Advances in Economics, Business and Management Research, volume 148

Proceedings of the Russian Conference on Digital Economy and Knowledge Management (RuDEcK 2020)

Digital Transformation of Oil and Gas

Companies: Energy Transition
Daneeva Yu.* Daneev O.
Department of World Economy and World Finance Department of Data Analysis, Decision Making and
Financial University Financial Technology
Moscow, Russia Financial University
yudaneeva@gmail.com Moscow, Russia
ovdaneev@fa.ru
Glebova A. Zvonova E.
Department of World Economy and World Finance Department of World Economy and World Finance
Financial University Financial University
Moscow, Russia Moscow, Russia
nauka_rf@mail.ru eazvonova@fa.ru

Abstract — The authors raise the issues of digitalization in the a projected peak in the early 2030” [2]. Meanwhile, global
leading companies of oil and gas industry in terms of the energy energy consumption is projected to increase at almost 50 % by
transition. In addition, the paper also proposes policy 2050 [3].
recommendations for the low-carbon transition of oil and gas
companies. The core concept of the company’s transition is a However, due to the paradigm shift to sustainable
transition from O&G Company to an energy company. Now development globally, more and more companies set up
hydrocarbons form the basis of the global energy balance; they strategies on implementation of clean energy to mitigate
are the main source of CO2 emissions into the atmosphere. The climate change risks. Companies are also urged to set up
issues of reducing CO2 emissions, for example, by decarbonizing sustainability strategies as well as other kinds of strategies –
the oil and gas industry, are becoming relevant. The digital such as, energy transition strategy, low-carbon strategy,
transformation companies will create an ecosystem within which decarbonisation strategy etc. Those strategies and policies are
any company can appropriately replace business processes with usually focused on a particular direction of sustainable
“clean” ones; digital technologies will allow collecting data, development, such as renewable energy promotion, energy
monitoring processes and managing them. The object of this efficiency increase, net carbon footprint ambition, reduction of
study: the largest companies – leaders in the oil and gas industry. greenhouse gas emissions, ESG concept, decarbonisation path
The purpose of the study: to develop recommendations on the etc. However, if these goals are to be achieved, oil production
energy transition of oil and gas companies through the use of
must be significantly reduced or completely abandoned. The
business digitalization technologies. The article outlines the main
points of energy transition paradigm, as well as digitalization
increasing social and economic pressures on oil and gas
policies used by the companies. The authors explore the motives companies demands to provide answers about the future of
of the energy transition of O&G companies; analyze the these companies as without them a normal functioning of
possibilities of digital transformation of the oil and gas business; economies is impossible, but with their business as usual
Using the example of the largest foreign companies in the oil and practice, safe life of future generations is at risk. Therefore, in
gas sector, they consider the mechanism of energy transition. the context of environmental urgency and increasing energy
demand, the transformation of oil and gas companies to
Keywords — oil and gas companies, digital transformation, sustainable energy companies is imminent.
digitalization, energy transition, decarbonisation
This transformation is happening in many parts of the
world, as it is to the companies own advantage to be more
I. INTRODUCTION proactive in these area, because regulatory requirements are
The Stated Policies Scenario of International Energy constantly tightened and investors’ and consumers’ pressure is
Agency (IEA) indicates that “global growth in oil demand growing. Moreover, it is to the company’s advantage to initiate
slows markedly post-2025 before flattening out in the 2030s” and support transformation, because this energy transformation
[1]. The IEA made a forecast, that a peak of passenger cars brings technological benefits and increases competitiveness of
will be reached in the late 2020s, and these cars are a primer a company, as well as its trustworthiness among the public and
consumer of oil-based products. It is expected to happen due stronger brand image. The purpose of this paper is to provide a
to energy transition, namely a major switch to electricity – reference for the energy transformation frameworks of global
electric cars soon become cost-competitive with conventional oil and gas companies based on their annual reports and
cars. McKinsey forecast has little difference with IEA opinion sustainability reports investigation results and analyse the
and states “Oil demand growth slows down substantially, with influence of digital technologies in it.

Copyright © 2020 The Authors. Published by Atlantis Press SARL.

