National oil companies (NOCs) are outspending major oil companies, securing supply chains, and building cash reserves faster. Wood Mackenzie warns of tighter capital conditions and the need for a more nimble approach. OPEC predicts most supply growth will come from state-backed producers. Future supply security depends on NOC investments.

In Asia, NOCs focus on gas, chemicals, and metals. PetroChina invests in downstream and gas, secures long-term LNG deals, and diversifies procurement. Asian NOCs shift towards transition materials for electrification. Sinopec prioritizes chemicals, hydrogen, and long-term LNG projects. CNOOC expands offshore projects and LNG investments.

Petronas expands LNG position, invests in gas, CCS, hydrogen, and midstream work. ONGC increases overseas investments and long-term LNG contracts. NOCs across Asia aim to secure revenue through gas supply, refining, chemicals, and transport routes. Gulf NOCs expand low-cost supply and integration across refining, petrochemicals, and LNG.

Middle Eastern NOCs lead global upstream spending, focusing on long-life capacity and integrated projects. ADNOC plans the largest gas and LNG expansion. QatarEnergy boosts LNG output and secures demand in Europe and Asia. Saudi Aramco integrates upstream, downstream, gas, and new energies. Gulf strategy: outspend, integrate, get close to customers.

Latin America’s state producers manage tight budgets and political challenges. Petrobras focuses on pre-salt projects. Ecopetrol expands into transmission, solar, and wind. Mexico’s Pemex, Venezuela’s PDVSA, and Argentina’s YPF face constraints. African governments push national companies to be active operators. North America attracts foreign NOCs for stable returns and asset diversification.

Read more at Yahoo Finance: National Oil Companies Quietly Set The Pace For The Next Decade