The document discusses contemporary concerns of National Oil Companies (NOCs) and International Oil Companies (IOCs) in the oil and gas industry. For NOCs, key concerns include political control over oil resources, economic benefits and revenue sharing, technology transfer, local employment, and capacity building. For IOCs, concerns relate to geopolitical and political risks, contractual and regulatory issues in host countries, environmental and social impacts, and developing collaborative partnerships with NOCs. Both NOCs and IOCs seek to maximize value from strategic partnerships through concerns such as skills development, joint ventures, and expanding activities across markets.