Petroleum Business Review

Abstract : Organizational performance is an important factor of the success of companies, organizations and businesses. Adapting an organizational model which fits appropriately with the context of an organization further increases the performance and in turn increases the success rate of that firm. Though there have been propositions for the adaption of certain universal frameworks, they aren't generally applicable to all organizations; the oil and gas industry, displaying unique organizational features requires a specific model to tend to its extreme conditions. This paper proposes customizing Weisbord's Six-Box Model (WSBM) in the context of the oil and gas industry, reviewing the unique organizational conditions of the oil and gas industry and the proper components required for an organizational model to measure the compatibility of the WSBM with the oil and gas industry. The findings depict a contextualized WSBM, the potential benefits of the WSBM and the challenges facing the adaption of the model into the oil and gas industry.

Abstract The Strait of Hormuz, as one of the world’s most strategic energy chokepoints, plays a vital role in the maritime trade of crude oil and natural gas, and many Asian economies are heavily dependent on it. Following the onset of the 2026 tensions and conflicts, vessel traffic in the strait has sharply declined, with more than 95% of shipping flows disrupted. Daily vessel crossings have dropped from several per day to nearly zero, with only a few limited transits permitted under special authorization. The absence of effective alternative routes—especially for countries reliant on energy exports through this passage—has placed significant pressure on global markets and heightened concerns about the stability of supply. Under such circumstances, Asian markets, the primary destination for oil and gas passing through Hormuz, face the greatest vulnerability. If this situation persists, rising transportation costs and escalating geopolitical risks could seriously challenge the stability of the global energy market. The geopolitical importance of the strait means that any disruption extends far beyond the region, producing immediate consequences for energy and financial markets as well as national economies. For energy exporters, this results in reduced foreign‑exchange revenues, while energy importers face higher costs, inflationary pressures, and slower economic growth. Utilizing an analytical–descriptive approach and a multilayer scenario‑building framework

Abstract Iran faces persistent challenges in balancing energy demand and sustainability, driven by limited social participation and the absence of integrated policy frameworks. This study introduces an innovative hybrid decision-making approach that combines PESTEL, SWOT, and Analytic Hierarchy Process (AHP) models to identify, evaluate, and prioritize strategies for enhancing public participation in sustainable energy management. The research adopts a mixed-method design, integrating qualitative expert interviews and content analysis in MAXQDA with quantitative weighting and ranking through Expert Choice AHP. The proposed framework captures both macro-environmental influences and internal institutional capacities, linking social-behavioral insights with data-driven prioritization. Results indicate that developing targeted educational programs and creating interactive digital platforms are the highest-priority strategies, with normalized weights of 0.35 and 0.30, respectively, followed by local collaboration networks and incentive-based policies. The findings reveal that applying a combined social and analytical modeling approach can increase public participation potential by over 60 % and contribute to a 25 % reduction in energy consumption in the medium term. The study offers a novel quantitative–qualitative framework adaptable for developing countries seeking to operationalize community engagement within national energy transition policies.

Abstract The recent surge of artificial-intelligence (AI) activity has sparked concern that large-scale model training, cloud inference, and data-centre expansion could accelerate national energy demand. We marshal a 21-year annual panel for the United States (2004–2024) that couples multiple AI proxies—technology-stock valuations and a ChatGPT-era dummy—with four aggregate energy series (fossil fuels, nuclear, renewables, total primary energy). A five-stage empirical protocol implemented in Python combines Engle–Granger cointegration testing, higher-order ADF stationarity checks, linear and nonlinear dependence diagnostics (Pearson, Dynamic Time Warping, mutual information), multicollinearity screening (variance-inflation factors), and out-of-sample forecasting with linear regression, decision trees, random forests, and support-vector machines augmented by SHAP explainability. Across all tests we find no evidence that AI developments imprint on national energy use: AI variables cointegrate only with one another, their short-run correlations with energy vanish once trends are removed, their mutual-information scores remain near zero, and their inclusion never improves predictive accuracy beyond a parsimonious macro model driven by GDP, inflation, and population. SHAP rankings confirm that AI features carry negligible explanatory weight relative to conventional fundamentals. We conclude that, to date, AI’s macro-level energy footprint is statistically invisible—any electricity it consumes is either too small or offset by efficiency gains within the wider economy. Policymakers should therefore continue to anchor long-range energy scenarios to established economic drivers while monitoring localised data-centre hotspots that national aggregates obscure.

