Environmental Challenges and Prospects for Sustainable Development in The Oil and Gas Industry

Abstract

The article is devoted to the analysis of key issues of sustainable development in oil and gas industry, 
including environmental impact of companies' activities, waste recycling and prospects for the introduction of 
more environmentally friendly technologies. Particular attention is paid to the actions of companies to reduce 
their impact on the environment and to the consideration of global trends affecting the future of the industry. Both 
local and foreign studies are considered, providing a comprehensive view of current challenges and ways to solve 
them. Decarbonization of the oil and gas industry is one of the priorities of the long-term development of the 
complex due to the increasing influence of the climate agenda on the global energy market. This paper considers the main directions of development of the oil and gas sector in the context of a low-carbon economy, and also analyzes the possibilities and pace of decarbonization of the industry. The structure of the Russian oil and gas sector is determined and the economic indicators of the largest oil and gas production companies are considered. The analysis identified the main driving forces for the decarbonization of enterprises, described the key technological solutions for reducing greenhouse gas emissions. The article presents a review of documents regulating the climate strategy of Russian oil and gas companies, and concludes that they are committed to implementing the Sustainable Development Goals and solving global problems in the field of climate change. Taking into account technological progress and increasing investment attractiveness through disclosure of environmental information and interaction with regulators the approach to proposed development is complex.