This paper presents the concept strategic procurement as a factor of the competitive advantage of the company that implements it. The paper conceptually defines terminology of procurement, its historical development, its goals, strategies, procurement organization and procurement policies. The paper also presents the procurement portfolio matrix according to Peter Kraljič and describes the procurement process. Furthermore, the paper presents the theoretical framework of strategic procurement as part of the company's competitive advantage, together with the strategic role of procurement in the company's operations and a description of the main segments of strategic procurement. After the theoretical framework of strategic procurement, strategic procurement is placed in the context of the oil and gas industry together with its specificities and its role if implemented in the oil and gas industry. After the theoretical part, the primary research is presented, based on case study methodology, in which is presented successful implementation and organization of strategic procurement in two companies from the oil and gas industry. At the end of the paper, the most important conclusions are drawn based on the conducted theoretical and empirical research.