«Problems of economics and management of oil and gas complex»

Assessment of the influence of modern transformation trends on companies’ business models changes in the Russian oil and gas complex

UDC: 338.45:662.6
DOI: -

Authors:

¹ The North-West Institute of Management of the Russian Presidential Academy of National Economy and Public Administration, Saint-Petersburg, Russia

Keywords: oil and gas sector, business model, mega-trend, decarbonization, ESG, digitalization, servitization, valuation

Annotation:

The author of the article characterizes the modern entrepreneurial landscape of the Russian Federation, formed both by the realities of various types of economy (post-industrial, innovative, green, digital) and by the action of three transformational mega-trends. Such mega-trends are decarbonization (ESG-trend), digitalization (Digital-trend) and servicization (Service-trend). Business models of oil and gas companies operating in the logics of a post-industrial economy should adequately respond to the challenges of decarbonization, find a balance between the company’s material and digital assets (which reflects the realities of the digital economy) as well as a balance between product orientation and service orientation. The relevance of the research topic is caused by the role of Russian oil and gas sector enterprises in ensuring national security. The article was written using the results of the researches, the purpose of which was to substantiate proposals for ESG and digital transformation of enterprises in the oil and gas sector. To achieve this goal, the following tasks were solved: characterize the modern entrepreneurial landscape of Russia and study the evolution of business models; analyze the results of the green agenda implementation by domestic enterprises in the real sector of the economy. Methodological basis of the study includes the concept of sustainable development (green economy) and ESG business principles that open access to additional sources of financing. A systematic approach, logical analysis and synthesis were used. Research methods are as follows: empirical rating method; monographic method; content analysis of open information sources. It has been proven that resource-type enterprises engaged in the development of mineral deposits as well as enterprises processing mineral raw materials respond most to mega-trends. It was revealed that Russian oil and gas companies are actively implementing green practices, leading in ESG ratings. Key directions for the implementation of the ESG agenda by industry companies have been identified.

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