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Strategic analysis of oil and gas industry to provide appropriate strategies

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Strategic analysis of oil and gas industry to provide
appropriate strategies
Shiva Rezvani*, Dariush Eslami

1. MS of Industrial Engineering, Kharazmi University of Tehran, Iran,

sh.rezvani1991@yahoo.com
2. Ph.D. Candidate of Industrial Engineering, Kharazmi University of Tehran, Iran,
dariush.eslami@gmail.com

Abstract
Each Strategy formulation in different organizations and sectors of society is a response
to the developments that are taking place in various fields, especially in the field of
economics and industry. In today's world, what makes managers and service
organizations different and victorious in the competition is the effective strategic
formulating of planning. Despite the numerous organizations and their complex
competition in today's Iran economy, these institutions' management requires
managers to have suitable strategic skills to interact properly with the organization's
internal and external environment. This requires knowledge of managers from the
strengths, weaknesses, opportunities and threats. In this research, in order to design a
model for formulating the strategy of the oil and gas industry, using a descriptive-
analytical research method in the initial phase, after studying the company's mission
statement, internal and external factors affecting the company's performance were
identified and by examining strengths, weaknesses, threats and opportunities, Internal
Factors Evaluations matrices (IFE) and external factors evaluation matrices (EFE)
were formed. After examining the matrices, we used the internal and external factor
matrix (IE) to determine the strategy type. The study in this survey has been done in
Mazandaran Gas Company. After evaluation, we concluded that centralized strategies
could be used to maintain the current condition.

Key words: strategic planning, internal factors, external factors, oil and gas industry.
1. Introduction
In the 21st century, managers face major challenges. The tendency to globalization and the
advent of technology, customer-orientation, product life reduction, and diversity intensity
has increased the competition between organizations. Success in today's organizations will
not be possible just by knowing the domestic markets. There is also a must to be able to
work in foreign markets and against unfamiliar competitors. The increasing tendency
towards globalization stems from the enormous power of technology and overshadows the
competition. These two forces, globalization and technology, along with the customer-
orientation challenge, need a new form of leadership. Nowadays, the ever-rising changes
have altered organizations to a great extent. Hence, the best tool to ensure organizations'
success without acquiescing in the changes is strategic management, because this factor
allows organizations to act in creative and innovative ways and be prudent and flexible
concerning their future. One of the available solutions to manage organizations' affairs and
achieve success would be analyzing that organization and the manager’s suitable
interaction with the internal and external environment.
Today's dramatic changes that have overshadowed all organizations and systems are the
explosive technological changes. Communication and information have, in fact, created a
single world, and the ascendant pace of change is to some extent, that organizations must
constantly fight to maintain it. An effective solution in the realm of speed and technology
would be providing high-quality services. These conditions require strategic planning and
selection of suitable strategic management for organizations as a tool to struggle with the
mentioned challenges.
The strategic management process can be imagined as a process of a specific decision or
problem-solving composed of a general view from the planning stages to implementation
and evaluation. In other words, the strategic management process is presented in the
framework of a common and acceptable model as follows: strategy formulation, strategy
implementation, strategy evaluation. Scholars have cited several reasons for the need to
implement strategic management in organizations, including changes in the world of today,
increasing the risk of error, high cost of mistakes, economic problems, scarcity of
resources, the need for governments to increase revenue sources, reduce dependence on
revenues from the export of materials.
In this research, in order to design a model for formulating the guideline and strategy of the
oil and gas industry, using a descriptive-analytical research method in the initial stage,
after studying the company's mission statement, internal and external factors affecting the
company's performance were identified and by evaluating the weaknesses, threats and
opportunities an evaluation matrix of internal and external factors was formed. After
examining the evaluation matrix of internal and external factors in order to prioritize key
 internal and external factors, we use the quantitative QSPM model to evaluate the
performance of managers of Mazandaran Gas Company. This article is considered
practical in terms of purpose and adaptive in terms of nature and method to formulate and
adjust the most suitable strategic solution for excellence in the organizational field in the
coming years for this industry after the similarities and differences are identified.
Writing papers requires word 2003 software in windows XP, and A4 paper is needed. In
preparing the main text consider using the (Times New Roman 12pt) font and single line
spacing.

