The oil and gas industry is facing increasing demands to clarify the implications of energy transitions for their operations and business models, and to explain the contributions that they can make to reducing greenhouse gas (GHG) emissions and to achieving the goals of the Paris Agreement.
But the core question, against a backdrop of rising GHG emissions, is a relatively simple one: should today’s oil and gas companies (including NOCs) be viewed only as part of the problem, or could they also be crucial in solving it? No oil and gas company will be unaffected by clean energy transitions, so every part of the industry needs to consider how to respond.
National Oil Companies (NOCs) account for well over half of global production and an even larger share of reserves. There are some high-performing NOCs, but many are poorly positioned to adapt to changes in global energy dynamics.
A shift from “oil and gas” to “energy” takes NOCs out of their comfort zone but provides a way to manage transition risks. Some NOCs are better equipped to adapt to the requirements of energy transition than others.
The session aims to provide a comprehensive understanding of the challenges and strategic dilemmas faced by National Oil Companies amid the global energy transition, offering insights into potential pathways for sustainable and resilient energy sector participation.
The panelists will discuss the diverse industry landscape and strategic responses that will make sense for all stakeholders. The session will also discuss particular challenges NOCs and their host governments face and high stakes faced by NOCs that are charged with the stewardship of national hydrocarbon resources.