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International Collaboration

Collaboration can be a winning strategy in the oil and gas industry. 

Increasing competition, increased risks, market instability, global threats and economic fluctuations have pressurised many business leaders, including those to work together. 

We need to search for ways to intensify competitive advantages, while focussing on desired positions in the industry. 

Companies should adopt collaboration, as a winning strategy and identifying synergetic benefits. 

Collaborative Relationship

Collaboration among industry players and government are looking developing innovative solutions to industry problems, taking new dimensions. More business leaders are beginning to appreciate ample impacts and the uncontested benefits of co-created values. Industry players could face several limitations competing in global markets. Collaboration may involve a complementary specialisation, and competitive advantages could be well enhanced. Trends show that it is a good strategic move for investors business leaders to connect to and develop positive business relationships. 

Critical Success Factors

Parties to collaboration efforts should understand and implement critical success factors as highlighted below factors. 

  • Senior leadership commitment.
  • Well defined shared-objectives
  • Potential win-win collaborative relationship.
  • Stretch targets
  • Behavioural imperatives
  • A culture of responsibility
  • Integrated boundary-spanning team
  • Frequent interaction and communication
  • Development of capabilities and change management

Conclusion

Successful business collaboration is achieved with transparency and trust with good mutual and solidarity intentions. Communicating openly about challenges and ways of mitigation also enhance a successful collaboration.