2. Analytical Framework for Strategy Development

Important methods of strategy development can be incorporated into a three-step decision-
making framework. The tools provided in this framework are suitable for a variety of
organizations in a wide range of sizes and help strategists identify, evaluate and select
strategies. The first stage of the strategy formulation framework includes the Internal
Factors Evaluation matrix, external factors evaluation matrix and competition review
matrix. In the first stage, which is called the input stage, the basic information needed to
formulate strategies is identified. The second stage, which is called the comparison stage,
pays attention to the possible strategies and for this purpose, a kind of balance is
established between the main internal and external factors of the organization. The
methods and tools used in the second step are as follows: Matrix of threats, opportunities,
weaknesses, strengths, position evaluation matrix and strategic action, closing consultant
group matrix, internal and external factors matrix and main strategy matrix. In the third
stage, which is called the decision stage, only one unique method is used, namely the
quantitative strategic planning matrix. The matrix uses the information provided in the first
stage to evaluate and judge the types of strategies that can be implemented in the second
stage, in an objective way and without applying personal opinion. The strategic planning
matrix quantifies the relative attractiveness of a variety of strategies and thus provides an
objective basis for selecting specific strategies without personal opinion.

First Stage: Input stage

External Factor Evaluation Matrix Internal Factor Evaluation Matrix
Competition Review Matrix (CPM)
(EFE) (IEF)
Second Stage: Comparison
Matrix of Strengths,
Strategic Action and Internal and
Weaknesses, Bang Consultant Main Strategy
Case Evaluation External Matrix
Opportunities, Threats Group Matrix (BCG) Matrix
Matrix (SPACE) (IE)
(SWOT)
Third Stage: Decision-making
Quantitative Strategic Planning Matrix (QSPM)
Figure 1: Analytical framework for strategy formulation
In the present study, in the first stage, the IFE matrix has been used in order to identify
strengths and weaknesses, and the EFE matrix has been used in order to identify opportunities
and threats. In the second stage, by means of the internal and external factors (IE), we
determine the proposed strategies. Finally, using the Quantitative Strategic Planning Matrix
(QSPM), the relative attractiveness of the strategies is measured to prioritize them.

1-2. External Factors Evaluation Matrix (EFE)

Using external factor evaluation matrices, strategists can evaluate economic, social, cultural,
ecological, environmental, political, governmental, legal, technological, and competitive
information factors. To prepare an external factors evaluation matrix, the following five steps
must be followed:

Step 1. After examining the external factors, list the known factors. Write between 10 to 20
factors that include factors that create opportunities or threaten the organization. Write down
the factors that create the opportunity and the situation, and then the ones that threaten the
organization. Be as accurate as possible and use comparable percentages, ratios and numbers
if possible.

Step 2. Give weight or coefficient to these factors. These coefficients are from zero
(insignificant) to one (very important). Coefficient indicates the relative importance of a
factor (in terms of the success of the organization in the industry). Often, the factors that
cause the opportunity or situation are given a higher coefficient than the threatening factors,
but if the threatening factors are also severe, they should be given a high coefficient. Weights
or coefficients can be determined by comparing successful competitors with unsuccessful
ones or after group discussion and member agreement. The sum of the coefficients must be
one.

Step 3. Rate each factor that contributes to success on a scale of one to four, and these
numbers indicate the effectiveness of the company's current strategies in responding to that
factor. The number four means that the reaction was excellent, the number three means that
the reaction is above average, the number two means that the reaction is moderate, and the
number one means that the reaction is poor. These rankings are determined by the
effectiveness of the organization's strategies. The rankings within the organization and the
coefficients (which are determined in step two) are determined according to the industry.