Abstract Many organizations in the power and energy sector rely on research and development (R&D) projects to achieve their strategic goals. Given the simultaneous execution of multiple projects, managing R&D portfolios effectively has become an essential capability for adapting to environmental changes and maintaining competitive advantage. This study aims to present a model that identifies and prioritizes the factors influencing R&D portfolio management in the energy sector. Employing a mixed-method approach, the research integrates qualitative data collected through interviews with fifteen experts in the energy sector—analyzed using grounded theory via MAXQDA 2020—with quantitative data from 134 managers and experts, analyzed using Smart PLS V.3. In the qualitative phase, 105 codes were categorized into six dimensions, with 17 codes excluded during factor analysis, resulting in a validated model comprising 88 codes across six dimensions. The proposed model emphasizes critical factors such as project selection, project evaluation, project definition, budget allocation, portfolio analysis, and addressing challenges in portfolio integration. By balancing these dimensions, the model aims to reduce risks, optimize resource allocation, and enhance the probability of commercial success for R&D projects. This study offers new insights into R&D portfolio management in the Iranian energy industry, addressing the unique challenges of this sector. It provides a systematic framework for selecting, evaluating, and balancing R&D projects while aligning with organizational strategies to ensure the effective commercialization of research outcomes. The findings also stress the importance of integrating local investment in R&D to drive technological innovation and sustainable economic development in the energy sector.

Abstract In this paper, the competitive market of crude oil exports of Iran and the world is modeled using game theory. In the present research, we have focused on OPEC's internal competition within the game theory framework to analyze the economic conflicts between OPEC members in detail. In the conditions where each of the producers has their own goals and limitations, the amount of access to the desired goals for each producer depends not only on the decisions they make, but also is affected by the prevailing atmosphere in the oil market, including the strategy of other competitors, sanctions, and different situations of economic growth and oil sale price level. In recent years, Western countries, especially the United States, have imposed extensive sanctions against Iran, mainly targeting. In this regard, three players of Iran, Saudi Arabia, and the United States of America (USA) were defined and a model for the game between them was presented. Then the presented model was solved as a cooperative game and the equilibrium point was obtained for it. The results obtained showed that the three main players have the conditions for cooperation by choosing the options of "reducing pressure and fewer sanctions", "reducing pressure and cooperation", and "cooperation", and Iran can only improve its conditions by competing with Saudi Arabia in OPEC.

Abstract Identification of the strategic parameters of Iran’s energy-policy model;
• Sensitivity analysis of the entire dynamic model considering system stability in uncertainty conditions;
• Machine process including sentence-mining, analysis of frequent patterns, prediction of time series, and
formation of dynamic analysis blocks in dynamic systems analysis;
• Extraction of the strategic parameters of the carrying capacity in the energy-policy model.

Abstract Leadership is a combination of managerial attitudes and behaviors that directly influence indi-vidual and organizational performance. This study aimed to design a model of the antecedents and consequences of leadership in the National Gas Company of Iran. Using a mixed-methods approach, the qualitative phase involved 18 experts with extensive academic and professional experience, including university lecturers and senior managers in organizational behavior and human resource management. The quantitative phase included 265 employees from the Kerman Gas Company, selected via stratified sampling. Data were collected through document reviews, expert interviews, and structured questionnaires. Analyses employed thematic analysis, structur-al-interpretive modeling, and structural equation modeling using NVIVO, SPSS, and Smart-PLS software. The findings identified 82 primary codes, 21 basic themes, and 8 organizing themes, encompassing factors such as participatory decision-making, internal (individual) influences, emphasis on organizational values, talent management, transparency in communication, em-ployee retention, organizational productivity and growth, and organizational justice. Structural equation modeling demonstrated high reliability (Cronbach's alpha > 0.7), favorable composite reliability, and strong convergent and divergent validity. The model's fit was validated, with par-ticipatory management identified as the primary driving force in enhancing organizational stabil-ity and performance. This study provides practical insights into the implementation of effective leadership practices, offering a framework to improve decision-making, foster employee en-gagement, and enhance organizational outcomes. The findings serve as a strategic tool for man-agers to promote a culture of inclusivity, transparency, and growth within the National Gas Company.

