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Environmentally sustainable policies in the petroleum sector through the lens of industry 4.0. Russians Lukoil and Gazprom: The COVID-19 crisis of 2020 vs sanctions crisis of 2022

Author

Listed:
  • Popkova, Elena G.
  • Bogoviz, Aleksei V.
  • Lobova, Svetlana V.
  • DeLo, Piper
  • Alekseev, Alexander N.
  • Sergi, Bruno S.

Abstract

The incomplete resource efficiency of oil and gas (O&G) companies in their imperfect corporate reporting is a relatively new topic gathering researchers' attention because of the increased importance of environmental concerns. The main aim of this article is to aid researchers in understanding the overall trends and shifts in exploring a novel sustainable development method for O&G companies and evaluating it using the example of Lukoil and Gazprom. The study uses a trend analysis method to examine the dynamics of Brent prices to recognise causal connections between the COVID-19 crisis of 2020 and the sanctions crisis of 2022 and their impact on O&G companies’ sustainability. Subsequently, the article conducts a quantitative and qualitative study to combine qualitative information on pandemic models with quantitative dynamics of Brent prices and identify their relationship. This article develops a sustainable development method for O&G companies, the novel nature of which consists of digital intellectual monitoring of the sustainability of these companies in public policy practices on Industry 4.0. The article also suggests potential research directions for AI applications to automatically track intelligent data analytic capabilities. The significant findings of this study show that this approach allows for total market coverage and rational decision-making by state regulators and the attentive public. This new method offers a proprietary algorithm and recommendations for energy companies on improving corporate accounting and development of resources policy, assessed using the example of Lukoil and Gazprom.

Suggested Citation

  • Popkova, Elena G. & Bogoviz, Aleksei V. & Lobova, Svetlana V. & DeLo, Piper & Alekseev, Alexander N. & Sergi, Bruno S., 2023. "Environmentally sustainable policies in the petroleum sector through the lens of industry 4.0. Russians Lukoil and Gazprom: The COVID-19 crisis of 2020 vs sanctions crisis of 2022," Resources Policy, Elsevier, vol. 84(C).
    • Handle: RePEc:eee:jrpoli:v:84:y:2023:i:c:s0301420723004440
    DOI: 10.1016/j.resourpol.2023.103733
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    More about this item

    Keywords

    Oil and gas companies; Sustainable development; Russia; Lukoil; Gazprom; Industry 4.0; Resource efficiency; Resources policy;
    All these keywords.

    JEL classification:

    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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