This is an open access article distributed under the CC BY-NC 4.0 license -http://creativecommons.org/licenses/by-nc/4.0/. 199
 Advances in Economics, Business and Management Research, volume 148

Bowersox: “process of reinventing a business to digitize

II. LITERATURE REVIEW AND RESEARCH METHODS operations and formulate extended supply chain relationships.
The concept of digitalization is still rather vague and The DBT leadership challenge is aimed at the reenergizing of
young; scholars, practitioners and companies interpret this businesses that may already be successful to capture the full
phenomenon in different ways. Digitalization seems to be a potential of information technology across the total supply
global trend in management, as it is associated with a wide chain” [11].
range of technologies. While consultants and practicing M. Fitzgerald: “use of new digital technologies, such as
companies have been covering the issue of digitalization in social media, mobile, analytics or embedded devices, in order
their reports for the past few years (Deloitte [4], BCG [5], to enable major business improvements like enhancing
McKinsey [6]), scientists' interest in digitalization has only customer experience, streamlining operations or creating new
recently appeared and is at the beginning of the journey. business models” [12].
Digitalization transformations have been studied from various
points of view, such as organizational aspect, technological and Thus, digitalization engages transformations of business
social [7]. operating models, supply chain, organisational structure, range
of products and services. It also affects other processes in the
Organizational digital transformation is connected with a companies, such as staff’s mindset and corporate culture.
business aspect of transformation and concerns the changes,
which are brought by digital transformation into the business In this article, we will study the digital transformation in
model of a company, as well as its organizational processes, business organisations, although it is happening also in public,
value chain etc. The goal of such transformation is to make the social and other spheres. Digital transformation looks like a
business processes and production smarter, thus bringing comprehensive concept describing technological change and
economic benefits. the widespread use of data. As emphasized earlier,
digitalization – in the context of organizations – also represents
Technological aspect of digital transformation is a huge change for companies. Indeed, many organizational
concentrated on making improvement through innovations. concepts are related to digitalization: “Industry 4.0” refers to
Transformation is studied from the point of analysing results of automation in industry [13]; “New ways of working”
its implementation, how far has it disrupted the existing course emphasize the great flexibility of space and time through work
of operations and what value did the new technological with mobile technologies [14]. From this starting point,
solutions have brought. Many kinds of those solutions are digitalization can be defined very broadly as a summary of
analysed and new possibilities of their application are technological and organizational changes that focus on the
researched. creation, exchange and use of significant amounts of data.
Social aspect is based on studying digitalization with a Energy transition is a fairly nascent field of research.
focus on its implementation and its impact as a global A. Grubler is one of the main contributors of energy transition
phenomenon not only on organizations, but also on specific study, especially in terms of energy and technology systems
functions or groups of the population. Research specifically and their impact on climate change. Grubler point out three key
studies which factors (or capabilities) can contribute to the insights in energy transitions [15]:
adoption of digital technology. A widely used model for
studying success factors in implementation is the technology 1) The power of final energy consumption is usually greater
adoption model. Many studies rely on this model to investigate than the power of generation. This implicates that transitions in
the success or failure of digitalization projects. For example, energy services have an impact on energy supply transitions.
Bai and Gao focus on factors that influence consumers'
2) Energy transition factors vary from country to country –
perceptions of the Internet of things [8]; Constantinides and his
they are usually slower in large developed countries, but faster
colleagues draw attention to the factors that influence the
in smaller ones.
adoption of the Internet of things [9].
3) Energy transition schemes are similar to diffusion
The authors aim to build an insightful understanding of the
processes in the general s-curve technology: a long pilot phase
concept of digital transformation. The literature review on the
with limited implementation, the appearance of optimal
digital transformation’s position in scholar vision brought
structures that slowly are adapted to a more general level, a
many distinct concepts on considered phenomenon
parallel cost reduction due to standardization, scaling and
(G. Westerman, Bowersox, M. Fitzgerald). We can offer
network economics, and the possible spread from leading
several definitions of digital transformation for consideration:
innovation host countries to peripheral countries.
G. Westerman, A. McAfee et al: “the use of technology to
As energy transitions were historically happening several
radically improve the performance or reach of enterprises is
times and each next one meant more efficient and profitable
becoming a hot topic for companies across the globe.
type of energy, we can state, that today’s energy transition is
Executives in all industries are using digital advances such as
very different compared to the previous ones, because it was
analytics, mobility, social media, and smart embedded devices
caused by reasons other than energy efficiency. The main
and improving their use of traditional technologies such as ERP
driver of current energy transition is the urgency of the global
to change customer relationships, internal processes and value
issue of climate change. This energy transition is an instrument
propositions” [10].
to stop or at least mitigate global warming and as the drivers
for transition is different and not entirely economic-driven, and

