Purpose and necessity of research: The main issue of this research emerged when a considerable amount of strategy formulation in various petroleum companies in Iran was considered, where documents followed the classical patterns such as the David model of strategy formulation in the prescriptive–consecutive paradigm, with no face of the environmental approaches to conducting the planning process of strategy formulation. In this article, we suggest the pattern of Reeves, Hannes, and Sinha (2015) to choose and execute the right approach for the strategy formulation of National Iranian Oil Company (NIOC). Research methodology: This research is developmental, explanatory, and quantifiable, and the research strategy is surveyed. By its application, the information needed to determine the degree of NIOC environmental strategic dimensions and the prioritization of different patterns of strategy formulation in NIOC were achieved. Research findings: The shared value strategy shaped NIOC as the oil and gas industry leader in the various domestic industries and, above all, into the international market as the OPEC joint partner. NIOC organizational culture adapted the shared value strategy according to creation, leadership, and membership in the share of crude export with OPEC and non-OPEC collaboration during the ages. Therefore, NIOC should craft the shared value strategy for the niches of oil and gas markets.