Implementation of the ESG concept at the enterprise as a tool for influencing the region’s development

Subject. This article discusses the issues related to the ESG concept implementation in the oil and gas industry. Objectives. The article aims to identify the relationship between the ESG concept implementation at an oil and gas sector enterprise and the socioeconomic indicators of the region where the enterprise operates. Methods. For the study, we used comparative, correlation, and regression analyses. Results. The article finds that oil and gas companies have a positive impact on the region they operate in, including socioeconomic indicators, following the ESG principles. Gross domestic product per capita is one of the highest in the regions where large oil and gas companies operate. Conclusions. At present, it is difficult to classify the company's ESG rating as an economic indicator, therefore, the relationship between the ESG concept implementation at a large enterprise and its impact within the enterprise’s footprint can only be reflected through the components E, S, and G. It is advisable to establish certain rules for providing sustainability reports by oil and gas companies and develop a reporting standard for compliance with the ESG principles at the State level.