The article explores the main structural shifts in the global oil and gas industry from the perspective of their impact on the elite of international oil companies (IOCs), the so-called supermajors, who have traditionally played key role in this sector of the world economy. The author draws attention to the latest trends in the industry that have pushed the contemporary inheritors of International Oil Cartel to introduce serious changes in their corporate strategies. The attempt is made to disclose the new features of the emerging strategic business model and related unconventional competitive advantages that allow supermajors to maintain stable positions of industry leaders despite unfavorable developments in business environment.