200
 Advances in Economics, Business and Management Research, volume 148

then there is no universal framework, which the companies can Despite the fact that energy transition was caused by
use in order to navigate themselves through these global climate change and resource scarcity reasons, the
changes. The only framework, which can be called universal transformation of the whole oil and gas sector at the world
and widely approved, is Paris Agreement and energy transition scale required another, more practical reasoning, which effects
is a part of it. Namely, the concept of decarbonisation prevails can be felt immediately by the market. It means that most
as a main type of transformation. Many research institutes and companies needed other incentives other than long-distance
working groups work on the mechanism of decarbonisation and environmental forecasts. Based on annual reports and
offer their variants: Deep Decarbonization Pathways Project sustainability reports analysis, we conclude, that the
(DDPP) is a project of energy research teams in different companies rely on different factors stimulating the
countries, which works on country modelling of deep transformation:
decarbonisation [16]. International Energy Agency (IEA) offers
multiple materials on energy transition, such as scenarios, • investors’ expectations and shift in their behaviour
perspectives analysis, indicators etc. [17]. Reports by towards responsible investing made a push to the
International Energy Transitions Research Unit in Wuppertal companies in starting the transformation, A big role
institute develop solution pathways for sustainable energy was played by rating agencies, which developed
systems. The phenomenon of “Energiewende” or energy various methodologies of assessing the company’s
turnaround, which is a main energy policy in Germany since sustainability performance;
2011, was born in the Institute of applied ecology in Freiburg • Environmental regulation tightening;
by a team of scientists, among which are M. Sailer and
R. Grießhammer. • Risk management – this includes different kinds of
risks, including disaster risks and cybersecurity risks
We see decarbonization as the next type of energy due to increasing digitalization;
transformation, since it involves the transition to renewable
energy sources, which are becoming more common and • Portfolio resilience – as companies realized a growing
cheaper [18]. Thus, we define decarbonization as a diversification of energy sources, they began to invest
transformational process of transition to renewable energy in other energy sources, additionally, and oil price
sources through the replacement of other energy sources in fluctuations had influenced this decision;
order to significantly reduce CO2 emissions and, in the future,
• Corporate responsibility – oil and gas companies are
their potential complete elimination.
usually large companies, which exploit the resources
Leading companies are paying attention to the topic of and have an image of non-transparent, conservative,
energy transition for the last few years, but the majority of the rich companies. Having in mind, that the activity of
companies are still considering it a trend and not taking any such companies often happens on the vast territories,
measures to decarbonize, risking by their future success. the citizens of these territories are greatly affected by
Companies – leaders of the industries are making energy that activity and might be against it. Corporate and
transition a main goal of their development, which can be seen Social Responsibility (CSR) practices improve
in their annual and sustainability reports. companies’ reputation and allow creating value for
both communities and the companies. CSR concept is
In this article we analyze annual and sustainability reports, inextricably linked with sustainability, therefore, when
as well as special reports of the companies, such as energy companies are starting to implement CSR into
report, energy transition report etc. Companies show their business, it’s evident, that continuing and improving
commitment to energy transition by naming the annual or this practice will lead to sustainability shift;
sustainability reports themselves as, for example, “Energy
transition” or “Path to decarbonisation”. We chose these • essentially, any transformation aims to reach a new
reports for analysis, because such reports represent all the state, so in the market of such undifferentiated products
results of company’s activity and its vision for future. It also as oil and gas, it represents an opportunity for
can be called a “textbook” on the company, because through companies to differentiate itself and create a new
such reports one can gain an insight into company’s business market;
and its development.
• lastly, this energy transformations entails also a digital
transformation, which in turn brings many positive
III. RESULTS AND DISCUSSION
effects as cutting costs, increasing efficiency, higher
Oil and gas companies recognised the importance of quality management decisions and transparency.
energy transition since 2005 [19]. This energy transition
means a change of primary used energy source in economy This paper collects the energy transition information of
towards cleaner, environmentally friendly, sustainable sources some oil and gas companies, which is helpful to the
of energy. Those mainly include renewable resources and establishment of a knowledge system and provides a reference
gas – natural gas “can be an important complementary for other oil and gas companies that have not yet started
transition fuel to support renewable energy in the short – and energy transition. Through companies’ and research
medium – term transition phases” [20] and low-carbon gas organisations’ reports, will analyse the energy transformation
(biogas, biomethane and hydrogen) with carbon capture and of seven large oil and gas companies from two aspects: energy
storage (CCS). transformation actions and strategy and digitalization. The
seven major oil and gas companies include BP (UK), Sinopec

