Study related to the extractive sector still plays a limited role in the mainstream international business (IB) and management literature, with even less focus on ongoing liberalisation and digitalisation in the industry. This paper was motivated by the question of how collaboration between foreign and indigenous oil and gas (O&G) companies can support small and mediumsized indigenous technological development. A three-stage qualitative–interpretive method based on interviews with industry experts has been adopted in order to build three case studies. The main contribution of this paper is the development of a model that explains how different actors can cocreate value in the ecosystem of public–private partnership (PPP) in the O&G industry through digital technologies. This paper proposes what companies and the government could do to increase the competitiveness of the local economy, diversify from O&G into high technological industries, and support industrial development through information and communication technologies (ICT).