Incorporating Environmental and Social Factors into Decision-making of an Oil and Gas Industry to Improve Sustainability

The energy industry (including the oil and gas industry) is facing unparalleled scrutiny and demands from stakeholders including investors, regulators (industry and environmental), communities, and other stakeholders. Sustainable development is one of the major concerns of the oil and gas industry. Companies are seeking to increase sustainability of their operations by considering environmental and Social concerns in addition to economic concerns. Oil and gas companies need to take decisions at different stages of the product life cycle (e.g. planning, design, exploration, production, and clean-up) which have direct or indirect impact on the organization\u27s objectives. Addressing economic, technical, Social, and environmental risks and opportunities during decision-making is critical to fulfill stakeholders\u27 and organization\u27s objective and ultimately to the success of a project. This research provides a framework and a model that integrates sustainability into decision-making