engleski

Challenges of the petroleum industry in global business environment

Due to the increase in world population and to the discovery of new energy sources over the last 150 years worldwide energy consumption has increased enormously. Reviewing presently used resources for energy production it could be concluded that fossil fuels still have the highest share. According to current predictions, considering today’ s rate of energy consumption and technical and technological development, fossil fuel reserves are expected to last for at least one more century. Since fossil fuels are still dominant sources of energy supply, to meet the energy demand, the petroleum industry is called upon not just to provide an effective management of oil and gas reserves, but also to manage to do that in safe and efficient manner with as low as practically possible ecological footprint. Nowadays, petroleum industry moved from just taking into account just the environmental impact of its business and started to look at all the dimensions that form the basis of the concept of sustainable development: the social, the economic and the environmental dimension. It is however, one of the most complex challenges facing petroleum industry today. For many this implementation is the main principle that underpins corporate visions, strategy and decision making, while to others it represents a series of emerging issues that must be taken into consideration in business planning and that must be “ managed” in order for the company to maintain its “ licenses to operate” .

environmental protection; social responsibility; petroleum industry; fossil fuel

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