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
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