Step 4. Multiply the coefficient of each factor in the corresponding rank to get the final score.

Step 5. Get the sums of these scores belonging to each of the variables to determine the sum
of the organization scores. In the external factors evaluation matrix, regardless of the number
of factors that cause the company opportunity or threat, the total final scores for an
organization never reaches more than four and never less than one. If this number reaches
four, it means that the organization responds very well to the factors that cause threats and
opportunities. In other words, it successfully uses the available opportunities in its strategies
and minimizes the effect of the factors that cause the threat. Number one indicates that the
company in formulating its strategies has not been able to take advantage of the factors that
create opportunities or avoid the factors that create threats.

2-2. Internal Factor Evaluation Matrix (IFE)

The Internal Factors Evaluation matrix is the result of a strategic study of the
organization's internal factors. This matrix formulates and evaluates the main strengths
and weaknesses of the organization's task units, as well as provides ways to identify and
evaluate the relationships between these units. In order to prepare a matrix for evaluating
internal factors, one should rely on intuitive judgments; therefore, scientific methods
should not be interpreted in such a way that they are considered the only powerful,
valuable and comprehensive way.
An in-depth understanding of these factors is far more important than actual numbers.
Internal Factors Evaluation matrix can be prepared in five steps. These five steps are
similar to the steps mentioned in the previous section for preparing the external factors
evaluation matrix, with the difference that internal factors, including strengths and
weaknesses, are examined.

3-2. Internal and External Matrix (IE)

Internal and external matrix puts different parts of the organization in 9 cells. Note the
chart below. The internal and external matrix is based on two main dimensions: the sum
of the final scores of the internal factor evaluation matrix is shown on the x-axis and the
sum of the final scores of the external factor evaluation matrix is written on the y-axis. To
prepare the internal and external matrix, the sum of the final scores obtained from the two
internal and external evaluation matrices should be used and its coordinates should be
drawn on the internal and external matrix. In the internal external matrix, the sum of the
final scores on the x-axis from 1.0 to 1.99 indicates the internal weakness of the
organization; Scores of 2.0 to 2.99 indicate that the company is in an average position,
and scores of 3.0 to 4.0 indicate the strength of the company. In the same way, the sum of
the final scores of the external factors evaluation matrix from 1.0 to 1.99 indicates the
weakness of the company; Scores of 2.0 to 2.99 indicate that the company is in excellent
condition.
The internal and external matrix can be divided into three main areas and different
strategies can be used for each of them. First, for the sections located in cells 1, 2, or 4, a
 strategy can be implemented that encourages growth and construction. In these units,
focus strategies (market penetration, market development and product development or
strategies based on vertical integration upwards, vertical integration downwards and
horizontal integration) should be implemented, and these are the most suitable strategies.
In houses 3, 5 or 7, strategies aimed at maintaining the status quo must be implemented,
in which market penetration and product development strategies are very common.
Thirdly, for units located in boxes 6, 8, and 9, crop or drop strategies must be
implemented. In the internal and external matrix, organizations are successful in investing
their assets in units located in cell number 1.

3.0 2.0
4.0
The final score of the

I II III
evaluation matrix
external factors

3.0
(EFE)

IV V VI

2.0
VII VIII IX

Figure 2: Internal and external matrix (IE)

4-2. Quantitative Strategic Planning Matrix (QSPM)

In addition to the strategies that are identified by prioritization, there is another analytical
method that determines the relative attractiveness of the strategies. This method is called
quantitative strategic planning matrix and in the third step it is used to formulate
strategies as an analytical framework. Using this method, it is possible to objectively
identify the various strategies that are the best strategies in the world. In the
implementation of the strategy planning matrix, quantitative analysis of the first stage and
the result of comparing the internal and external factors of the organization, the second
stage, is used to determine the objective ways of implementing strategies. To prepare the
Quantitative Strategic Planning matrix (stage 3) the results of steps one and two are used.
Step one includes the preparation of External Factors Evaluation matrix, Internal Factors
Evaluation matrix and the second stage includes Internal and External Evaluation matrix.
Quantitative Strategic Planning matrix is one of the tools or methods. It allows strategists
to objectively evaluate the types of possible strategies based on the company's already
identified internal and external success factors, as well as other analytical methods used
to formulate strategies. In terms of applying a Quantitative Strategic Planning matrix, a
good intuitive judgment should be used.
3. Identifying the factors affecting the gas company of Mazandaran province
After conducting studies of consensus among the managers and experts and according to
the mission statement of Mazandaran Gas Company, we have categorized the internal and
external influential factors.

