Can Oil-Dependent Countries Prepare for an Energy Transition, with Andrea Furnaro and Patrick Heller

In this episode, host Daniel Raimi talks with Andrea Furnaro and Patrick Heller from the Natural Resource Governance Institute. Drawing from a recent report, Furnaro and Heller lay out a five-step framework for how national oil companies (NOCs) can navigate an impending energy transition. Together, they contend that a business-as-usual approach is not a neutral option for these companies and their respective countries. Instead, NOCs must define national policy goals, assess transition risks and opportunities, establish a strategic direction beyond oil and gas, strengthen institutional governance, and ensure a just transition and responsible exit for workers and communities. Examples from Saudi Arabia, Indonesia, and Denmark illustrate how different NOCs can weigh diversification opportunities and adapt strategies to their unique national circumstances and organizational, technical, and economic capacities. References and recommendations: “National Oil Company Transformation: Strategic Choices for an Uncertain Energy Future” by Andrea Furnaro, Giovanni Tagliani, Patrick Heller, Ana Carolina González Espinosa, Tengi George-Ikoli, Fernanda Ballesteros, Nicola Woodroffe; https://resourcegovernance.org/publications/national-oil-company-transformation “Facing the Future” by Andrea Furnaro and David Manley; https://resourcegovernance.org/publications/facing-future-what-national-oil-companies-say-about-energy-transition “Jane” documentary film; https://films.nationalgeographic.com/jane-the-movie “The Secret Agent” film; https://www.imdb.com/title/tt27847051/ Subscribe to stay up to date on podcast episodes, news, and research from Resources for the Future: https://www.rff.org/subscribe/