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This paper provides a review of the evolving role and characteristics of the oil and gas companies, which increasingly come in a variety of flavors. It also surveys the different types of oil and gas companies that include national oil companies (NOCs), international oil companies (IOCs), independents, and oilfield services companies (OFSCs). The continued rise of NOCs, accelerated by high oil prices, has seen the balance of control over most of the world's hydrocarbon resources shift decisively in their favor. Their ability to access capital, human resources and technical services directly from oil field service companies, and to build in-house competencies, allows them to operate independently of Investor Owned Companies in most instances. The demand on NOCs continues to evolve with the global energy landscape to reflect variations in demand, discovery of new ultra-deep water oil deposits, and national and geopolitical developments. NOCs, traditionally viewed as the custodians of their country's natural resources, have generally owned and managed the complete national oil and gas supply chain from upstream to downstream activities. Having secured their home base, NOCs have emerged as joint venture partners with the IOCs and increasingly as their competitors, seeking international upstream and downstream acquisition and asset targets. The key question is whether this emerging landscape will undermine the sustainability of the IOC resource-ownership business model. Are the challenges of declining production in existing oil fields replacing oil and gas reserves in restricted access or higher cost areas, and the declining of the operating profit margins yet sufficient to reach a tipping point? NOCs and OFSCs have increasing power and influence in global oil markets. In parallel, IOCs' significance and role in the oil markets has been in decline due to shrinking technical skills and expertise, reduced access to low cost reserves, and lower operating profit margins. As a result, IOCs have tended to focus on more challenging and less profitable domains, shale gas, unconventional oil, and deep-water operations. OFSCs have been offering NOCs more services and specialized operations with high technical experience at a lower cost than IOCs offer. As these trends continue, IOCs are likely to adopt a new business model that may require changes in collaborative efforts and cooperative relationships. Partnering with IOCs and OFSCs is a good step for NOCs that undertake a globalization strategy. In fact, this is a win-win strategy for all parties, as it will enable IOCs to gain more access to NOCs' resources. Further, IOCs and OFSCs in partnership with NOCs should contribute to the socioeconomic development of the countries in which they operate.