Creating Sustainable Value in International Oil and Gas Companies

Abstract

The goal- to assess the sustainable value creation in international oil and gas companies. The objectives of the work consisted of a theoretical analysis of the organizational value, evolution of theories and the role of sustainability in value creation; analysis of existing guidelines and frameworks for measuring sustainable value and formulation of an integrated Sustainable Value Creation Framework; study of value creation in the oil and gas industry for adjustment of the proposed framework; empirical research conducted in order to assess the sustainable value creation of the largest oil and gas companies using the proposed model. As a result of the study, the Integrated Sustainable Value Creation for oil and gas industry was formulated. The Framework represents scientific and practical value, since it can be used for further research and applied in practice for the evaluation and analysis of sustainability in companies. The empirical analysis showed that, despite the homogeneity of the sample, there are significant differences in the process of sustainable value creation in companies from developing and developed markets. Western companies are more future-oriented, paying great attention to the development of new products and services, innovative technologies for shared solutions of social and corporate issues. Companies from emerging markets continue to focus on improving their environmental and social performance, working on reducing their impacts and implementing discrete charitable programs.