Size usually matters in oil and gas. Eight of the sector’s biggest companies feature in WoodMac’s benchmarking analysis – the five Supermajors and Saudi Aramco, ADNOC and Qatar Energy. These Middle East NOCs are stepping beyond their domestic asset base and are now talking – and acting – like IOCs. I picked out five themes with Neivan Boroujerdi and Tom Ellacott from our Corporate Analysis team, highlighting the big differences – and similarities – between the peer groups. First, the Supermajors and NOCs all want more exposure to upstream. These giants together already produce one-quarter of global liquids supply and ... (full story)