Despite their scale, national oil companies (NOCs) have until now largely escaped the heavy scrutiny experienced by international oil companies (IOCs) around emissions, and partly as a consequence, the energy transition strategies of most NOCs significantly lag those of their IOC peers, says global research and consultancy business Wood Mackenzie (WoodMac). NOCs account for more than half of global oil and gas output, making them among the biggest global emitters of greenhouse gases, the company points out.
