Research On The Business Model Transformation Of Petrochemical Oil Service Companies Under The Background Of "dual Carbon

With the commitment of "carbon peaking and carbon neutralization"(hereinafter referred to as "double carbon")made by the Chinese government at the UN General Assembly in 2020,the "double carbon" goal has been written into the government work report for the first time,and has become an important background for countries around the world to adjust their energy structure and achieve green and sustainable development.Non-fossil new energy with low carbon emission has ushered in major policy support and development opportunities,Petroleum engineering service enterprises including SINOPEC Service Corporation(hereinafter referred to as "Sinopec Service")also stand at the crossroads of business model transformation in the face of the harsh reality of long-term low volatility of international crude oil prices and the overall decline of oil and gas exploration and development investment.Using the methods of literature research and case study,this paper first studies the external environment and its impact on Sinopec Service,and then studies the current situation of the company by using the business model canvas,trying to find out the external and internal causes of its business model transformation.The research found that: first,the existing business model of Sinopec Service has the following problems:the value proposition,customer segmentation and profit source are extremely single,which completely depends on the exploration and development investment of customers in the upstream of the traditional oil and gas industry,there are few profit points,narrow key business scope,no breakthrough to get rid of the dilemma,the financial situation is difficult,the source of income is single,the cost pressure is great,and the risk is concentrated.Second,external and internal reasons promote the transformation of its business model,the external motivation for its business model transformation including policy power,economic pull,social pressure,industry pressure and technical support,the internal motivation mainly includes the transformation tendency of strategy and value proposition,the entrepreneurs’ responsibility of state-owned enterprises,the income expectation for low-carbon business,the tendency to adjust the problems,and the support of enterprises’ low-carbon ability.Based on the above internal and external motivation analysis,its business model has to be transformed and is imperative.Third,to carry out business model transformation design,the transformation path is analyzed,and the main path is to undertake new energy project engineering services and self-use new energy projects in production and office,it analyzes and puts forward the new energy business directions,which are consistent with the company’s resources.It puts forward some suggestions,such as low-carbon strategy and value proposition,making customer relationship maintenance more efficient,channels more unobstructed,to continuously improve the low-carbon ability of core resources and key businesses,and controlling risks at the same time,so as to ensure the successful transformation of business model.In recent years,Chinese and foreign scholars’ thoughts on enterprise business model and transformation have mostly focused on coal,transportation and other aspects.Taking SINOPEC Service as an example,this paper expands the scope of business model theoretical research,enriches the case studies in this aspect,and points out the direction for the company’s business model transformation,It provides a positive and effective reference for oil service enterprises whose business situation falls into passivity under the background of "Double Carbon",which has certain theoretical and practical significance.