The global oil and gas market was once dominated by a select group of Western energy companies called “The Seven Sisters”. The unparalleled influence of these International Oil Companies (IOC) was broken in a wave of nationalism in the Middle East and South America. The birth of the National Oil Companies (NOC) was a significant gamechanger that has had a lasting impact on the global oil and gas market. The energy transition, however, does not have the same priority for these companies due to their inherent differences. Recently, it…
