Energy Snapshot: NOCs and IOCs reshuffle the opportunities

As the majors focus on capital discipline, we look at the opportunities this presents for Asian NOCs. Portfolio high grading by the Majors depends to a degree on NOCs continuing to be the industry’s predominant buyers. The Majors may seek to de-risk frontier exploration commitments, opening the door for NOCs raise exposure to organic growth. We also consider the increasing IOC engagement in Russia, where there is talk of LNG expansions and Arctic exploration.