Abstract
This study sheds light on the catch-up dynamics in natural resource-based industries (NRBI) of developing countries considering learning modes, technological capability dimensions, catch-up strategies, and windows of opportunity. It provides a framework for examining the technological catch-up of latecomer Exploration & Production companies while emphasizing the nature of the industry and characteristics of lagging behind and under-sanction countries like Iran. The analytical framework has been examined by studying two Iranian oil companies. Findings show that latecomer E&P companies can take two distinct paths for technological catch-up, including increasing the depth of operational capability and upgrading the level of advanced capability.
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