1-3. Strengths and weaknesses of the company in the field of internal factors
Acquiring knowledge about the internal environment of the company and evaluating its
strengths and weaknesses are among the important factors for formulating suitable
strategies and executive plans for the company. Accordingly, following the studies
conducted in the field of internal factors and by holding brainstorming sessions and after
obtaining the opinion of company managers, a list of strengths and weaknesses in various
areas of the company's internal environment has been presented. A list of strengths and
weaknesses is provided by the following areas.

Table 1: Internal factors in the gas company

1 Financial situation
2 Human Resource and Management
3 Organization and structure, organizational culture
4 Systems and methods and information technology and work processes
5 Technical and technological capabilities

2-3. Opportunities and threats of the gas company through the scope of external factors
One of the most important parts of the strategic planning process for the company is the
identification and analysis of external environmental conditions. Understanding the
factors affecting the company's external environment is a prelude to achieving
environmental opportunities and threats, so that strategies and guidelines can be adopted
to minimize the threats and provide the necessary ground for the optimal use of
opportunities. The list of opportunities and threats is presented in the following areas.

4. Analyzing the factors and presenting the proposed strategies

One of the most suitable planning models is strategic analysis through Internal and
External Factor matrix (IE) which is used as a new tool for analysis of functions and
situations by strategic designers and evaluators. This matrix is a conceptual framework for
system analysis that can be examined factors and bottlenecks, threats, harmful aspects,
opportunities, demands and external situations along with the strengths and weaknesses
and internal situations of the system and finally creates the suitable strategies for
formulating them. In order to analyze the descriptive IE matrix and to measure the relative
 attractiveness of the selected strategies QSPM was used, which are fully described in Table
2 and Table 3:

Table 2: Internal Factor Evaluation Matrix (IFE)

Main internal factors
Final
Score Coefficient
score
Strengths of the Organization

1 Financial situation
1.1. Diversity of financial resources and the possibility of using
0.04 2 0.02
external financing sources
0.06 2 0.03 1.2. Improving trends in claims control
1.3. Improving the profitability process
0.01 1 0.01

2 Human Resource and Management

2.1. Technical, specialized and high management power of the senior
0.28 4 0.07
management of the complex
2.2. Adherence and high affiliation of senior managers of the complex to their
0.15 3 0.05
jobs and workplaces
2.3. Appropriateness of the company's management composition (attention to
0.04 2 0.02 youthfulness in the company's management body)

3 Organizational strengths, culture and organizational structure

3.1. Paying attention to customer orientation and maintaining human dignity in

0.32 4 0.08
the organization

0.04 2 0.02 3.2. The improving trend of participation in organizational decisions

Strengths of systems and methods and information technology and work

4
processes
4.1. Collection management’s paying attention to the field of systems and
0.06 2 0.03
methods and the use of new methods
4.2. Implementation of quality management system and obtaining ISO
0.21 3 0.07 certification

5 Strengths of technical and technological capabilities

5.1. High efficiency of technical and technological facilities and equipment of

0.06 2 0.03
the company
5.2. Suitability of the experimental, professional and scientific ability of the
0.1 2 0.05
company's personnel

0.02 1 0.02 5.3. Paying attention to mechanization

Table 2 continued on next page

 Table 2: Internal Factor Evaluation Matrix (IFE)
Main internal factors
Final
Score Coefficient
score
Weaknesses of the Organization

