Organizational Strategy, Behaviour and Dynamics
Edited by Gerard George and Simon J.D. Schillebeeckx
Chapter 4: Risk management and adaptation in oil and gas commodity resource markets
The oil and gas industry is vital in the global economy. It is also a turbulent industry, characterized by market volatility and exogenous shocks. Yet, the oil and gas industry has largely been ignored in the management literature. In this chapter, we highlight some of the risks contributing to industry uncertainty and examine how firms adapt and develop resilience. Using the dynamic capabilities framework, we describe how successful firms develop capabilities for sensing, seizing and reconfiguring to mitigate the risks and capitalize on opportunities.
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