Strategy of oil and gas companies - challenges amid disruptions and crisis

  • Phan Ngoc Trung
  • Le Ngoc Anh
Keywords: Strategy, energy transition, climate change, renewables, Revolution 4.0


Oil and gas companies have been facing grave challenges for 2020 amid the global COVID-19 pandemic and a stumbling oil price. Apart from these, there have been changes over the years for the industry, ranging from renewable energy, climate change and environmental protection, to impacts of the Industrial Revolution 4.0. These trends require oil and gas companies to rethink their visions, revise their old business model and adjust their strategies in order to adapt to coming disruptions and crises.


[1] Christopher Sell, “How the pandemic wiped out oil demand around the world”, Bloomberg, 9/4/2020. [Online]. Available:
[2] David Sheppard, Anjli Raval, and Hudson Lockett, “Oil price crashes 30% as markets open”, Financial Times, 10/4/2020. [Online]. Available:
[3] Lawrence Freedman, Strategy: A history. Oxford University Press, 2013.
[4] Hồ Chí Minh, Toàn tập (Tập 8). Nhà xuất bản Chính trị Quốc gia - Sự thật, 2011, tr. 555.
[5] Michael E.Porter, On competition. Harvard Business Review Press, 2008.
[6] McKinsey Quarterly, “What strategists need: A meeting of the minds”, 2014.
[7] Harvard Business Review, HBR's 10 must reads on strategy, 2011.
[8] James Allen, “The changing nature of strategy: Reflections on thirty years”, Bain & Company, 2019.
[9] Jim Collins, Good to great: Why some companies make the leap and others don't. Harper Business, 2001.
[10] Eric Schmidt and Jonathan Rosenberg, “How Google works”, Grand Central Publishing, 2017.
[11] Satya Nadella, Greg Shaw, Jill Tracie Nichols, and Bill Gates, Hit Refresh: The quest to rediscover Microsoft's soul and imagine a better future for everyone. Harper Business, 2017.
[12] Paul Stevens, “International oil companies - The death of the old business model”, Chatham House, 2016.
[13] Matt Phillips and Clifford Krauss, “American oil drillers were hanging on by a thread. Then came the virus”, New York Times, 20/3/2020. [Online]. Available:
[14] David Sheppard, Myles McCormick, Anjli Raval, Derek Brower, and Hudson Lockett, “US oil price below zero for first time in history”, Financial Times, 21/4/2020. [Online]. Available:
[15] Oliver Milman, “Earth just had hottest January since records began, data shows”, The Guardian, 13/2/2020. [Online]. Available:
[16] Graham Readfearn, “Antarctica logs hottest temperature on record with a reading of 18.3C”, The Guardian, 7/2/2020. [Online]. Available:
[17] Billy Nauman, “Sharp rise in number of investors dumping fossil fuel stocks”, Financial Times, 9/9/2019. [Online]. Available:
[18] REN21, Renewables 2019 global status report. Paris: REN21 Secretariat, 2019.
[19] Nikou Asgari, “Renewable energy milestone reached in 2019”, Financial Times, 1/1/2020. [Online]. Available: 943ebb3c-2be6-11ea-a126-99756bd8f45e.
[20] Alan Livsey, “Lex in depth: The $900bn cost of ‘stranded energy assets”, Financial Times, 4/2/2020. [Online]. Available: content/95efca74-4299-11ea-a43a-c4b328d9061c.
[21] IEA, World energy outlook 2019, 2019. [Online]. Available:
[22] Rob West and Bassam Fattouh, “The energy transition and oil companies’ hard choices”, Oxford Institute of Energy Studies, 2019. [Online]. Available:
[23] Fiona Maharg-Bravo, “Big oil morphs into big gas”, Reuters - Breakingviews. 22/12/2015. [Online]. Available:
[24] Occidental Petroleum, “NET power and oxy low carbon ventures announce investment agreement to advance innovative low-carbon technology”, 2018.
[25] Patrick Hertzke, Nicolai Müller, Patrick Schaufuss, Stephanie Schenk, and Ting Wu, “Expanding electricvehicle adoption despite early growing pains”, McKinsey & Company, 2019. [Online]. Available:
[26] Wood Mackenzie, “Energy transition outlook H1 2019: The scalability challenge”, 2019. [Online]. Available:
[27] Anmar Frangoul, “Dong Energy changes its name to Orsted, moves away from oil and gas, goes big on renewables”, CNBC, 2017.
[28] Ole Evensen and David Womack, “How AI can pump new life into oilfields”, IBM, 2020. [Online]. Available: downloads/cas/5BNKGNLE.
[29] BP, “Digitally enabled”, 2017.
[30] Microsoft, “Schlumberger, Chevron and Microsoft announce collaboration to accelerate digital transformation”, 2019.
[31] World Economic Forum, “Digital transformation initiative - Oil and gas industry”, 2017. [Online]. Available: digital-transformation/wpcontent/blogs.dir/94/mp/files/pages/files/dti-oil-andgas-industry-white-paper.pdf.
[32] Emiko Terazono, “Energy groups and traders launch new blockchain platform”, Financial Times, 29/11/2018. [Online]. Available:
How to Cite
Phan Ngoc Trung, & Le Ngoc Anh. (2020). Strategy of oil and gas companies - challenges amid disruptions and crisis. Petrovietnam Journal, 7, 6 - 13. journal.v7i0.321

Most read articles by the same author(s)