Oil & gas in pursuit of the energy transition, part 3: NOCs and the transition
The third part of the fifth chapter of our history of oil and gas turns the focus on state-owned oil and gas firms, the biggest players in the industry
While the IOCs get most media attention, the NOCs are the most important players in the fossil fuel industry. NOCs produce more than half of the world’s oil and gas, and control over 60% of reserves, according to the IEA. Half of the investment in oil and gas in the next decade—perhaps a couple of trillion dollars, will come from these national champions, which usually receive little attention or scrutiny. NOCs are central to the economies of the oil-producing nations. They are the engines of their political systems and economic development strategies. With governments as sole or major shareholders, they play a large role in recycling public money, and collecting and spending public reve
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