The energy transition is challenging National Oil Companies (NOCs) to pursue international ventures to increase value creation and modernize their operations. Nearly half of the global top 20 hydrocarbon-producing NOCs have expanded internationally to secure resources or access attractive hydrocarbon resources. While most NOCs do not have substantial international operations, the upcoming energy transition could encourage them to pursue international markets. NOCs need to clearly define their internationalization strategies and prepare their organizations for these new growth pathways to increase their chances of success in a highly competitive global industry.
