Is It Time for National Oil Companies to Renter the M&A Game?

National oil companies (NOCs) have been sitting on the sidelines of the latest merger frenzy in the industry, but the time may be right for these state-owned giants to return to spending on expansion via acquisitions, Wood Mackenzie said in a new report. The NOCs have seen their share of spending on mergers and acquisitions (M&As) collapse to the lowest level in 20 years, but a push for diversification among Middle Eastern state oil giants and energy security issues in China may prompt state-held players to look at international expansion…