KAPSARC – The Role of Ownership Structure in Oil and Gas Production After the Paris Agreement

The main theme of the document is the exploration of the role of ownership structure in oil and gas production after the Paris Agreement.

Key findings include: International Oil Companies (IOCs) increased oil production by 30%-35% compared to National Oil Companies (NOCs) in the post-Paris era. The production gap is attributed to the reduction in oil production by NOCs outside the OPEC+ bloc and the increase in production by IOCs. In gas production, no significant differences were observed as both NOCs and IOCs increased production, highlighting the role of natural gas as a transition fuel. These findings underscore the need to consider the ownership structure of companies and their market incentives in global climate governance and energy transition.