Oil and gas (O&G) companies that are key players in the contemporary global energy landscape have evolved within the context of a dynamic interaction between states and markets. However, their role is being transformed radically by two 'global shifts' in succession: economic globalisation—driving energy demand growth patterns—and climate change—driving energy system transformation and decarbonisation, both of which require them to reconsider their business strategies. Using an interdisciplinary lens that mainly draws on economic geography, strategy and international business, and international political economy, we propose an integrated conceptual framework for two periods—the 1990s-early 2000s and the post-Paris Agreement era—to explore the nature of strategic responses by O&G companies to these global economic and environmental shifts. We illustrate the linkage of O&G companies' two strategies of (re-)globalisation and decarbonisation by the dimensions of 'production', 'finance', and 'knowledge'. The 'security' dimension is regarded as energy security as one of the priorities in the macro external environment. The contradictions facing O&G companies are becoming more prominent: climate goals require a significant reduction in fossil fuel use, and the pressures from governments, non-governmental organisations, and investors threaten the long-term survival of O&G companies, while demand for fossil fuels will remain high in the short to medium term. The post-pandemic recovery and Russia's war in Ukraine are resulting in a movement towards a new world order is gaining pace. Therefore, O&G companies face dual challenges in the new era of (re-)globalisation and decarbonisation and need to make changes to ensure their future viability.

Oil and gas company,Globalisation,Decarbonisation,Strategy,Global shift