The rise of the Mid-East 'INOC'
State-controlled Mid-East Gulf oil and gas firms are evolving in a changing world
Uncertainty over long-term oil demand, sustained lower prices and the energy transition pose challenges for the entire industry. But perhaps no group of players feel these headwinds more keenly than the Mid-East Gulf’s national oil companies (NOCs), as they butt up against the very essence of their traditional business models. These firms are developing strategies to meet these challenges and reshape themselves for a lower-carbon future—be it seeking outside investment, partnerships, a sharper trading focus or an aggressive push in the downstream. And the trend has been given a name, international NOCs, or INOCs Petroleum Economist spoke to Edward Bell, senior director, market economics at D
Also in this section
1 April 2025
There is method to the US president’s apparent madness, and those seeking to understand need look no further than their local bookshop
1 April 2025
Strong economic growth targets are encouraging for the country’s energy demand growth, even if meeting those goals might be a tall order
28 March 2025
The Central Asian country is positioning itself as a low-carbon leader, but antiquated infrastructure and a dependence on Russia are holding it back
28 March 2025
MCEDD 2025 took place in Madrid this week with record attendance and a wide-ranging programme, reflecting the deepwater sector’s renewed momentum, strategic focus and accelerating technological innovation.
