The role of NOCs in the energy transition is often overlooked
Outlook 2022: NOCs face difficult transition
State-sponsored oil companies will either sink or swim as the energy transition gathers pace
NOCs account for about half of global oil and gas production, but their role in the energy transition is often overlooked. NOCs are complex institutions with different strengths and burdens than private companies. And as the world gradually shifts away from fossil fuels, they will follow different trajectories. Some have the cash and technical skills to increase output, but many are already struggling and will be crippled by the energy transition. It is dangerous to generalise about NOCs. Companies such as Saudi Aramco are among the world’s most sophisticated oil and gas operators, with a combination of industry-leading technology, engineering capacity and strong balance sheets. But other NO
Also in this section
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
14 January 2026
Chavez’s socialist reforms boosted state control but pushed knowledge and capital out of the sector, opening the way for the US shale revolution
