National Oil Companies (NOCs) are spending more and more on R&D. But this has not yet had much of an impact. With the oil price currently well below the break-even point of their nations' budgets, they are still behind Independent Oil Companies (IOCs) in terms of R&D effectiveness. IOCs have been shown to adjust faster to a new baseline price. Arthur D. Little (ADL)'s framework for E&P Technology management suggests that better focus on delivering the corporate strategy through active portfolio management, and an organizational form that links technology with projects or operations and embeds deployment in budgetary planning, can help.