Abstract One of the most critical bottlenecks in the country’s oil industry is the lack of sufficient liquidity and a suitable and codified method for financing projects in the downstream sector of Iran’s oil and gas industry. These projects include the construction of oil and gas refineries and petrochemical plants. Oil and gas projects require a very high volume of investment, and the limited financial resources and insufficient attractiveness of the currently defined instruments do not meet the new investment needs of downstream projects to achieve the 1404 vision. Therefore, in this article, due to the novelty of the issue, numerous interviews were conducted with staff and operational managers and other relevant officials in the field of financing the downstream part of the oil and gas industry. Then, with the help of Maxqda software, all independent ideas in the form of concepts and sub-themes were identified. With the help of the Delphi method based on the process of Islamic financial engineering based on responding to existing needs by identifying the needs of the parties to the transaction, asset base, and related cash flow analysis, appropriate structured instrument in this sector were designed in six instruments. From experts and related tests, as well as analysis and comparison of their various risks by AHP using Expert Choice software, finally based on the tests performed on the results obtained from questionnaires and interviews of experts, structured financing instrument in the form of convertible securities parallel Istisna Sukuk–Lease (Ijarah) and Sukuk–stock was approved.

Abstract This research aims to select the most effective strategic capability for sustainable development under risk and uncertainty in the oil industry by rough set theory. The research methodology is qualitative and quantitative. The target population in the qualitative section included 14 industrial management specialists at the university level, and in the quantitative section, 32 senior managers in companies active in the oil industry. In this research, the meta-synthesis and Delphi analysis methods were used to identify the components and propositions of the research and, in a small part, the analytical approaches of Ruff collection. The results showed that among the 15 final statements of risk and uncertainty in the oil industry, the risk of change in domestic law relative to political/economic diplomacy in developing infrastructure for the oil industry X5 is the most crucial risk statement and uncertainty in the field. Political and legal risks have been identified as a measure of the strategic viability of sustainable development. Finally, it was found that despite the most probable risks selected in this study, namely the risk of changes in domestic law to political/economic diplomacy in the development of infrastructure of the oil industry “X5”, the existence of sanctions of the world powers “X1” strategic capabilities of sustainable economic development is the most crucial feature that should be considered in the country’s inflationary conditions

Abstract Despite numerous upstream communications, there is still no comprehensive and reliable model for implementing these tasks, neither in the literature nor in the oil and gas industry. Previously developed models focus more on the outsourcing process. It seems that no outsourcing model has been developed to utilize internal capabilities in a portfolio of alliances and be compatible with the unique characteristics of Iran’s oil and gas industry. In an attempt to validate the components of the “model of development outsourcing physical assets in the oil and gas industry, with the approach of upgrading internal capacity”, this study used a questionnaire in a Likert scale (very high, high, moderate, low, and very low). One hundred two people participated, and 100 completed questionnaires were received from the population. The validity of the variables and the questionnaire were examined using confirmatory factor analysis. SPSS and Smart PLS software packages were used in this research, and the error probability level (α) was considered 0.05. The results showed that the model has a good fit. According to the Geiser index, the fit of the model was medium to high, and the goodness of fit criterion was equal to 461.0, indicating the optimal fit of the model

Abstract Nowadays, knowledge and information is the largest asset of organizations and human beings and having it can lead to a powerful and certainly valuable organization. The purpose of this study is to identify the suitable knowledge acquisition and transfer tools in the National Iranian Oil Company (NIOC). This study is applied in terms of purpose and case study from the point of view of strategy. Given the economic conditions of the NIOC as well as the need for maximum use of the knowledge, experience and skills, it is essential to identify the more effective ways of transferring knowledge, especially to the new entrances. Using the mixed method, in the qualitative section identified the tools of knowledge acquisition and transfer by studying leading oil companies in the world in knowledge management and using the expert panel, the appropriate tools for NIOC were determined. In the quantitative part of the research using questionnaire tools and group analytical hierarchical Process (AHP) method, knowledge acquisition and transfer tools were prioritized. Findings demonstrate that the NIOC can be effective in organizing the available knowledge by focusing on community of practice, peer assist, community of learning and lessons learned.

Abstract COVID affects various sectors of the economy, including energy. Measuring these effects on the energy sector can help policymakers adopt appropriate protectionist policies. In this paper, the effect of COVID shock on energy and non-energy sectors has been investigated using the DSGE model. For this purpose, two shocks of preferences and shocks of labor supply have been used. This article adds COVID to the model as well as adding energy to the New Keynesian model. The effect of COVID on the energy and non-energy sectors of the two channels of labor supply and consumer preferences has been investigated. The results of the study indicate that consumption, investment, and production in the energy sector have increased under the influence of both shocks. But consumption, investment and production in non-energy sector have declined. Prices and production costs have increased in both sectors. Also, the negative effects of the preferences shock were greater than the negative effects of the labor supply shock.

