The Value proposition is one of the key aspects of a business model and plays a significant role in any business model. Nowadays, firms could be successful and even could be initiated, only when a value proposition of their business model is clarified precisely. There is a necessity for new studies in order to see whether National Oil Companies(NOCs) are promoting the proper business models that make them competitive. This research analyzes the value proposition and its influence on the NOC’s competitiveness and it supports to deliver the required products and services to their specific market segment and customers. The main objective of this research is to develop a value proposition for the business model of National Oil Companies(NOCs). This could enable firms to be more competitive in the oil industry, especially in the oil supply glut circumstance. In order to achieve this objective, the research methodology is based on the semi-structured interview with the main stakeholders in the oil industry which is NOCs. First, value propositions in the history of oil and gas industry are addressed in almost every decade, then five current or previous managers of National Iranian Oil Company are selected for the semi-structured interview to clarify the current market situation and eventually propose the desired value propositions for the business model of NOCs.