Asian NOCs eye upstream build amid low oil prices
With oil prices low and forecast to remain that way, governments are looking to strengthen their hand through acquisitions
Lower oil prices are creating opportunities for bolder Asian national oil companies (NOCs) as they seek to reverse falling production over the next five years. Analysts expect the number of opportunistic asset deals to rise towards the end of the year, as international oil companies (IOCs) rationalise and more distressed sellers emerge. Individual deals are expected to be in the region of $1bn to $5bn. India’s Oil and Natural Gas Corporation (ONGC) and Thailand’s PTT Exploration & Production (PTTEP) are the most likely buyers, but China’s NOCs are also looking around. In early September, ONGC struck a deal with Rosneft to buy a 15% stake in Russia’s prolific Vankor oilfield with a price
Also in this section
5 December 2025
Mistaken assumptions around an oil bull run that never happened are a warning over the talk of a supply glut
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
