Up until this decade, the business strategy of oil and gas companies was straightforward: replace or grow reserves, refine and sell products as the market expands 8As oil demand prospects have become more uncertain and traditional energy sources face disruption, oil companies need a different approach. 8The alternative approach, however, is not straightforward. 8One option seems to be to move from oil to gas, a strategy adopted by top oil companies, but this is fraught with risks as well 8Moving outside of the oil & gas industry is never going to be easy as RIL is finding out. 8The IRRs just do not match up to what is achieved in its core competencies. Staying within them while being flexible with its options, could perhaps been a better choice. 8If the transition was so simple, large oil & gas players such as BP and Exxon Mobil or the Chinese super majors, with piles of cash much larger than RIL, would have quickly added retail and phone companies to their portfolios. 8In this context, it is important to take sock of the segments that an oil & gas company get into as the future becomes increasingly uncertain? Click on Reports to find out more.