201
 Advances in Economics, Business and Management Research, volume 148

(China), Royal Dutch Shell (Netherlands), Equinor (Norway), degrees Celsius above pre-industrial levels and to pursue
Eni (Italy), Chevron (USA), ExxonMobil (USA). efforts to limit the temperature increase even further to 1.5
degrees Celsius” [24].
A. Energy transformation actions and strategy
According to global carbon project research, carbon Therefore, oil and gas companies, as one of the main
dioxide emissions associated with oil and gas will continue to emissions contributors, were encouraged to act in this
rise and these sources are already responsible for 54 % of direction and transform their business-model to be more
global fossil CO2 emissions cumulatively [21] (Figure 1). sustainable. As the goal of transformation is very ambitious
and expensive to execute, this process had to begin from the
Moreover, Climate Accountability Institute evaluated that top level, namely, from adoption of sustainability strategies.
20 top global fossil fuel companies have contributed to 35 %
of all energy-related carbon dioxide and methane worldwide The analysis of sustainability and other reports of
since 1965 [22]. Those companies include Chevron, Exxon, aforementioned companies has shown, that the companies
BP, Shell and state-owned companies such as Saudi Aramco have established sustainability strategies or other kinds of
and Gazprom (Figure 2). programs, which will lead to progress in energy
transformation (Table 1).
Thus, essentially, all of the companies recognized the
changing paradigm in energy system and being a part of
energy market they realize, that for them, as one of the main
polluters, a change is a question of survival. Renewables are
becoming cheaper; consumer behaviour is changing towards
being more active and responsible; technology progress
contributes to the appearance of new cleaner energy solutions
and all of that represents threat for O&G companies. However,
it is actually a good chance for such companies to change their
development vector and become something more, than fossil
fuel companies. The urgency to make an energy transition is
supported by governments (Paris agreement) and scientists,
despite that some companies are promoting the idea, that this
transition is very far and oil will be still having a significant
Fig. 1. Fossil CO2 emissions by source. part in the future. Nevertheless, the company’s realize, that
making a shift will be more beneficial for them, as energy
demand will grow, as well as the planet’s population and not
everyone will have an access to energy. Therefore, there is no
future for them without a transition, otherwise they will
become niche companies, as there will be still industries,
which are incredibly hard to decarbonize. Most importantly, it
will enable them to contribute to an important sustainable
development goal – Goal 7: Affordable and clean energy.
Having that said, becoming an energy provider is what
leader companies in sustainability aspire. This gives them
more opportunities to evolve in technological sense as energy
is becoming more and more digitalized. Digitalization brings
new kinds of services, which a company can offer, as well as
efficiency and safety improvements.
B. Digitalisation
While pursuing energy transition and building resilience,
oil and gas leader companies apply a variety of technologies,
Fig. 2. Top 20 fossil fuel companies’ emissions in 1965 – 2017. which now consist more and more of newly developed digital
technologies. Analysis of companies’ reports and press
Further, The Directorate-General for Climate Action (DG releases shows, that they have invested funds heavily into
CLIMA) of European Commission states “CO2 is the digitalisation and made significant changes in their whole
greenhouse gas most commonly produced by human activities business models (Table 2).
and it is responsible for 64 % of man-made global warming” Thus, the companies use different approaches to
[23]. Consequently, many countries agreed on the urgent need digitalization, depending on their priorities in development.
to stop or at least mitigate global warming, which is crucial for Mainly we would highlight the intellectual approach – when a
humankind’s sustainable development. This was expressed in company wants to establish its own intellectual digital hub and
the adoption of the Paris Agreement in 2015, which aims to works on attracting top talents, collaborating with universities
keep “a global temperature rise this century well below 2 and investing in education programs for staff; secondly, the

202
 Advances in Economics, Business and Management Research, volume 148

acquisition approach or business portfolio approach, when a IV. CONCLUSION

company aims to acquire a successful digital enterprises or to This paper discusses the companies’ energy transition
set up different start-ups in an incubator, which enables the through the use of digitalization approach. Sustainable
company to experiment with digital solutions with less risk; development phenomenon, which rushed energy transition and
and thirdly, a partnership approach, when a company makes was supported by progress in digital technologies has made a
an agreement with a leader in IT sphere, which is beneficial huge impact on the companies all over the world, disrupting
for them both – company bears less risks and enjoys a steady their business agenda and making them pursue new goals,
support during transformation. which align with environmental needs of the whole world.

