In the face of increasing climate concerns and the intensive development of the renewable energy sector, oil and gas companies need to develop strategies to not only comply with the new rules of the game, but to also benefit from them. This study includes prospects for development of the global energy system along with analysis of decarbonization strategies for the largest players in the oil and gas market, and defines conceptual directions to improve strategic planning systems of oil and gas companies in order to ensure sustainability in the context of a global energy transition. The theoretical background of this study is based on the fundamental concepts and methods of strategic planning, as well as modern approaches to strategic planning in the oil and gas industry. This study makes three contributions. First, we maintain that a broad, systematic understanding of the consequences of energy system transformation and defining its role in the new market should be the crucial task of players in the oil and gas industry, and we clarify the opportunities and threats of transitioning to decarbonization. Second, the study results contribute to the development of the design theory of strategic planning systems by improving well-known methods and approaches with reference to global energy transformation. Third, we offer proposals for the development of a climate adaptation strategy using the example of a Russian oil and gas company based on the company’s business capabilities.

Following the principles of sustainable development in the development of oil and gas fields in the Arctic will ensure that hydrocarbon production and transportation operations comply with stringent environmental regulations, the economies of the northern regions become integrated into the national economy of Russia, production systems in the oil and gas sector are upgraded in an innovative manner, and further development of this region is balanced from the environmental perspective. The purpose of the study is to develop and provide a rationale for a balanced system of environmental, socio-economic, and innovative indicators for assessing whether the development of the Arctic’s unique hydrocarbon reserves is sustainable. The theoretical framework of the study draws upon the foundations and key principles of the sustainable development concept and upon modern approaches and methods for assessing the sustainability of production systems. The study presents an analysis of conceptual approaches to defining sustainable development in reference to oil and gas resources, including those found in the Arctic, defines target priorities for the sustainable development of the Arctic’s resource potential, and identifies the relationship between the environmental, socio-economic, and innovative domains of sustainability in the context of Arctic resource development. The results of the study demonstrate how large-scale gas projects can influence regional development and provide for making informed conclusions about whether the development of the Arctic’s oil and gas reserves can be considered sustainable (in accordance with the basic principles of the sustainable development concept).

The inconsistency of arguments regarding the value of diversification strategies means that there is a lack of a unified methodological approach and a method for evaluating the impact on efficiency and competitive ability of companies. Research shows that diversification was crucially important for oil and gas companies during the economic shocks of 1998, 2009, and 2015. Nowadays, oil and gas companies apply the strategy of green diversification to solve climate change problems and adapt to energy transition trends. The goals of 14 global oil and gas companies with regard to carbon neutrality were analyzed in this study. This research expands the theoretical studies of diversification processes and outcomes in the oil and gas industry and contributes to the discussion of the feasibility of companies implementing renewable energy projects. The factors that prompt oil and gas companies to adopt green diversification were formulated, and their key strategic priorities were determined depending on the volume of proven resources. The research suggests that global shocks in the international energy market and a reduction in the significance of oil and gas resources in the overall power balance stimulate companies to diversify their asset portfolios, but such strategy does not protect against negative impacts. In addition, important issues were identified for further analysis.

Integrated development of hydrocarbon potential is one of the high-priority tasks of the government of Russia policy in the Arctic region. When determining the prospects of oil and gas projects, it may be necessary to envisage ways of responding to large-scale changes in the global energy system, which significantly affect the timing, commercial and budgetary efficiency of project activities in the Arctic. The high level of turbulence creates new challenges for the Russian and global oil and gas complex associated with the strengthening of competition in traditional markets of hydrocarbon resources, the progressive development of technological innovation, and changes in the price environment. The main direction of development of the Arctic oil and gas sector should be quick adaptation to new conditions, reassessment of strategic planning systems of key market players, as well as a targeted state policy in relation to the formation of a favorable investment climate and flexible taxation system in the region. For the purpose of the study, an analysis of the factors of instability of the global energy system and their influence on the efficiency of operation of arctic hydrocarbon fields is conducted. The characteristics of the main directions of government policy in the Arctic zone, stimulating the production of hydrocarbons, are given. The potential limitations and opportunities for the implementation of oil and gas projects resulting from the transformation of the global raw materials market are identified and systematized.

Decades of intensive exploitation of the Russian Arctic’s exceptional economic potential, coupled with limited consideration of the environmental impacts of industrial activity, have led to the accumulation of significant legacy pollution across the region. In view of the Arctic’s strategic importance to the national economy, there is an urgent need to enhance organizational and management frameworks for assessing and remediating legacy environmental sites, while accounting for the distinctive environmental, geographic, and socio-economic characteristics of the macroregion. The relevance of this study stems from these challenges. The study's purpose is to analyze the problems and prospects associated with organizing remediation efforts in the Arctic and to examine the application of innovative technological solutions for addressing legacy pollution at Cape Chelyuskin. The scientific novelty of the study lies in the systematization of the environmental and socio-economic impacts generated by legacy environmental sites in the Arctic, as well as in the identification of gaps in the existing system of public administration responsible for their remediation. The findings substantiate the need for greater coordination among government authorities and civil society organizations in implementing environmental initiatives in the region. The paper analyzes the experience of an autonomous non-profit organization dedicated to environmental improvement and the development of the Clean Arctic volunteer movement in organizing an expedition to remediate the territory of Cape Chelyuskin affected by past economic activities. The tested technological solutions may serve as a basis for developing practical recommendations for organizing waste collection and removal in remote and hard-to-access areas. These recommendations can inform relevant ministries in refining the regulatory framework and elaborating strategic planning documents aimed at eliminating legacy pollution in the Arctic. Future research should focus on assessing the socio-economic effects of remediation projects implemented in Arctic regions.