STRATEGIC PLANNING AND FORECASTING: CHANGING ROLE UNDER INSTABILITY OF ENERGY SECTOR

Development of the hydrocarbon potential is one of the main priorities for Russia. However, recent trends in the global energy sector have proven its volatility and instability (the impact of post-pandemic conditions, high price volatility, and rapid development towards green energy). The resulting...

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Main Authors: Alina A. Ilinova, Victoriya M. Solovyova
Format: Article
Language:English
Published: The Russian Academy of Sciences, Federal Research Centre Kola Science Centre 2021-06-01
Series:Север и рынок: формирование экономического порядка
Subjects:
Online Access:http://www.iep.kolasc.net.ru/journal/eng/?page_id=566
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author Alina A. Ilinova
Victoriya M. Solovyova
author_facet Alina A. Ilinova
Victoriya M. Solovyova
author_sort Alina A. Ilinova
collection DOAJ
description Development of the hydrocarbon potential is one of the main priorities for Russia. However, recent trends in the global energy sector have proven its volatility and instability (the impact of post-pandemic conditions, high price volatility, and rapid development towards green energy). The resulting uncertainty in the turbulent oil and gas sector itself places new demands on the strategic behavior of oil and gas companies, especially within strategic business units related to the implementation of high-risk projects (using the Arctic oil and gas sector as an example). All these are invariably associated with the transformation of the strategic management system. The paper defines the role of strategic forecasting and planning in the system of strategic management. The analysis of trends in the global energy sector, identifying key challenges for the strategic development of oil and gas companies, has carried out. The necessity of reviewing the role and essence of the basic functions of strategic management has been substantiated. A conceptual vision of the transformation of the essence and objectives of strategic analysis, forecasting and planning at the level of oil and gas companies in the context of global shocks was proposed.
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spelling doaj.art-4d79ae754ba24b6bb3c60323f063e3d52022-12-22T00:10:08ZengThe Russian Academy of Sciences, Federal Research Centre Kola Science CentreСевер и рынок: формирование экономического порядка2220-802X2021-06-01242566810.37614/2220-802X.2.2021.72.005STRATEGIC PLANNING AND FORECASTING: CHANGING ROLE UNDER INSTABILITY OF ENERGY SECTORAlina A. Ilinova0https://orcid.org/0000-0001-5168-0518Victoriya M. Solovyova1https://orcid.org/0000-0003-2696-8143Saint Petersburg Mining University, Saint Petersburg, RussiaSaint Petersburg Mining University, Saint Petersburg, RussiaDevelopment of the hydrocarbon potential is one of the main priorities for Russia. However, recent trends in the global energy sector have proven its volatility and instability (the impact of post-pandemic conditions, high price volatility, and rapid development towards green energy). The resulting uncertainty in the turbulent oil and gas sector itself places new demands on the strategic behavior of oil and gas companies, especially within strategic business units related to the implementation of high-risk projects (using the Arctic oil and gas sector as an example). All these are invariably associated with the transformation of the strategic management system. The paper defines the role of strategic forecasting and planning in the system of strategic management. The analysis of trends in the global energy sector, identifying key challenges for the strategic development of oil and gas companies, has carried out. The necessity of reviewing the role and essence of the basic functions of strategic management has been substantiated. A conceptual vision of the transformation of the essence and objectives of strategic analysis, forecasting and planning at the level of oil and gas companies in the context of global shocks was proposed.http://www.iep.kolasc.net.ru/journal/eng/?page_id=566strategic managementforecastingplanningoil and gas companiesarcticenergy sectorinstabilityturbulence
spellingShingle Alina A. Ilinova
Victoriya M. Solovyova
STRATEGIC PLANNING AND FORECASTING: CHANGING ROLE UNDER INSTABILITY OF ENERGY SECTOR
Север и рынок: формирование экономического порядка
strategic management
forecasting
planning
oil and gas companies
arctic
energy sector
instability
turbulence
title STRATEGIC PLANNING AND FORECASTING: CHANGING ROLE UNDER INSTABILITY OF ENERGY SECTOR
title_full STRATEGIC PLANNING AND FORECASTING: CHANGING ROLE UNDER INSTABILITY OF ENERGY SECTOR
title_fullStr STRATEGIC PLANNING AND FORECASTING: CHANGING ROLE UNDER INSTABILITY OF ENERGY SECTOR
title_full_unstemmed STRATEGIC PLANNING AND FORECASTING: CHANGING ROLE UNDER INSTABILITY OF ENERGY SECTOR
title_short STRATEGIC PLANNING AND FORECASTING: CHANGING ROLE UNDER INSTABILITY OF ENERGY SECTOR
title_sort strategic planning and forecasting changing role under instability of energy sector
topic strategic management
forecasting
planning
oil and gas companies
arctic
energy sector
instability
turbulence
url http://www.iep.kolasc.net.ru/journal/eng/?page_id=566
work_keys_str_mv AT alinaailinova strategicplanningandforecastingchangingroleunderinstabilityofenergysector
AT victoriyamsolovyova strategicplanningandforecastingchangingroleunderinstabilityofenergysector