Abstract The present study was conducted with the aim of designing a model for evaluating the performance of financial units in petrochemical industry. This exploratory practical study carried out based on the descriptive-analytical method and all data were gathered via two separate processes as interview and literature review. The statistical population included professional and academic experts in the field of human resources (HR) to answer qualitative questions by targeted sampling for experts. According to the experts’ opinion, in order to identify effective factors, the Grounded Theory method and Interpretive Structural Method (ISM) were applied for evaluation of method and structural equations, respectively. After reviewing all the 67 indicators of financial performance that were extracted from theoretical foundations and previous research, 48 indicators have been approved by Delphi Roxab Group and then were selected. Finally, content factor analysis showed that all 48 indicators are significant enough. The novelty of this research compared to the similar ones raised from identifying the factors related to "production and procurement" and so "marketing" of the understudy organization that have not been evaluated in the previous studies.

Abstract The present research seeks to assess the relationship between the Individual value system and decision-making styles. The statistical population (190 people) consists of Pars Special Economic Energy Zone (PSEEZ) Organization managers who were assessed using the Census Method. The Myers and Myers cognitive demographic and value systems questionnaire and Scott and Bruce’s decision-making questionnaire were used with a response rate of 90%.. Data was analyzed with the SPSS and Smart Planning softwares. It was found that the dominant Individual value system is success-oriented, followed respectively by system-oriented, realistic, tribal, community-oriented, and autocentric.Also, the dominant decision-making style in the statistical population is rational, followed by intuitive, dependent, avoidant, and spontaneous decision-making styles respectively. It was also concluded that success-oriented and tribal value systems had the most significant relationship with decision-making styles and the community-oriented value system the least. Only the individual variables of race (ethnicity) and field of study had a significant relationship with the Individual value system. The other personal and organizational variables had no significant relationship with the Individual value system. Creating motivation and a sense of employee participation in the future of the organization is proposed as the most important way of improving the value system of the statistical population so that the tendency to make spontaneous decisions can lean more towards making rational decisions to the same extent. Investigating the relationship between decision-making styles is another effective topic in improving these in an organization and is thus recommended to other researchers in the field.

Abstract Todays, the issue of environmental instability and destructive environmental behavior can leave many irreparable effects and damage on future ecosystems and the lives of future generations.
Method: This study aimed to present an environmental model of sustainable development in the Iranian gas industry. The present study used a qualitative with grounded theory method. In-depth interviews were conducted with 25 academic experts (professors of public administration and environmental engineering at universities in Mazandaran province) and the heads of the National Iranian Gas Company in five regions of Iran using the "rich information" sampling method.
Results: The results indicated that the environmental model of sustainable development in the Iranian gas industry had 15 dimensions in terms of causal conditions. 1. Services, 2. Safety and health requirements, 3. Social responsibility, (context condition) 4. Education and learning, 5. Acculturalization, 6. Managers' attitude and awareness (intervening conditions) 7. Contractors, 8. Technical facilities and equipment, 9. Technology and technical operations (Strategy) 10. Medium and long term policies of the Ministry of Energy, 11. Continuous monitoring and evaluation of project progress, 12. Consumption management programs, 13. Pollutants management programs and consequences 14. Improved environmental performance of the gas company and 15. Moving towards sustainable development. Conclusion: Since the gas industry is one of the most polluting industries and the lack of attention to environmental issues in this huge industry will lead the Iranian environment to very serious and perhaps irreparable crises, using the environmental model of sustainable development in this industry seems highly important and necessary.

Abstract By intensifying sanctions against Islamic Republic of Iran, identification and development of mechanisms to sell crude oil has gained attention among most experts and oil industry activists. Limitations for financial transactions and settlements are one of the fundamental challenges in international oil transactions; thus, various solutions are proposed to solve the limitation. Using capability of virtual currencies is one of the proposed suggestions for petroleum transaction under sanctions but there is a research gap in finding whether and which one of these currencies are able to be used in petroleum transactions in present condition. In this study, performed by analysis and quantitative approach, indices are introduced for choosing a valid currency for international transactions, and subsequently are confirmed by experts. The indices are ranked by the experts through TOPSIS method and are studied on the most suitable virtual currencies to find the best suit for petroleum transactions. The results reveal that Bitcoin, Ethereum and Tether are respectively the best, second and third choice for this end. It is noteworthy that some experts might believe the virtual currency market size may not meet the high volume of crude oil transactions, making it unsuitable. Although current study has shown that there would be no problem in covering the whole petroleum market for Iran’s crude oil by virtual currencies platform, if the concerns remain, virtual currency platform could be used for selling Iran’s crude oil temporarily and partially through various channels.

