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
Also in this section
11 March 2026
De la Rey Venter, CEO of LNG player MidOcean Energy, discusses strategy, project developments and the prospects for the LNG market
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
