International Oil Companies (IOC’s) had been playing a major role in oil industry at the beginning of 20th century. They had many volatility during last century and faced with many obstacles which forced them to change their business models and improve their outcome to satisfy their shareholders. One of the most important challenges was oil nationalization in oil producer countries which were happened by establishment of NOCs. Later green energy issue which came from CO2 emission problem happened and recently, oil and gas price diminish challenges, involve all IOCs with the most important challenge in last century after all. Among all those events, one of the most important key values which have been observed by IPIECA, API and IOGP associations every year is Sustainability. The objectives of the research are study all issues and indicators of sustainability in IOCs. Each indicator has faced with different strategy via IOCs in different market situation. The importance of this key value cause that it is observed by some important association like IPIECA, API and IOGP each year. As the scarcity of related references for business model in oil and gas industry, literature review of some resources and annual sustainability report followed by a questionnaire as a survey are also selected methods for recent major challenges to achieve required result.
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