ESG principles for increasing the efficiency of the oil and gas complex

Abstract

The research purpose is to determine the possibility of applying ESG principles in the process of forming development prospects for modern Russian oil and gas organisations from the perspective of an ecosystem approach. The subject of the study is tools for increasing efficiency. The methods of content analysis, synthesis and verbal modelling have been used. It is shown that the orientation of the country’s oil and gas complex to ensure the sustainability of social and corporate governance while preserving the ecology of the environment helps to increase the efficiency of the complex in the future. In this case, it will receive competitive advantages which can be appreciated by investors who organise the attraction of financial and information resources as well as human, material and energy resources. The novelty of the results obtained lies in the substantiation of the approach that is founded on a combination of such categories as ESG principles, sustainable development, ecosystem approach, and strategic management. The results of the study prove the feasibility of applying the ESG principles as tools which ensure the sustainable development of modern Russian oil and gas organisations based on the ecosystem approach in the process of searching solutions to increase the efficiency of the core activities. The approach contributes to the formation of a specific ecosystem where within the framework of its development strategy the efficiency of both a network of technologically related organisations and organisations that produce complementary goods and provide infrastructure services to the entire oil and gas complex is guaranteed.

Keywords

• efficiency of oil-and-gas complex
• factors of efficiency
• oil-and-gas complex
• socio-economic systems
• sustainable development
• tools for improving efficiency
• esg principles