Despite the diversity of studies on global warming and climate change mitigation technologies, research on the changing role of CO₂ in the industrial processes, which is connected with the introduction of circular economy principles, is still out of scope. The purpose of this review is to answer the following question: Is technogenic CO₂ still an industrial waste or has it become a valuable resource? For this purpose, statistical information from the National Energy Technology Library and the Global CCS Institute databases were reviewed. All sequestration projects (199) were divided into three groups: carbon capture and storage (65); carbon capture, utilization, and storage (100); and carbon capture and utilization (34). It was found that: (1) total annual CO₂ consumption of such projects was 50.1 Mtpa in 2018, with a possible increase to 326.7 Mtpa in the coming decade; (2) total amount of CO₂ sequestered in such projects could be 2209 Mt in 2028; (3) the risk of such projects being cancelled or postponed is around 31.8%; (4) CO₂ is a valuable and sought-after resource for various industries. It was concluded that further development of carbon capture and utilization technologies will invariably lead to a change in attitudes towards CO₂, as well as the appearance of new CO₂-based markets and industries.

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.

Drilling-waste management is of great importance in the oil and gas industry due to the substantial volume of multi-component waste generated during the production process. Improper waste handling can pose serious environmental risks, including soil and water contamination and the release of harmful chemicals. Failure to properly manage waste can result in large fines and legal consequences, as well as damage to corporate reputation. Proper drilling-waste management is essential to mitigate these risks and ensure the sustainable and responsible operation of oil and gas projects. It involves the use of advanced technologies and best practices to treat and utilize drilling waste in an environmentally safe and cost-effective manner. This article describes a feasibility study of four drilling-waste management options in the context of the Khanty-Mansi Autonomous Okrug of Russia. For ten years of the project life, the NPV under the base scenario is equal to RUB −3374.3 million, under the first scenario is equal to RUB −1466.7 million, under the second scenario is equal to RUB −1666.8 million and under the third scenario is equal to RUB −792.4 million. When considering projects, regardless of oil production, the project under the third scenario pays off in 7.8 years and the NPV is RUB 7.04 million. The MCD and MCV parameters were calculated to be 106 km and 2290 tons, respectively. Furthermore, the study estimates the ecological damage prevented and the environmental effect of each option. Quantitative risk assessments, conducted through sensitivity analysis, reveal that the fourth option, involving the conversion of drilling waste into construction materials, emerges as the most economically feasible. The study also evaluates the interaction between business and government and analyzes the current situation in the sphere of drilling-waste management, concluding with concise recommendations for both companies and official bodies.

Development of hydrocarbon resources in the Arctic is one of the priority tasks for the economy of the Russian Federation; however, such projects are associated with significant risks for the environment of nearby regions. Large-scale development of hydrocarbon resources in the Arctic should be based on the principles of sustainable development, which imply a balance between socio-economic benefits and environmental risks. The purpose of this study is to analyze the gaps in scientific knowledge on the issues of assessing sustainability of Arctic oil and gas projects (OGPs) and systematize the key problematic elements of such assessments. The analysis was carried out in terms of four key elements that determine the feasibility of implementing Arctic OGPs in the context of sustainable development: economic efficiency, social effects, environmental safety and technological availability. The methodology for conducting bibliometric analysis, which included more than 15.227 sources from the Scopus database over the period of 2005-2020, was based on PRISMA recommendations for compiling systematic reviews and meta-analyses. Methodological problems of assessing sustainability of Arctic OGPs were mapped and divided into four key sectors: consideration of factors that determine sustainability; sustainability assessment; interpretation of assessment results; sustainability management. This map can serve as a basis for conducting a series of point studies, aimed at eliminating existing methodological shortcomings of the sustainable development concept with respect to Arctic OGPs.