Development of methodological approaches of value-based management at oil and gas extraction enterprises

Abstract

Introduction. The oil and gas sector is of strategic importance for guaranteeing the energy security and sustainable development of the country. Therefore, increasing the efficiency of management of oil and gas extraction enterprises is a critical factor for ensuring their sustainability and further development. Considering the various challenges faced by oil and gas extraction enterprises, such as changes in the global energy market, strict environmental standards, and requirements for sustainable development in the conditions of European integration, effective management becomes critically important. The approach of value-based management takes into account not only the performance indicators of oil and gas extraction enterprises, but also the values that determine the role of the oil and gas extraction industry in society. This means that not only economic factors, but also social, ecological, and ethical aspects are institutionalized and formalized in management decisions. Implementation of this approach can help reduce the negative impact on the environment, ensure the social responsibility of enterprises, promote the development of innovative technology, and increase the satisfaction of consumer needs. The purpose of the article is to analyze the existing methodological approaches of management practice in the context of the development of value-based management tools at oil and gas extraction enterprises. Methodology. The research is based on the integrative, sectoral, and interdisciplinary approaches to analyzing the available tools of value-based management and identification of the features, advantages, and limitations of the active practice of value-based management, taking into account both domestic realities and foreign experience. The results. Functional approaches to value-based management of oil and gas extraction enterprises, which are based on the world experience and current industry trends, have been considered. Problematic aspects and limitations in the application of methodological approaches in value-based management have been analyzed. Attention is focused on the need to form a specially adapted toolkit of value-based management for oil and gas extraction enterprises; recommendations for its implementation in management practice have been formulated. The obtained scientific results will contribute to further development of theoretical knowledge in the field of value-based management at oil and gas extraction enterprises.