| The energy industry has been continuously transforming towards renewable energy since the 1990 s.With the development and application of renewable energy technologies,rapid development has been seen since the 21 st century,but there is still a long way to go before fossil fuel being fully replaced.However,the outbreak of Covid-19 epidemic in 2020 and the volatile fluctuation of international oil price have completely changed this trend.Under the new situation,the accelerated peaking of oil and gas is not conducive to the growth of oil and gas demand nor the rise of oil and gas prices in the long term,which results in significant increase of carbon cost for IOCs(1)and major challenges for their business development.An increasing number of IOCs initiated the transformation towards renewable energy,optimization of asset portfolio,and carrying out basic research to take an upper hand.As a state-owned IOC with upstream exploration and development business as its main business,who operates in the entire oil and gas industry chain,Z Company also faces the strategic choice of renewable energy and low-carbon development.By taking Z company,this thesis summarized its business situation from the up,mid and downstream based on competitive strategy,core competency theory,ecosystem and strategic alliance theory and related strategic analysis methods,analyzed the current situation of its operation from three aspects of main business,operation management,financial management,examined its problems,such as relatively shorter history,incomplete business structure,high external risks,unoptimized asset portfolio,fell-behind low-carbon development and technological innovation,diagnosed its existing strategy of creating world`s top oil and gas company,exploiting multi-industry and market crossing advantage,promoting marketing,international management and technological innovation,pushing forward its oil and gas resource acquisition,transactional key fundamental infrastructure and natural gas industrial chain development,concluded from five aspects of main route,advantages,capability,implementation and deficiency.By reading and checking related literature and statistics,the author summarized the ongoing situation and development trend of the strategic choice of IOCs,generalized opportunities and threats the company faces combining analysis on politics,economy,social culture,technology and other external macro-environmental factors,as well as industrial economic characteristics,Five Forces,industrial chain and development driving forces,summarized the company’s advantages and disadvantages referring to the company’s internal tangible and intangible resources,management capabilities such as technological innovation,strategic operations,human resources,finance and risk management,together with operation capabilities such as upstream,trading,shipping,warehousing operations,then quantified selected elements through analytical tools base on three strategy types,and under the guidance of its overall national energy security mission and the vision and core values of becoming "One of the worlds`Top IOCs",the main ideas and paths of strategic choice for the company are “to implement expansion strategy,to adhere to the main business,to seek low-carbon development and high quality development”,and to provide guarantee for the implementation from four aspects: organizational system,capital safety,human resources and information technology.It is hoped that through the research of this thesis,the can provide a reference for Z Company and other oil and gas companies in the strategic choice of energy transition and low-carbon development under the new situation. |
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