One NOC grew 70%. Another lost 17%. What separates the winners from the rest?
Our 2026 benchmarking report breaks down exactly what's driving the divide
21 April 2026
With $51bn in capex on the horizon, the gap is only getting wider
Not all national oil companies are created equal — and our latest benchmarking report proves it.
Rystad Energy's Mid-size NOC/INOC Benchmarking Report 2026 compares seven major NOCs across production performance, capital strategy, international expansion, and energy transition progress.
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A few things that might surprise you:
One NOC grew production by 70% since 2020. Another declined by 17%.
Total peer group capex is set to hit $51bn by 2030 — a level not seen in two decades.
Asian NOCs are rapidly expanding internationally, while others remain stuck at home.
Transition ambitions are everywhere. Credible execution plans? Far less common.