Relationship Between Sustainable Development and Strategic Planning in Oil and Gas Industry

The purpose of this study is to substantiate the need to integrate the principles of sustainable development into the strategic planning system of Russian oil and gas companies. It is shown that the sustainable development of industrial enterprises is impossible without effective strategic planning that integrates the principles of sustainability into resource management, technological development, and investment policy. The article examines the state of the strategic planning system and identifies the constraints that slow down the implementation of ESG principles in the corporate strategies of Russian oil and gas companies. It was concluded that the slow implementation of the principles of sustainable development in corporate strategies is due to the long payback period of such projects and the focus of business on short-term profits; the lack of strict regulatory requirements and economic incentives also reduces motivation to integrate sustainability-oriented solutions. An additional barrier is technological limitations and a lack of awareness of the importance of ESG principles at strategic management. The result of research is the developed management model for the oil and gas industry, which makes it possible to transform sustainable development from an element of corporate social responsibility into a key component of long-term strategic planning. It is shown that the integration of the principles of sustainable development into the strategic planning of Russian oil and gas companies is a factor determining their long-term economic efficiency and market stability based on monitoring the macro environment, resource strategies, and analysis of the state and development of related industries. Authors’ contribution. M.S. Oborin – substantiation of methodology, development of a concept and compilation of an algorithm for conducting research, generalization of research results and formulation of conclusions, general scientific editing of the text of the article; S.D. Kuchin – selection of scientific sources and content analysis of publications on the research topic, collection and analysis of empirical data, research of transformation processes, preparation of the text of the article.