Evaluation of ESG-Strategies of Oil and Gas Companies

One of the most critical factors in transforming the economy and society toward a low-carbon economy, equal opportunities, and long-term sustainable development is the alignment of energy companies’ activities with ESG principles. The ESG agenda is attracting increasing attention from investors, governments, central banks, and many of the leading global companies. As a result, studying ESG principles and implementing proprietary ESG strategies by oil and gas companies not only benefits the environment and society but is also essential for maintaining and enhancing competitiveness. This article examines the concept of ESG and its principles, analyzes the best international practices in implementing relevant strategies in the oil and gas sector (using Equinor, BP, EOG Resources, and leading Russian companies as examples). In conclusion, general recommendations for improving the ESG transformation of the oil and gas sector are provided.