| dc.description.abstract | This research addresses the construction of a sustainable business model in the oil & gas industry. Sustainable business models (SBMs) are conceptual models that express the business logic of a firm and how it proposes, creates, and captures economic, social and environmental value for itself and its stakeholders. SBMs can aid companies in redefining their way of doing business and in embedding sustainability in business practices.
Research has addressed several facets of SBMs, including specific markets and industries, but the oil & gas industry has remained unexplored. In this industry, which is experiencing pressures related to oil price volatility and sustainability, it is becoming evident that new approaches to doing business are needed; for the survival of oil & gas companies as well as for sustainable development. Extending the research area of SBMs to the oil & gas industry could provide insights into the ability of the SBM concept to transform a business’ unsustainable practices into more sustainable ones.
This research answered the question ‘What sustainable business model can be constructed in the oil & gas industry and how can it be achieved?’, by addressing the case study’s current business model (value proposition, value creating & delivery, value capture), how it could be innovated for sustainability, and the barriers to SBMs. A case study was performed at Frames, a Dutch B2B company in the international upstream oil & gas industry. Data was collected through interviews and a sustainable business model workshop with the stakeholder network. The main methods used were the SBM archetypes and value mapping.
It was found that oil & gas BMs entail sustainability aspects related to e.g. efficiency and sufficiency, which could be further enhanced. An SBM could be constructed that includes value directed towards maximizing material and energy efficiency, creating value from waste, renewables, and delivering functionality. Furthermore, it was found that factors such as lack of vision, a conservative oil & gas industry, sustainability unawareness, and supply chain position, could be important barriers for the construction of an SBM in the oil & gas industry.
Finally, this research has shown that the combination of the topics value mapping, the SBM archetypes, and barriers can be used as a starting point for constructing an SBM in the oil & gas industry. Furthermore, it was confirmed that SBM construction should be a continuous process, where a proactive sustainability approach and stakeholder engagement are essential. | |
