The following study will explore the impact of the current oil price decline in the knowledge transfer process in International Strategic Alliances belonging to the Oil and Gas Sector. The research was oriented to the knowledge flow effects between International Partners and the Colombian National Oil Company. Also, experts from the Colombian Oil sector were consulted to identify those effects. Then, three analytical categories were designed to evaluate the case: the NOC's internal processes and Behaviour along with the Influence of knowledge gaps between the partners. Within these categories were considered variables such as Internal structures, Trust, Relational Capital, absorptive capacity and the NOC’s idiosyncrasies. The results suggest that the current oil price decline can influence the knowledge transfer in some cases but remain indifferent in others, whereas the effect of the Emerging partner’s Absorptive capacity might shape “learning traps” if the knowledge application capacity does not support the knowledge transfer process.