis has challenged the business plans of National Oil Companies in the short, mid and longer terms. Since we last convened the Marsh NOC Conference in 2008, we have seen a dramatic rise, fall and stabilization of oil prices.  However, as major economies emerge from recession, there is significant potential for oil prices to increase again dramatically. This would leave NOCs with difficult decisions to make about where to focus their investment. Natural gas also remains mired in a depressed pricing environment. As oil prices rise, we may witness a growing disparity between these two finite resources."

Mr. Pierce added that NOCs will also be analyzing decisions made at last December's U.N. Climate Change Conference in Copenhagen and the implications on carbon reduction and other environmental issues.

"In short, myriad risks are driving business decisions in the energy business," he observed.

"By hearing from the leading experts in their fields and discussing these issues with their peers, our conference will help them navigate this complex environment. It will also provide an update on how leading NOCs are dealing with these changes and how the sector should prepare for the future," Mr. Pierce said.

Confirmed speakers include: His Excellency, Sheikh Dr. Faisal Bin Fahad Al-Thani, Senior Director at Maersk Oil Qatar; Matthew Simmons, chairman emeritus, Simmons & Company International; Claiborne Deming, former CEO of Murphy Oil; the Hon. Nicholas Soames MP (former UK Armed Forces minister); Dr. Mohammed Benayoune, consultant, The Achievement Centre and former CEO of Oman Polypropylene; and David W. Williams, chairman and CEO, Noble Corporation. Further high-profile speaker announcements will be made shortly.

Note to Editors:

Journalists are welcome to attend the conference. To sign up to attend the conference and to receive regular updates, including new speaker announcements, please contact Jason Groves at Jason.Groves@marsh.com.