1 Financial weaknesses

0.01 1 0.01 1.1. Continuity of accumulated losses

0.01 1 0.01 1.2. Improper condition of lever ratios

0.08 2 0.04 1.3. Recession in the use of foreign investment

2 Weaknesses of human resource and management

2.1. Lack of specialized human resources in the company (especially in the
0.2 4 0.05
technical and operational sectors)

0.12 4 0.03 2.2. Low morale, belonging, motivation and responsibility of employees

0.12 3 0.04 2.3. Excessive involvement of managers in the executive affairs of the company

3 Weaknesses of the organization, culture and organization structure

3.1. Inadequate structure of human resources organization and vacancy of a large

0.04 2 0.02
number of approved organizational positions

3.2. Improper division of labor, the existence of parallel work in the

0.06 3 0.02
implementation of some affairs in the organization

0.15 3 0.05 3.3. Weak interaction and proper communication between organizational units

Weaknesses of systems and methods, information technology and work

4
processes

4.1. Lack of specialized work force in the field of systems and methods and
0.12 2 0.06
information technology

4.2. Low efficiency and obsolescence of existing software and application

0.04 2 0.02
systems and the impossibility of establishing communication between them

5 Weaknesses of technical and technological capabilities

0.04 2 0.02 5.1. Improper condition of energy loss index

5.2. High waste of resources (energy, consumables, etc.) and low efficiency of
0.14 2 0.07
resources
5.3. Wide disparity between some technical indicators and international
0.14 2 0.07
standards

2.66 1 Total
 Table 3: External Factor Evaluation Matrix (EFE)
Final Main external factors
Score Coefficient
score Opportunities of the Organization

1 Opportunities of economic conditions

0.01 1 0.01 1.1. Allocation of special government funds for deprived provinces

0.01 1 0.01 1.2. Providing conditions for competition in the domestic market
0.16 4 0.04 1.3. Government economic policies based on privatization of the oil industry

Opportunities for cultural and social factors

2
0.15 3 0.05 2.1. Special geographical location

0.04 2 0.02 2.2. Expand economic activities in areas that have a competitive advantage

3 Opportunities of technological conditions

0.08 2 0.04 3.1. Rapid growth of technological developments in the oil industry

3.2. Reduction of service costs and creation of competitive advantages

0.06 3 0.02
through the advent of new technologies

0.2 4 0.05 3.3. Provide better customer service by utilizing new technologies

4 Opportunities for laws, regulations and government policies

0.01 1 0.01 4.1. Independence plan of provincial gas companies
4.2. Funding required for oil industry projects from the government
0.28 4 0.07
development budget
4.3. Government policies regarding the development of political and
0.24 4 0.06
economic relations with neighboring countries

5 Customer opportunities
0.02 1 0.02 5.1. The growing trend of industry subscribers

6 Supplier opportunities

6.1. Utilizing the specialized potential of consulting companies and

0.09 3 0.03
contractors in operation and repairs
6.2. Proper use of the possibility of energy exchange with neighboring
0.18 3 0.06
regional gas companies

6.3. The growing trend of developing technical knowledge of construction

0.12 3 0.04
and maintenance in the country

Opportunities for distribution companies

7
7.1. Increasing the powers of gas distribution companies in the provinces in
0.06 3 0.02
line with expectations

0.04 2 0.02 7.2. Clarification of the position of the distribution sector in the oil industry

7.3. Creating the necessary incentives to move towards reducing losses and
0.12 4 0.03
managing consumption

Table 3 continued on next page

 Table 3: External Factor Evaluation Matrix (EFE)
Final Main external factors
Score Coefficient
score Organization threats

1 Threats of economic conditions

0.02 2 0.01 1.1. High energy intensity index in the country

0.12 3 0.04 1.2. Increasing gas consumption per capita in the country

1.3. Inadequacy of macro policies of the government and profitability of state-

0.04 2 0.02
owned enterprises

2 Threats of cultural and social factors

0.08 2 0.04 2.1. Incompatible consumption patterns in the region
0.01 1 0.01 2.2. Poor consumption culture in the region

