The National Oil Companies (NOCs) and the International Oil Companies (IOCs) are considered to be the most important 'players' in the International Oil and Gas Industry and represent two opposing ends in terms of their strategic goals. On the one end, NOCs have a high public policy goal and a low shareholder value goal while, on the other end, IOCs have a low public policy goal and a high shareholder value goal. 

Discuss the principles and rationale behind the respective strategies followed by NOCs and IOCs and compare their advantages and disadvantages. Considering these strategies, explain the position of the more strategically balanced or 'hybrid' NOCs in the International Oil and Gas market, with respect to NOCs and IOCs. 

The write-up should include a discussion of the following important points: 

1. An insightful introduction to who the NOCs and IOCs are and what their general role is in the International Oil and Gas Industry. 

2. The main principles, objectives and/or priorities associated with either the NOC and IOC strategies (in the main body of the write-up). 

3. A discussion of the key advantages and disadvantages of NOCs and IOCs and a comparison between them (in the main body of the write-up). 

4. A discussion of how the 'hybrid' NOCs combine elements of both the NOC and IOC strategies (in the main body of the write-up). 

5. A conclusion/summary of the main points included in the analysis and reflection on whether NOCs, IOCs and 'hybrid' NOCs are sustainable, with respect to their strategic goals. 

Additional considerations for the analysis. 

1. Where possible, Provide a direct comparison of NOCs and IOCs on the same basis, e.g. a specific aspect of the strategy that is common to both NOCs and IOCs. 

2. Provide representative examples NOCs, IOCs and 'hybrid' NOCs, but try to keep the analysis general and inclusive. The analysis should not be a case study focusing on a specific NOC or IOC or 'hybrid' NOC. 

3. The write-up requires you to use the relevant module material (ideas, concepts, theories or frameworks) to inform your evaluation. Well established media platforms (e.g. BBC, Financial Times, New York Times, etc.) and other reliable online sources may be used to support your analysis, but the principles underpinning the analysis should preferably be from academic books and/or updated peer reviewed academic journals