Delivering the national mission

摘要

National oil companies (NOCs) are transforming the energy industry as they drive increasingly aggres- sive growth and optimisation agendas. Whether they are expanding production at home, or satisfying government mandates to secure supply for domestic needs, or securing markets for their surplus resources, they have both the finances and the reserves to back up their ambitions. As NOCs execute growth strategies and aim to outperform their NOC and international oil company (IOC) competitors, they are evolving their operating models - expanding in size and geography, enhancing research and development, demanding local content investment and improving operational excellence. In order to do this, they are having to manage more global workforces, build skills in new technologies, and execute joint ventures as well as mergers and acquisitions (M&A). NOC overseas investment doubled year-on-year to reach over $26bn in 2009, equivalent to around 17% of global M&A, according to Wood Mackenzie.