Insight
Why the NOCs should return to international business development
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Report summary
NOCs were once big spenders in international upstream business development (BD) but recent activity has slumped. A series of deals gone wrong – exacerbated by the 2014/15 oil price crash – have dampened M&A, with many Asian NOCs, doubling down on the development of local resources. But with M&A valuations attractive – relative to prevailing commodity prices – and financial ratings at all-time highs, the drivers for NOCs to invest in existing portfolios AND fill strategic gaps have never been stronger. Will they step up? In this Insight, we answer the following questions: Chinese NOCs: will they overcome bureucratic red tape to do deals? Asian NOCs: why are they about to reach an inflection point in gas? Middle East NOCs: why are they fast-tracking international expansion? Exploration: what is driving an improvement in NOCs' international performance? M&A: what will the NOCs look to buy?
Table of contents
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Executive summary
- NOCs' international BD spend has slumped
- The case for international BD remains strong
- Each NOC's unique mandate creates idiosyncratic drivers
- Asian and Chinese NOCs look to reduce import reliance
- Middle East NOCs emerge as major M&A players
- Africa and Latin America’s NOCs: same goals, different strategies
- NOCs have the financial strength to fast-track international BD
- The time is now – acquire or explore?
- 5 more item(s)...
Tables and charts
This report includes the following images and tables:
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Drivers and appetite for International BDNOC international BD spend by peer groupNOC international BD spend by type
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NOCs by host country's hydrocarbon import/export statusProduction indexed to 2024 based on status*Production by NOC peer groupLiquids supply and demand gap*Gas supply and demand gap*Asian NOC productionAsian NOC production indexed to 2024Middle East NOCs’ recent resource captureShare of international value and reserves by peer group
- 10 more item(s)...
What's included
This report contains:
