The Changing Face of National Oil Companies (NOCs)

PR Log (Press Release) – Nov 03, 2009 – National oil companies (NOCs) of major resource holding countries driven by the aim of developing domestic oil and gas reserves will account for a major part of the investments in the oil and gas sector during the next five years. Major oil and gas producing national oil companies have announced huge investment programs for the next five years, a major part of the investment being diverted towards the development of the country’s oil and gas sector. Six major NOCs namely Petrobras, PDVSA, Kuwait Petroleum Corporation, Sonatrach, Saudi Aramco and National Oil Corporation will together invest over $540 billion in the energy sector over the next five years.

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During 2009 too, most of the major NOCs have announced that they will continue with their spending plans despite the global financial crisis. The top 25 national oil companies will together spend over $261 billion in oil and gas sector during 2009. In comparison, the top 25 international oil companies (IOCs) have a planned capex of approximately $235 billion for 2009.
The NOCs will play an increasingly important role in oil and gas investments in future years and in the development of domestic oil and gas industry and also in the expansion of their operations internationally.

In addition to investing in the development of domestic country’s upstream sector, NOCs are also increasingly investing in expanding their operations across the crude oil and natural gas value chain. Almost all the major national oil companies are looking to expand their refining operations and have major planned refineries both in the domestic region and internationally.
Integration of operations will be more prominent in the natural gas industry. NOCs of major natural gas producing countries are expected to enter into LNG business during 2009-15. These national oil companies will venture not only into LNG liquefaction industry but also into LNG regasification industry.
In terms of integration across the value chain, Petrobras, and Sonatrach were the most integrated national oil companies during 2008. By 2015, Kuwait Petroleum Corporation and Petronas will also have operations across the entire crude oil and natural gas value chain.

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The fast increasing oil and gas demand in the resource poor countries, particularly in India and China, has caused serious concerns for these countries to secure their future energy needs. Driven by the need to secure the energy demand of the domestic country, the national oil companies of these countries have been aggressively expanding their scale of operations through inorganic growth.
The different Chinese national oil companies have invested over $33.8 billion between 2003 and July 2009 in acquiring different assets across the globe. Chinese NOCs have been very active in mergers and acquisitions (M&A) particularly over the last year, looking to take advantage of the credit crisis faced by the smaller oil and gas companies operating internationally. From January to July 2009, the Chinese NOCs have spent over $15 billion in different merger and acquisition activities.  In addition, Chinese government has spent approximately $45 billion in different loan for oil agreements during 2009.



GlobalData’s new report “The Changing Face of National Oil Companies (NOCs): NOC and State Strategies Driving Internationalization” provides a detailed analysis of national oil companies across the value chain. The report analyzes the current and future position of national oil companies in the world energy industry. It details the major strategies adopted by the NOCs and the state governments in transforming NOCs into international oil and gas companies. The report covers the role and position of the NOCs in each segment of the value chain, also detailing the major planned projects by NOCs, both domestic and international. It also provides a comparison between the national oil companies and the major private international oil companies across various operational parameters. In addition, it also covers the major M&A activities undertaken by the NOCs over the past five years leading to internationalization of operations. Key opportunities for NOCs for future growth are also discussed in the report.

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