THEORETICAL AND METHODOLOGICAL PRINCIPLES OF FORMING A SUSTAINABLE DEVELOPMENT STRATEGY FOR OIL AND GAS COMPANIES IN THE CONTEXT OF GLOBALIZATION

Abstract

The purpose of this article is to substantiate the theoretical and methodological foundations of sustainable development strategy formation in the context of globalization, with a focus on the oil and gas sector. The relevance of the study is determined by the growing influence of global economic integration, climate challenges, transformation of energy markets, and increasing requirements for environmental and social responsibility, which significantly affect the strategic development of oil and gas companies and necessitate the revision of traditional management approaches. The research is based on a combination of general scientific and special methods, including analysis and synthesis, systematization, comparison, abstraction, and structural–functional analysis. These methods made it possible to identify key stages in the evolution of sustainable development, determine the preconditions for the emergence of sustainable development strategies, and systematize their fundamental principles in relation to the specific features of the oil and gas sector. As a result of the study, it was established that sustainable development strategies have evolved from a conceptual framework into an integrated management mechanism that combines economic efficiency, environmental protection, and social responsibility. The research revealed that the effective implementation of sustainable development strategies in the oil and gas sector depends on the integration of sustainability principles into corporate strategies, investment decisions, risk management systems, and non-financial performance assessment. Modern global trends indicate a shift toward decarbonization, diversification of business models, strengthening of ESG-oriented governance, and adaptation to energy transition processes, which collectively form a new model of sustainable operation for oil and gas companies. The practical value of the article lies in the possibility of using the obtained results as a methodological basis for improving sustainable development strategies at the corporate and sectoral levels. The proposed conclusions can be applied in strategic planning, development of sustainability-oriented management frameworks, and enhancement of decision-making processes in oil and gas companies operating under conditions of globalization and long-term environmental and social challenges.