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Challenges for sustainable development strategies in oil and gas industries

Author

Listed:
  • Mojarad Ali Asghar Sadeghi

    (The Bucharest University of Economic Studies, Bucharest, Romania)

  • Atashbari Vahid

    (The University of Alaska Fairbanks, Fairbanks, Alaska, USA)

  • Tantau Adrian

    (The Bucharest University of Economic Studies, Bucharest, Romania)

Abstract

The oil and gas industries remain an important drive for the world economy. On one hand, global demand for fossil fuels is still rising, and on the other hand, companies face complex investment challenges due to the harsh operational environment of exploration and production activities. Workforce regulations aim to provide a safe and secured working environment. However, exploration and production activities still cause local and global environmental risks such as groundwater contamination, or climate change in broader scale. Analyzing and reporting mechanisms are key performance indicators of sustainable development at the level of oil and gas companies. Obtaining and analyzing required data, nevertheless, seem to be a persistent challenge as to what degree these findings can affect the routine and strategic decisions of the oil and gas companies. In order to enable oil and gas companies to measure and control risks and manage incidents, artificial intelligent technologies in extended monitoring and supervising E&P operations is known to be an efficient prevention strategy. Such tools not only aid in profitability of the oil and gas companies, but also increase awareness of environment and climate change to act more responsibly. In this study, the significances of environmental policies were investigated through interviews with executives and stakeholders, revealing that the implementation of environmental protection policies is affected by the financial stability of the companies, and under severe economic situations, companies seem less enthusiastic in strictly implementing those policies. This paper provides a comprehensive review of emerging technologies in addressing existing and foreseen challenges in sustainable development in oil and gas industries, with the aim of suggesting prime solutions for strategic planning attempts.

Suggested Citation

  • Mojarad Ali Asghar Sadeghi & Atashbari Vahid & Tantau Adrian, 2018. "Challenges for sustainable development strategies in oil and gas industries," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 12(1), pages 626-638, May.
    • Handle: RePEc:vrs:poicbe:v:12:y:2018:i:1:p:626-638:n:56
    DOI: 10.2478/picbe-2018-0056
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    References listed on IDEAS

    as
    1. Regnier, Eva, 2007. "Oil and energy price volatility," Energy Economics, Elsevier, vol. 29(3), pages 405-427, May.
    2. Dumitru Miron & Alina Mihaela Dima & Simona Vasilache, 2010. "Models Of The Intra-Regional Trade Influence On Economic Sustainable Development In Romania," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 12(27), pages 27-35, February.
    3. Tantau Adrian D. & Khorshidi Mohammadreza & Mojarad Ali Asghar Sadeghi, 2017. "International Oil Companies Sustainability after Oil Price decline," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 11(1), pages 157-167, July.
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    Cited by:

    1. Shehu Folaranmi Gbolahan Yusuf & Oluwabunmi Oluwaseun Popoola & Lindokhule Gwala & Thinandavha Nesengani, 2021. "Promoting University–Community Alliances in the Experiential Learning Activities of Agricultural Extension Postgraduate Students at the University of Fort Hare, South Africa," Sustainability, MDPI, vol. 13(18), pages 1-18, September.
    2. VATAVU Sorana, 2020. "Sustainable Business Practices And Corporate Performance: Evidence From Oil And Gas Industry," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 163-173, July.
    3. Mărioara Beleneși & Victoria Bogdan & Dorina Nicoleta Popa, 2021. "Disclosure Dynamics and Non-Financial Reporting Analysis. The Case of Romanian Listed Companies," Sustainability, MDPI, vol. 13(9), pages 1-23, April.
    4. Arokodare, M. A. & Asikhia, O. U., 2020. "The Moderating Effect of External Environment on the Relationship Between Strategic Entrepreneurship and Performance of Selected Oil and Gas Service Firms in Lagos and Rivers States, Nigeria," Review of European Studies, Canadian Center of Science and Education, vol. 12(2), pages 1-85, June.

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