Impact of Environmental Policy on the Competitiveness of International Oil and Gas Companies by the Case Study of Gazprom and British Petroleum

The growing concern regarding environmental issues is evident in an increasingly ecologically conscious global market. Implementing the environmental practices has become an essential factor to meet the requirements of society and stay competitive for any international company. Having the most significant impact on the environment, oil and gas companies contribute to improving the environmental situation, aiming to improve their business performance on different levels. This article investigates the immediate connection between implementing the ecological practices and competitiveness of the oil and gas company by means of a case study analysis of Gazprom and British Petroleum and regression analysis aiming to examine the correlation between environmental practices and factors of competitiveness. Based on CSR and financial reports of these companies and rankings, this study is focused on designing the effective pattern of implementing green practices and examining their impact on the competitiveness of oil and gas companies.