Statoil were founded after Norway found their oil but there is a role for both depending.
In Ireland’s case, absolutely. Ireland does not have the expertise or scale to set up such an endeavor. Taxation is a far easier way for us.
What Venezuela did was invite the foreign companies in to make their oil usable (spending a tonne in the process), then when it started to be and the money was coming in, backed out of their agreement. A lot of the companies just bent over and took it- they had little choice. But two didn’t and went to the World Bank who ruled in their favour.
My issue with that is that those companies all have huge investments from pension funds all over the world. People on the outside who cannot do joined up thinking just cheered as Chávez took the money for social programmes in his country and his own pockets away from oil companies.