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.

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.

Want the full picture?

Download a condensed version of the report. If you would like to receive more information, let's talk.