I was introduced to the ‘blue ocean’ strategy on the 25th, when the IEM arranged a visit to PETRONAS’s Prince Court Hospital. The strategy involves you choosing a market where there are no competitors (swimming alone in the ocean blue, get it?).
All of the oil and gas businesses of note I know swim in red oceans, where we fight and cut and tear at each other.
In the oil and gas industry, you can start out with a niche market (ex. high end process consultancy, HAZOP leadership, good engineering when your competitors are rubbish) which you hope you have no competition, but when you want to play with the big boys, you have to go head-to-head. If you are successful, you create a blue ocean for yourself by buying up (or bumping off) your rivals.
So, you can go blue ocean – red ocean -> blue ocean. If you don’t see that cycle, you’re doing it wrong, at least in Malaysian territorial waters.