TABLE I. COMPANIES’ PROGRAMS CONCERNING ENERGY TRANSITION

Company Program Description
BP’s business strategy embraces ‘reduce, improve, create’ framework, which means reduction of GHG emissions,
BP The energy transition
improvement of products in order to lower customers’ emissions, and creation of low carbon businesses [25].
Chevron supports energy transition, however frequently pointing out, that transitions “can take decades” and
Climate change
Chevron highlighting this particular low-carbon transition’s long-term nature. Primary focuses in sustainable activities are
resilience framework
energy efficiency, CCS, renewables, flaring and methane reduction [26].
Eni has established a decarbonisation strategy and has its goal to become a leader in energy transition with the priority
Eni Path to decarbonization target as reaching net zero carbon footprint upstream in 2030. The strategy is based on energy efficiency and GHG
reduction, low-carbon portfolio, renewables and circularity [27].
Equinor aims to be at the forefront of energy transition and has set a low-carbon approach as one of three sustainability
“From oil company to a priorities. Moreover, it was rated as the most prepared for energy transition among O&G companies by CDP [28].
Equinor
broad energy company” Three components of company’s strategy are making the transition happen: GHG emissions reduction in O&G
operations with “natural gas as a part of climate solution” , renewables and portfolio resilience [29].
Exxon is employing mainly ESG framework, thus contributing to many sides of sustainable development. Company’s
Environmental, social,
Exxon- position in terms of energy transition is that “Oil will continue to play a leading role in the world’s energy mix” [30] as
governance (ESG)
Mobil there will be growing energy demand from heavy-duty transportation. Therefore, Exxon works on making its current
concept
products more competitive and also enhances its activity in biofuels, CCS and energy efficiency [31].
Shell’s business strategy is aligned with energy transition challenge. The company works on preparation to become
resilient through future shift to lower-carbon energy system. Main ambition is “to halve the Net Carbon Footprint of the
Shell Energy Transition
Shell energy products by 2050” . Key actions in terms of building resilience and enabling transition include reducing GHG,
Report
expanding in lower-emissions businesses – natural gas business and electricity and developing new solutions – biofuels
and CCS [32].
Sinopec is actively involved in China’s green and low-carbon transition and has a vision that “hydrogen is key to foster
Sinopec Energy transition the energy transition”. Company’s actions also include improving energy efficiency, growth of natural gas share,
development of alternative energy and GHG emissions management [33].

TABLE II. COMPANIES’ ACTIONS CONCERNING DIGITALISATION

Company Description
BP works on digital transformation as a part of energy transition process and its focus includes blockchain, robotics and cognitive computing. BP
introduced a subsidiary – Launchpad, which is a business incubator, its goal is create five $1bn companies by 2025 in digital low-carbon sphere.
BP BP has invested into companies like Beyond Limits – artificial intelligence company, PowerShare – provides transport solutions through online
platforms and Drover, which is a virtual marketplace for car sharing, also the recent investment was in Grid Edge – provider of AI technology, that
enables customers to optimise their building’s energy [25].
Chevron accelerates digital transformation by collaborating with Microsoft in terms of implementing AI technologies (“DELFI”) into Chevron
Chevron operations. Overall company’s aim in digital transformation is to “streamline information technology (IT) operations around a digital core
connecting the company’s engineers and operations through nimble analytics and increased automation” [26].
At Eni technological innovation and digitalisation are incorporated into business model in a broad way – it covers all three levels of value creation
(operational excellence, carbon neutrality and local development). Eni leads digital transformation through the whole company aspects, including
Eni
changes in company culture. Eni firmly links digitalization and sustainable development. This transformation is supported by HPC5 supercomputer
of Green Data Center, which is a digital technology center of a company and also by Digital Business Unit and Digital Competence Center [27].
Equinor puts digitalisation at the forefront in achieving its three main strategic goals – being safe, having high value and low carbon. Saying, that
digitalisation is part of our DNA”, the company considered to be one of the best examples, of successful digital transformation, which led to
Equinor sustainability and financial success. Company believes, that they will “produce oil and gas more effectively with lower greenhouse gas emissions”,
also investing in CCS and renewables. Company approached digital transformation as a business transformation and used a wide digital roadmap
[29].
ExxonMobil made a partnership with Microsoft on its operations in Permian Basin and anticipates to receive improvement in capital efficiency and
Exxon
also establish largest O&G acreage with cloud technology. ExxonMobil also collaborated with FuelCell Energy, Inc. to “enhance carbonate fuel
Mobil
cell technology for the purpose of capturing carbon dioxide from industrial facilities”, thus contributing to reducing GHG emissions [30].
Shell is concentrated on implementing digital solutions to its existing business, such as standardizing the operations on their territories across the
globe or simplifying the processes in a supply chain. Also, company is focusing on creating new business models by investing into digital ventures
Shell
and combining them with their industry leader’s experience. Shell also has a partnership with Microsoft, which will leverage AI application in
Shell’s operations [32].
Sinopec in a petrochemical corporation, and in terms of digitalisation its development is directed at intelligent manufacturing. Company has a long
history in establishing smart manufacturing models, starting from 2003 and having constructed different kinds of factories: smart factories, fully
Sinopec
automated warehouse, 3D digital factory and others. The biggest achievement is the application of ProMACE smart factory solution, which
brought many digital changes in Sinopec operations [34].

