Journal of Resource Management and Decision Engineering 4 Serial Number 12 2025 09 20 Application of Grounded Theory for Developing an Investment Strategy in the Upstream Oil Industry under Sanctions Application of Grounded Theory for Developing an Investment Strategy in the Upstream Oil Industry under Sanctions 1 12 10.61838/kman.jrmde.162 EN Journal Article 2025 05 01 <p>Part of the development of the oil industry requires technology, while another part depends on financing. The intensification of sanctions and international restrictions has had a significant impact on the process of selecting and proposing financing mechanisms. The purpose of this study is to develop an investment strategy in the upstream oil industry aligned with the approach of sustainable (conservation-oriented) production under sanction conditions. The research method is qualitative–quantitative. For data collection in the qualitative section, semi-structured interviews were used. The interviewees were experts employed in one of the active companies in the national oil industry, selected through purposive sampling. Among 14 interviewees, theoretical saturation was achieved with the tenth participant. Data analysis was conducted using grounded theory and, based on Strauss and Corbin’s approach, the final model was developed. In this process, 26 concepts were identified from verbal statements, categorized into 5 themes. For the quantitative validation of the model, structural equation modeling (SEM) was employed. First, questionnaires were designed, and their validity and reliability were examined. Construct, content, convergent, and discriminant validity were confirmed, while reliability was assessed using Cronbach’s alpha and composite reliability, all of which were verified. The questionnaires were then distributed among the statistical sample. The sample consisted of 135 managers and experts from the studied company. Based on the questionnaire data analysis, and given the non-normal distribution of data, the Partial Least Squares (PLS) method was applied using Smart PLS version 2 software. The research model was tested and confirmed. According to these analyses, the impact of causal conditions on the main phenomenon was 0.904, the impact of the main phenomenon on strategy was 0.579, the impact of contextual conditions on strategy was 0.756, the impact of intervening conditions on strategy was 0.628, and the impact of strategy on outcomes was 0.913.</p> https://journalrmde.com/index.php/jrmde/article/download/162/155