0.01 1 0.01 2.3. Unfavorable climatic, geographical and climatic conditions in the region

Technological conditions threats

3
0.04 1 0.01 3.1. Rapid growth of technological developments in the oil industry
0.09 3 0.02 3.2. Technological dependence on the oil industry
0.02 4 0.05 3.3. High costs of replacing the cutting-edge technology
Threats to government laws, regulations and policies
4

0.01 1 0.01 4.1. Independence plan of provincial gas distribution companies

0.06 3 0.02 4.2. Funding the oil industry projects from government development budgets
0.2 4 0.05 4.3. The strategic nature of the oil industry

5 Customer threats

0.04 2 0.02 5.1. Increasing per capita gas consumption in the region
5.2. The risk of reducing the share of energy exports to neighboring countries
0.09 3 0.03
due to foreign competition

6 Supplier threats
6.1. Inadequacy of specialized human resources in the central management
0.03 3 0.01
company
6.2. Existence of few consultants and contractors in the oil industry due to the
0.02 2 0.01
growth of development projects
0.04 2 0.02 6.3. Dependence on foreign parts and equipment in the oil industry

7 Distribution Company Threats

7.1. Inability of distribution companies to establish an independence

0.02 2 0.01
mechanism
0.04 2 0.02 7.2. Increasing the expectations of people and officials

0.01 1 0.01 7.3. Uncertainty and failure to determine the full assignment of current assets

2.86 1 Total
 3.0 2.0 1.0
4.0
factors evaluation
The final score of

I II III
matrix (EFE)
the external

3.0 V
IV (2.66, 2.86) VI

2.0
VII VIII IX

Figure 3: Matrix of internal and external factors (IE)

Considering the coordinates of the position of the final scores obtained from the internal and
external factor evaluation matrices on the internal and external factor matrix diagram,
strategies should be implemented that aim to maintain the status quo. In these units, market
penetration and product development strategies are very common.

A) Market penetration strategy and guideline

The managers of the company should try to take full advantage of the existing
specialized and technical capacities, and try to increase the capacity of annual
accepting job seekers and, of course, attracting specialized people. The reason for
using this strategy is that the company has not yet been able to achieve its desired
market share relative to the industry.

B) Market development strategy and guideline

It is another strategy that seems appropriate and can include activities such as
increasing the level of service. Company managers should try to expand their service
area and serve in other geographical areas. In any case, doing so is subject to the
necessary feasibility and needs assessments. Of course, it should be noted that this
company is in a favorable position among its competitors in the public sector in terms
of covering areas in the province, but with these characteristics, considering the
existing demand and its strong support, it is necessary to increase the level of service.

5. Prioritization of proposed strategies in the gas company by QSPM matrix

Quantitative strategic planning matrix is an analytical method that identifies the relative
attractiveness of strategies and is used in the third stage to formulate strategies as an
analytical framework. Using this method, we can objectively identify the various strategies
that are the best strategies in the world. By investigation of QSPM, prioritization of two
strategies was determined, during which the market penetration strategy has a rather higher
relative attractiveness.
 6. Conclusion
Because of the recent economic sanctions, Mazandaran Gas Company had several
problems and shortcomings. In the study, its threats and weaknesses outweigh its strengths
and opportunities, and if we want to create the conditions for creating a huge economic
alteration using strategic solutions, we must Reduce weaknesses and increase strengths and
opportunities and be able to face threats appropriately. Therefore, based on what was
analyzed, strategies for the strategic management of Mazandaran Gas Company were
proposed to use it to take advantage of domestic economic potential with appropriate
domestic human resource, to use all suitable capacities in terms of Islamic, human and
financial contentment in order to use effective steps can be taken from national production,
the use of specialized and committed forces in the economic sectors, solving their
problems and improving the management of financial and human resources.

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