National oil companies are starting to feel pressures from the energy transition too, from governments, investors, partners and others. But their path forward is unclear, as they balance complex roles in their economies. What should they do? Make oil and gas operations more resilient to a more competitive market? Diversify? Expand and accelerate oil and gas production? Or simply provide cash for governments to transform their economies? Which NOCs are adapting most successfully – and what will happen to those left behind?