Abstract Today, the strategy of outsourcing management, in economic enterprises and especially in governmental organizations, is one of the crucial issues in the field of procurement chain management and strategic alliance management. This issue in public organizations and institutions has its importance too. Because these organizations usually have a wide range of missions and supply chains, they need a comprehensive plan for outsourcing according to macro policies and strategies. Despite this importance, few studies have addressed the models of outsourcing development in firms. Using the content analysis method, this study aims to explain the model of outsourcing development management in oil and gas industry. Also, a deductive approach applied to the theoretical framework is developed in practice through case analysis in Iranian Gas Transmission Company. This company has the control of most of physical oil and gas assets in Iran. In addition to the researchers’ observation and reviewing the related documents, the information required for the research was obtained through an interview with a significant number of senior managers and experts in Iran’s oil and gas industry. Using the theme analysis method, this information was analyzed, and the expected situation of the outsourcing development management in the industry, as well as its impact and interactions, was described and explained.

Abstract This research identifies decision-making styles and components of succession planning and examines their relationship.The statistical population (190 people) in the present survey research consists of Pars Special Economic Energy Zone (PSEEZ) Organization managers who were assessed using the Census Method. Scott and Bruce’s general decision-making questionnaire and Kim’s succession planning questionnaire were used with a response rate of 90%. Data was analyzed with the SPSS and Smart Planning softwares. In analyzing the obtained results, the dominant decision-making style is rational, followed respectively by the intuitive, dependent, avoidant, and spontaneous decision-making styles. By investigating succession planning capabilities, the results of the research showed that among items in the succession planning system, candidate evaluation ranked first, followed by policy setting, system evaluation, and candidate development respectively as the priorities of the statistical population. The research hypothesis based on a significant relationship between the decision-making styles and organizational succession planning capabilities was confirmed. In order to improve its human resources and bridge the gap with global standards, it is therefore proposed that the senior management of the organization take serious steps to implement the succession planning program. It is also recommended that other esteemed researchers carry out the present research again after the implementation of the succession planning program in the studied organization and compare the results before and after the implementation of the program.

Abstract Iran is one of the most important oil and gas producing countries in the world with 153.8 billion barrels of crude oil and 33.5 billion cubic meters of gas accounting for 9.3% and 18% share of the total oil and gas reservoirs respectively. Rich hydrocarbon reservoirs along with a special geographical location are of the most important competitive advantages of Iran. The oil value chain has a special place in the social, economic structure and the level of the development of Iran. In policy-making, especially in global equations and in the long run, where uncertainty is an integral part, it is necessary to pay attention to this area. As a strategic knowledge, future studies can play an important role in mapping the future. In the current study, the possible and plausible futures of Iran’s fossil energies (oil and gas) in the 2035 horizon are presented in the form of four scenarios. In an environment where variables are dynamic and constantly changing, and uncertainty is high, using scenario building methods is preferable for long-term horizons. In this work, 30 drivers with a high uncertainty and impact on the future of Iran’s oil and gas were produced. Using the cross-impact analysis model and the balanced impact model, out of 41,472 possible scenarios, 10 scenarios with the maximum compatibility were obtained and presented in four scenarios: a clean scenario (low carbon), a bipolar Middle East scenario, a cooperation and development scenario, and a postponed dream scenario.

Abstract Internationalization of businesses is considered as a key factor in economic development and growth of the economic entities. On the other hand, the ability of the system in terms of endurance and reliability is inevitably dependent on the success that the system gains in communicating with the external environment; in other words, the sustainability of the system entirely depends on the system capability in terms of adaptation and responsiveness to the environment. Furthermore, technology-based businesses are highly dynamic and use different internationalization patterns. A literature review shows that comprehensive studies have not been conducted despite the necessity of today’s businesses to move toward sustainable internationalization. Therefore, this research examines the existing patterns by presenting a model of sustainable internationalization in technology-based businesses. In the present study, six technology-based businesses in oil and gas industry have been investigated using a multi-case interview method. The validity and reliability of the data collection tools have been confirmed. The results of the interviews performed during the two coding stages revealed that economic, environmental, social, and technological factors are among the factors influencing the adoption of sustainable business internationalization strategies along with a focus on a sustainable business model. This study also presents different types of sustainable internationalization strategies and classifies the sustainability index of internationalization under two categories of profitability and sustainability of the relationships in the network.

