Published 2023-07-20
Abstract
The rapid global shift towards renewable energy poses significant challenges for oil-dependent economies. This study examines strategic management practices within the oil sector, focusing on how companies and governments can adapt to the changing energy landscape. Using a mixed-methods approach, data were collected from industry reports, interviews with energy executives, and policy documents from oil-producing nations. The analysis reveals that successful adaptation strategies include diversification of investment portfolios, integration of green technologies, and adoption of innovative operational models. The findings also indicate that nations with forward-looking governance frameworks are better positioned to maintain economic stability during the transition. Recommendations are made for strategic alignment between national energy policies and corporate sustainability goals.