Welligence Corporate | International BD strategies of the NOCs
March 18, 2026

The international business development strategies of NOCs have been diverging in recent years. As the macro environment evolves, shaped by the ongoing tensions in the Middle East, the potential reopening of Venezuela and an industry pivot toward exploration, how will the international strategies of the NOCs evolve, and which players are best positioned for long-term growth?
This report benchmarks the international portfolios of 17 NOCs comparing them across a range of metrics and how we see their long term strategies evolving.
This note assesses where exploration activity is concentrating across the Atlantic Margin and how diverging Major strategies are shaping the next phase of drilling.