Circular horizons: Pioneering sustainable paths in the oil and gas Industry's journey to net‐zero resilience

Abstract

In this study, we explore the adoption of circular economy within the oil and gas sector, particularly focusing on the Gulf Cooperation Council (GCC) and Middle East/North Africa (MENA) regions. Through semi‐structured interviews with senior managers from various backgrounds, we gain insights into the skills and challenges of the larger industry and explore the managerial ramifications. Broadly, our findings underscore the importance and criticality of circular economic capabilities (i.e. transparency reporting and resource efficiency, among others) in realizing ‘net‐zero’ goals and for building climate‐resilient businesses. We also emphasize the challenging trajectory towards sustainability and advocate for greater innovation, stakeholder engagement and strategic foresight. Based on the same, we develop conceptual frameworks that offer tangible representations of the evolving industrial landscape. Future research directions that have been suggested include stakeholder dynamics, technology integrations, policy implications and worldwide comparisons. Comprehensive case studies, longitudinal evaluations and multidisciplinary partnerships are required to further our understanding of the subtleties of circularity.