The absence of decarbonization efforts by National Oil Companies (NOCs), which represent ~50% of the world’s oil and gas production, will stall advancement toward global climate goals. Climate advocates must increasingly consider the wide array of developmental challenges the energy transition poses to producer countries and the critical role NOCs play in achieving progress. Meanwhile, NOCs and their respective governments must grapple with how markets are evolving toward a more diversified energy mix. Action is required now to secure the NOCs’ long-term strategic positioning and energy security. What are the strategies for future success among this select subset of companies?