One of the most keenly watched angles this year in Asia Pacific’s upstream industry will be how the region’s national oil companies begin to wrestle with the energy transition, according to consultants Wood Mackenzie.

“Across the region, one of the key upstream signposts will be how NOCs address emissions,” said Angus Rodger, WoodMac research director Asia Pacific upstream.

Historically national energy needs have tended to trump environmental concerns and naional oil companies, and regulators, have opted for faster, cheaper but more polluting project developments versus higher-cost and more complex sequestration and/or treatment-based solutions.