Abstract
The paper explores the current changes in the global strategy of the elite of the international oil companies, the so-called supermajors, within the context of the potential business model innovation. The work aims to make two main contributions. First, by analyzing recent shifts in the world oil and gas industry and their implications from the perspective of changing supermajors’ market positions and economic power, this paper discloses the root causes of strategic moves undertaken by today's global «Big Oil» struggling with multiple competitive threats and simultaneously adjusting to the on-going industry transformation. Second, the work defines the core features of the supermajors' business model and examines whether the newly introduced strategy characteristics could be considered as business model innovation.

Keywords: global oil and gas industry, International Oil Companies (IOCs), supermajors, National Oil Companies (NOCs), global competition, business model innovation.