Abstract Supply chains have experienced rapid growth in recent years. Focusing purely on economic performance so as to optimize costs or return on capital can no longer guarantee development or sustainability in the chain. Hence, the concepts of green supply chain management and sustainable supply chain management emerged to emphasize the importance of social and environmental concerns along with economic factors in supply chain programming. Using the system dynamics method and considering knowledge management, this study investigates the variables related to this topic and the variables of sustainable supply chain management, and it determines the relationships between these variables and their impact on the research purpose. To achieve this, first, previous studies are reviewed, and the relevant variables are extracted and finalized according to the experts. Next, a system dynamics model is designed, and various scenarios are defined by changing the effective values of the system. Eventually, several policies are presented to achieve the optimal situation. The optimal values of the ten main influential variables are extracted according to the expert opinion, and the effects revealed by the model are determined by these changes.

Abstract Today, random and intelligent risks have made supply management disruptive much more than before. Over the past decade, many supply network (SN) disruptions in oil and gas industry have been due to the deliberate risks posed by international sanctions. Undoubtedly, resilience in general and resilience of SN in particular has been a systematic method for firms and organizations to deal with disruptions. This study aimed to measure, assess, and compare the resilience of SNs in oil and gas companies based on a mixed approach of systematic literature review (SLR) and complex adaptive systems (CAS). The statistical population of the study consisted of 11 subsidiaries of the National Iranian Oil Company. A robust systematic review of the literature was conducted to collect all the crucial components of supply network resilience (SNR) from 608 articles that ultimately resulted in 40 key factors based on the context intervention mechanism outcome logic (CIMO-logic). Quantitative analysis was carried out in the upstream sector of three subsidiaries of Iranian Central Oil Fields Company (ICOFC) including South Zagros, East and West Oil and Gas Production Companies. The results demonstrated a relationship between components and their measurement in upstream companies. A further finding is that South Zagros Oil and Gas Production Company was more resilient than the other two companies. 

Abstract The transformational leadership is known as one of the most important and effective factors on organizational behaviors of the employee. Creation of the motivation and energy in the employees requires a leader with inspirational qualities. On the other hand, the organizational citizenship behavior is a factor in shaping. The current study was aimed at investigating the effects of transformational leadership on the employees’ organizational citizenship behavior. In addition, some personality traits are revealed in this study to be one of the main factors shaping the behaviors and to be moderating variables. The current study is of applied type in terms of the objective and a descriptive-correlational study in terms of data collection procedures. The data needed for the purpose of the study were collected by the use of questionnaire distributed among The 242 persons of statistical population, and these data have been analyzed by Structural Equations Modelling. The results indicated that all six hypotheses of the study were approved. In other words, the transformational leadership has positive and significant effects on both individual and organizational aspects of the organizational citizenship behavior. Also, the positive moderating role of neuroticism and extroversion in effects of transformational leadership on the individual and organizational aspects of organizational citizenship behavior was approved. The results show that the statistical community can utilize its human resources potential to create competitive advantage and develop the voluntary activities of its employees, provided that it is able to optimally implement transformational leadership style.

Abstract Today for installations management in equipment-based industries, such as oil and gas industry, the physical asset management development based on the ISO-55000 requirements is generally the most common issue in the world and particularly in Iran. Since this standard only expresses the requirements, many physical asset management excellence models have been designed by researchers or research institutes around the world to develop and strengthen physical asset management. Therefore, due to the diversity of models, organizations face problems of choosing a suitable model. Based on this issue, the main purpose and innovation of this work is evaluating and prioritizing popular and sometimes reference physical asset management excellence models according to 6 critical criteria based on DEMATEL and ANP techniques. Cost, risk, performance, sustainability, simplicity, and knowledge were identified as the critical criteria. First, 4 criteria were taken from the ISO-55000, and 2 critical criteria were then identified through interviewing oil and gas experts. The approach of this research is quantitative, and the method of data collection is descriptive-survey. Uptime, Institute of Asset Management (IAM), life cycle engineering (LCE), and asset integrity management (AIM) models are the main popular and/or reference physical asset management excellence models in the world. The finding shows that the IAM, LCE, AIM, and uptime models are respectively prioritized based on these critical criteria.
Keywords: Physical Asset Management Excellence Model, ISO-55000 Standard Series, DMATEL, ANP