Innovation in the Oil Industry

International oil companies are trying to expand their business operation in Middle East in order to open up the door for additional revenue and achieve market penetration. Unfortunately, international oil companies such as Chevron, Shell, British Petroleum, Exxon Mobil etc face difficulties in incorporating innovation as strategic path builder in Middle East. Domestic players of Middle East have the resource advantage hence international oil majors need to find something groundbreaking and sustainable in order to compete successfully with domestic players of in that region. In many cases, international organizations go for developing a new technology and achieve innovation in order to survive in the hypercompetitive market. In most of the cases, international oil companies fail to cope with the macro environmental dynamics of Middle East, as a result, these companies incorporate costly innovations which are not relevant in terms of regional context. Problems regarding achieving innovation for a multinational oil company have influenced the researcher to conduct research on the topic. Purpose of the study is to find how change in organizational structure and adaptation of innovation behaviour can help a multinational company to achieve innovation in Middle East. The researcher has selected Chevron Downstream as sample organization and collected data from senior employees and managers of the organization through survey method. Difference in the perception of managers and employees is shown in the paper with help of quantitative methodology. In the last part of the study, the researcher has reviewed the research findings with the help of research works of previous research scholars and recommended strategies for managers of international oil companies to achieve innovation in regional context.

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