Abstract
Abstract Oil industry is heavily innovation driven due to its cost-oriented nature. Innovation is the key to maintain high short-term costs for long term efficiency in petroleum industry. There are several applications and approaches of innovation and Open Innovation is one of the state-of-the-art approaches. However, it seems that oil industry did not embrace the Open Innovation as it should due to the obstacles, closed nature of National Oil Companies and other reasons. The paper evaluates Innovation approaches, differentiates and compares innovation theories to find out the best fitting innovation approach to the industry, or with the other words, what if the Open Innovation is followed in the petroleum industry as well.
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