Since the early days of the oil and gas industry, a group of Western companies has dominated the industry. These companies have been named ‘Big Oil’ due to the size of their global footprint. Despite their technological superiority and significant access to capital, these organizations are now facing difficulties in maintaining market share and profitability. Changing requirements concerning fuel types as well as an increasing focus on environmental impacts have transformed the global energy market. Inevitably, these companies have been forced to change their strategy to remain relevant to customers. Big Oil is refocusing its business model to accommodate a world where the share of natural gas in the energy mix is growing by the day. LNG has been the main driver of growth in the natural gas sector as it has provided flexibility to customers and global price competition. While some companies, such as Royal Dutch Shell, have […]