Bioresource processing by oil and gas companies as part of ESG strategy

Abstract

Relevance. Long-term sustainable development of oil and gas companies forms the vector for building an effective business model in order to ensure high sustainability of the enterprise in a changing macroenvironment, the key factor in the transformation of which is the ESG agenda. Aim. Socio-economic assessment of projects for processing bioresources by oil and gas companies as one of the programs for creating a closed-cycle production in the context of the imperatives of the ESG agenda. Object. Business processes of an oil and gas company. Subject. Closed-cycle biotechnology as a business segment of an oil and gas company. Methods. Empirical and economic-statistical. Results. The work shows the search for management solutions by oil and gas companies to maintain investment attractiveness and competitiveness in conditions of macroeconomic instability. Areas of business diversification include the introduction of a biotechnology segment into the business model of oil and gas companies, which is not considered promising. The implementation of an economically ineffective project of PJSC Tatneft with a high payback period for the production of biofuels is determined mainly by socio-economic factors that influence both the development of the region where the business is located and the expansion of its social responsibility. This project, taking into account its scientific and technological functional load, is part of PJSC Tatneft program for transition to a circular economy based on ESG principles.

Keywords

• business models
• biotechnologies
• closed-loop economy
• esg strategy
• sustainable development
• circular economy
• carbon neutrality
• biofuel