203
 Advances in Economics, Business and Management Research, volume 148

In general, sustainable development as a phenomenon is [13] W. Bauer, M. Hämmerle, S. Schlund, C. Vocke, “Transforming to a
beneficial for oil and gas companies, as it is their chance to Hyper-connected Society and Economy – Towards an "Industry 4.0"”,
Proc. Manuf., no. 3, pp. 417–424.
become more trustworthy and somehow contribute to the well-
[14] R.J. Burke, C.L. Cooper, “The new world of work and organizations:
being of the population and the economy. Before, it was only implications for human resource management”, Human Res. Manag.
charity, which gave an opportunity to companies to contribute Rev., vol. 16, no. 2, pp. 83–85, 2006.
to the society and even charity activities were not always [15] A. Grubler, “Energy transitions research: Insights and cautionary tales”,
perceived positively and were transparent. Now, the goal of Energy Policy, no 50, pp. 8–16, 2012.
achieving sustainable development has allowed the companies [16] Deep Decarbonization Pathways Project (DDPP). Retrieved from:
to create many programs, strategies, frameworks and projects http://deepdecarbonization.org/ (Accessed: 1 February 2020).
that “legally” and most importantly, consciously and [17] International Energy Agency. Retrieved from: https://www.iea.org/
reasonably make two improvements – they help the company (Accessed: 1 February 2020).
to become better and legalize in trust and help the world [18] IRENA, Renewable Power Generation Costs in 2018. Int. Renewable
receive it from companies in the form which will be most Energy Agency, Abu Dhabi, 2019.
beneficial. [19] M. Scott, “Oil Majors Have Started Their Low-carbon Journey, But
Progress is Painfully Slow”, Forbes Magazine, 2018. Retrieved from:
https://www.forbes.com/sites/mikescott/2018/11/14/oil-majors-
Acknowledgment havestarted-their-low-carbon-journey-but-progress-is-painfully-
slow/#48773ee44209 (Accessed: 1 February 2020)
The authors thank the anonymous peer reviewers for their
[20] A. Safari, N. Das, O. Langhelle, J. Roy, M. Assadi, “Natural gas: A
insightful comments and suggestions. transition fuel for sustainable energy system transformation?”, Energy
Sci. & Engineer., 2019. Retrieved from: https://doi.org/10.1002/ese3.380
References [21] Global Carbon Budget 2019, In. Global Carbon Project (GCP),
[1] IEA, “World energy outlook 2019”, 2019. Retrieved from: Retrieved from: https://www.globalcarbonproject.org/carbonbudget/
https://www.iea.org/reports/world-energy-outlook-2019 (Accessed: 1 index.htm (Accessed: 1 February 2020)
February 2020). [22] Revealed: the 20 firms behind a third of all carbon emissions, The
[2] McKinsey, “Global Energy Perspective 2019: reference case”, 2019. Guardian, 2019. Retrieved from: https://www.theguardian.com/
Retrieved from: https://www.mckinsey.com/~/media/McKinsey/Industries/ environment/2019/oct/09/revealed-20-firms-third-carbon-emissions
Oil%20and%20Gas/Our%20Insights/Global%20Energy%20Perspective (Accessed: 1 February 2020).
%202019/McKinsey-Energy-Insights-Global-Energy-Perspective- [23] Causes of climate change, European Union. Retrieved from:
2019_Reference-Case-Summary.ashx (Accessed: 1 February 2020). https://ec.europa.eu/clima/change/causes_en (Accessed: 1 February
[3] U.S. Energy Information Administration, In: International energy 2020).
outlook 2019, 2019. Retrieved from: https://www.eia.gov/outlooks/ieo/ [24] Paris Agreement to the United Nations. Framework Convention on
(Accessed: 1 February 2020) Climate Change, United Nations, 12 Dec. 2015. Retrieved from:
[4] Delloite, “Embracing a digital future”, 2018. Retrieved from: https:// https://unfccc.int/process/conferences/pastconferences/paris-climate-change-
www2.deloitte.com/content/dam/insights/us/articles/4181_embracing-a- conference-november-2015/paris-agreement (Accessed: 1 February 2020).
