Published: 31 January 2023
Oil and gas companies are expanding nontraditional partnerships in order to create value. Nonetheless, greater prioritization of innovation is needed to address industry disruption. CIOs can use this research to learn how to effectively contribute to business value co-creation in new partnerships.
Innovation is essential for oil and gas companies to remain competitive and resilient in the current era of disruption and turbulence. More oil and gas companies are developing novel partnerships outside traditional norms to explore new avenues for value creation and competitive advantage.
Even though such partnerships are spreading, we see signs that increasing innovation is losing out to other business priorities for many companies. There is considerable scope for companies to ramp up innovation efforts.
Co-creation of value in partnerships works differently from traditional operator-vendor relationships in the industry. Many companies could better exploit collaborative partnerships to generate novel solutions
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