ИССЛЕДОВАНИЕ ВЛИЯНИЯ ИННОВАЦИОННЫХ ТЕХНОЛОГИЙ ДЕКАРБОНИЗАЦИИ НА УСТОЙЧИВОЕ РАЗВИТИЕ НЕФТЕГАЗОВОГО БИЗНЕСА

Abstract:
In progressive economic landscape, the competitiveness of the oil and gas sector is no longer defined by the scale of its resource base, but rather by its capacity to manage reputational resilience, technological performance, and access to green financing mechanisms. The global energy transition, escalating climate risks, and mounting sanctions pressure have rendered traditional approaches to evaluating investment attractiveness insufficient, particularly in terms of integrating environmental, political, and reputational dimensions into a unified quantitative framework. The core challenge lies in the absence of robust analytical tools capable of providing a comprehensive quantitative assessment of decarbonization technologies, taking into account environmental, geopolitical, and ESG-related factors simultaneously. The objective of this study is to develop an enhanced model for assessing the investment appeal of decarbonization technologies, one that captures the multiplicative interactions among sustainability drivers, as well as to identify key patterns in the sustainable development strategies of Russian oil and gas companies. The scientific contribution of the research consists in the design of an integrated evaluation framework that incorporates the synergistic effects arising from concurrent improvements in environmental efficiency, political stability, and ESG maturity. In addition, a petal-shaped elasticity model is introduced to measure the sensitivity of oil and gas companies’ investment attractiveness to sanctions pressure. Methodologically, the study builds upon an adapted real options approach, supplemented with corrective coefficients to reflect sustainability-related variables. The empirical analysis is based on data from six major Russian oil and gas companies over the period 2020–2025. The findings indicate a strong positive relationship between business competitiveness and the adoption of decarbonization technologies. Four strategic archetypes are identified: balanced leadership, technological acceleration, inertia-driven development with heightened exposure to external shocks, and harmonized growth. The results also confirm a pronounced synergistic effect within the multiplicative model: companies that simultaneously improve all three key parameters demonstrate exponential growth in the overall value of their decarbonization investment projects. The practical relevance of the study lies in the formulation of targeted recommendations tailored to each strategic group. Future research directions include a more granular analysis of elasticity across specific technologies (such as CCUS, hydrogen, and renewable energy sources), as well as the development of a digital platform to enable automated investment calculations.