digital-future/embracing-a-digital-future.pdf (Accessed: 1 February 2020). [25] Responding to the dual challenge, Sustainability report, BP, 2018.
[5] BCG, “Digital Leapfrogs”, 2018. Retrieved from: https://www.bcg.com/ Retrieved from: https://www.bp.com/content/dam/bp/business-
Images/BCG-Digital-Leapfrogs-May-2018-R_tcm27-192723.pdf sites/en/global/corporate/pdfs/sustainability/group-reports/bp-
https://www.bcg.com/Images/BCG-Digital-Leapfrogs-May-2018- sustainability-report-2018.pdf. (Accessed: 1 February 2020).
R_tcm27-192723.pdf (Accessed: 1 February 2020). [26] Climate change resilience framework, Chevron, 2018. Retrieved from:
[6] McKinsey, “Twenty-five years of digitization: Ten insights into how to https://www.chevron.com/-/media/shared-media/documents/climate-
play it right”, 2019. Retrieved from: https://www.mckinsey.com/ change-resilience.pdf. (Accessed: 1 February 2020)
~/media/mckinsey/business%20functions/mckinsey%20digital/our%20in [27] Sustainability report, Eni, 2018. Retrieved from: https://www.eni.com/
sights/twenty-five%20years%20of%20digitization%20ten%20insights% assets/documents/EniFor-2018-eng.pdf (Accessed: 1 February 2020).
20into%20how%20to%20play%20it%20right/mgi-briefing-note-twenty- [28] Beyond the cycle, Carbon disclosure project (CDP), 2018. Retrieved
five-years-of-digitization-may-2019.ashx (Accessed: 1 February 2020). from: https://6fefcbb86e61af1b2fc4-c70d8ead6ced550b4d987d7c03
[7] K. Jurgielewicz. “Digital transformation: theoretical backgrounds of fcdd1d.ssl.cf3.rackcdn.com/cms/reports/documents/000/003/858/origina
digital change”. Retrieved from: https://www.academia.edu/40717849/ l/CDP_Oil_and_Gas_Executive_Summary_2018.pdf?1541783367
Digital_transformation_theoretical_background (Accessed: 1 February (Accessed: 1 February 2020).
2020). [29] Sustainability report, Equinor., 2018. Retrieved from:
[8] L. Gao, X. Bai, “A unified perspective on the factors influencing https://www.equinor.com/en/news/2019-03-15-annual-sustainability-
consumer acceptance of internet of things technology”, Asia Pacific J. of reports-2018.html (Accessed: 1 February 2020).
Market. and Logist., vol. 26, iss. 2, pp. 211–231, 2014. Retrieved from: [30] Sustainability report Highlights, ExxonMobil, 2018. Retrieved from:
http://dx.doi.org/10.1108/APJML-06-2013-0061 https://corporate.exxonmobil.com/Community-
[9] E. Constantinides, S. de Vries, R. Oliana, “The Internet of Things: The engagement/Sustainability-Report (Accessed: 1 February 2020)
Next Big Thing for New Product Development?”, 2016. Retrieved from: [31] Annual report, ExxonMobil, 2018. Retrieved from:
https://ris.utwente.nl/ws/files/21805349/133.pdf (Accessed: 1 February https://corporate.exxonmobil.com/Investors/Annual-Report
2020) https://corporate.exxonmobil.com/Community-
[10] G. Westerman, A. McAfee, D. Bonnet, C. Calmejane, P. Ferraris, engagement/Sustainability-Report (Accessed: 1 February 2020).
Digitaltrans formation: A roadmap for billion-dollar organizations, MIT [32] Energy transition report, Shell, 2018. Retrieved from:
Center for Digital Business and Capgemini Consulting, 2011, pp. 1–68. https://www.shell.com/energy-and-innovation/the-energy-future/shell-
[11] D. Bowersox, D. Closs, R. Drayer, “The digital transformation: energy-transition-
Technology and beyond”, Supply Chain Manag. Rev., vol. 9, no. 1, report/_jcr_content/par/toptasks.stream/1524757699226/3f2ad7f01e218
pp. 22–29, 2005. 1c302cdc453c5642c77acb48ca3/web-shell-energy-transition-report.pdf
[12] M. Fitzgerald, N. Kruschwitz, D. Bonnet, M. Welch, “Embracing Digital (Accessed: 1 February 2020).
Technology: A New Strategic Imperative”, MIT Sloan Management [33] Air Liquide and Sinopec Sign an MoU to Accelerate the Deployment of
Review, Research Report, 2013. Hydrogen Mobility Solutions in China, Sinopec press-release, 2019.

