Understanding the role of oil and gas companies in the current sustainability trends: an application of the sustainable business model archetypes

Orkestra Basque Institute of Competitiveness

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Research Into Territorial Competitiveness
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2024
Jaime Menéndez Sánchez, Jorge Fernández Gómez, Andrés Araujo de la Mata
https://doi.org/10.1093/cjres/rsae042
Cambridge Journal of Regions, Economy and Society

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Abstract

Oil and gas (O&G) companies face a complex process of adaptation to the new sustainability context. How their business models can successfully respond to sustainability requirements remains unclear. We studied the decarbonisation activities of relevant O&G companies and applied the sustainable business model archetypes (SBMAs) taxonomy to shed light on this transformation. Based on this, we focussed on one O&G firm with large socio-economic importance in northern Spain, gathering information via semi-structured interviews. Our analysis shows that O&G companies are developing innovative technologies aligned with the SBMAs. Multi-stakeholder collaboration and a regional focus on industrial clusters appear to be key elements of the sustainability strategies of O&G companies.

Keywords: energy transition, oil and gas, business models, business sustainability, innovation, industrial clusters

Tags Energy and Environment Lab

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