The growing list of mandates for national oil companies (NOCs) requires a balancing act between increased domestic responsibilities across the energy value chain and attracting new investment capital, all while dealing with climate change mandates. As the world emerges from the COVID-19 pandemic buoyed by robust oil and gas prices, the market outlook for oil and gas companies is improving. How is the COVID-19 pandemic and a more robust oil and gas price environment impacting near-term priorities? Can NOCs strike the right balance between focusing on core E&P while navigating energy transition mandates? How does the pivot to low carbon by certain E&P peer groups shape the role of NOCs going forward? What technologies and partnerships are essential to drive continued growth in E&P and the low-carbon portfolio? In an area of specialization and portfolio concentration, are host governments deploying the necessary levers to attract new investor capital?