204
 Advances in Economics, Business and Management Research, volume 148

Retrieved from: https://www.bloomberg.com/press-releases/2019-11- Online Education, Emerald Publishing Limited, 2018, pp. 185–204.
06/air-liquide-and-sinopec-sign-an-mou-to-accelerate-the-deployment- Retrieved from: https://doi.org/10.1108/978-1-78754-325-620181011
of-hydrogen-mobility-solutions-in-china (Accessed: 1 February 2020). [41] T. Köhler, I. Fischlmayr, T. Lainema, E. Saarinen, Bringing the World
[34] Sustainability report, Sinopec, 2018. Retrieved from: into our Classrooms: The Benefits of Engaging Students in an
http://www.sinopec.com/listco/en/investor_centre/reports/2018/ International Business Simulation, Ed. C. Wankel, P. Blessinger, In:
(Accessed: 1 February 2020). Increasing Student Engagement and Retention Using Classroom
[35] Pedagogical technologies in mathematics in the context of the Technologies: Classroom Response Systems and Mediated Discourse
implementation of the Federal State Educational Standard, Social Technologies (Cutting-Edge Technologies in Higher Education, Vol. 6
network of educators nsportal.ru. Retrieved from: Part E). Bingley: Emerald Group Publishing Limited, 2013, pp. 163–198.
https://nsportal.ru/sites/default/files/2018/10/05/pedagogicheskie_tehnol Retrieved from: https://doi.org/10.1108/S2044-9968(2013)000006E009
ogii_v_usloviyah_realizatsii_fgos_.docx (accessed: 11/22/2019) [42] About the BUSINESS-COURSE project, Higher Computer Business
[36] M.Y. Veselovsky, P.P. Pilipenko, V.G. Savenko, A.G. Glebova, Courses. Retrieved from: http://www.vkkb.ru/aboutbc.html (accessed
L.A. Shmeleva, “The organization of the innovation transfer in the agro- 11/22/2019).
industrial complex of Russia”, Europ. Res. Studies J., vol. 20, no. 3, [43] E.A. Fedorova, T.M. Denisova, I.V. Lukashenko, “The influence of
pp. 484–499, 2017. corporate governance on the capital structure of Russian companies”,
[37] A.A. Verbitsky, “Business game in the competency format”, Bull. of Finance and Credit, vol. 23, no. 35(755), pp. 2076–2087, 2017.
VSTU, vol. 9, no. 3-2, pp. 140–144, 2013. Retrieved from: [44] O.V. Daneev, “Prospects for economics of joint consumption in Russia
https://cyberleninka.ru/article/n/delovaya-igra-v-kompetentnostnom- under digitalization”, Soft measurements and calculations, vol. 6, no. 19,
formate (accessed: 11/22/2019) 2019.
[38] Business games: theory and practice [electronic resource] // Strategic [45] Yu.O. Daneeva, “Theoretical approach to digitalization: a review of
training & consulting. Retrieved from: http://www.st- foreign literature and new directions of research”, Chronoeconomics,
training.ru/content/view/416/45/ (accessed 11/22/2019). vol. 5, no. 18, pp. 53–58, 2019.
[39] M. Romero, (2012), Learner Engagement in the use of Individual and [46] I.V. Avdeev, “The content of structural transformations of the region's
Collaborative Serious Games, Ed. C. Wankel, P. Blessinger, In: economy, adequate to the requirements of digitalization”, Proc. of the
Increasing Student Engagement and Retention Using Immersive Voronezh State Univer. of Engineer. Technol., vol. 80, no. 4, pp. 408–412,
Interfaces: Virtual Worlds, Gaming, and Simulation (Cutting-Edge 2018. Retrieved from: https://doi.org/10.20914/2310-1202-2018-4-408-412
Technologies in Higher Education, vol. 6, Part C). Bingley: Emerald [47] V.L. Аbramov, E.A. Zvonova, E.S. Sokolova, “Formation and
Group Publ. Limited, pp. 15–34. Retrieved from: development of foreign economic management tools in the enterprise”,
https://doi.org/10.1108/S2044-9968(2012)000006C004 Int. J. of Appl. Busin. and Econ. Res., vol. 15, no. 11, pp. 51–61, 2017.
[40] R. Deckert, F. Heymann, M. Metz, Game-based Learning as Education [48] M.I. Lvova, T.V. Bakunova, T.A. Koltsova, “Sustainable development
Method in the Digital Age: Experiences at the Highest Military as an alternative goal of economic actors in modern society”, Proc. of
Education Institution in Germany with Online and Offline Game the Voronezh State Univer. of Engineer. Technol., vol. 80, no. 4,
Formats Related to Developing Competencies, Ed. A. Altmann, pp. 452–455, 2018. Retrieved from: https://doi.org/10.20914/2310-1202-
B. Ebersberger, C. Mössenlechner, D. Wieser. The Disruptive Power of 2018-4-452-455

205