STRATEGIES AND OUTCOMES OF CORPORATE SOCIAL INVESTMENT IN THE OIL & GAS INDUSTRY: A REVIEW

Abstract

Corporate Social Investment (CSI) in the oil and gas industry has become increasingly important for companies seeking to demonstrate their commitment to social responsibility and sustainability. This review provides an overview of the strategies and outcomes associated with CSI in the oil and gas sector, highlighting key findings from a comprehensive review of existing literature. The review explores various strategies employed by oil and gas companies to engage in CSI initiatives, including community development projects, environmental conservation efforts, and partnerships with local stakeholders. It also examines the outcomes of these initiatives, focusing on their impact on communities, the environment, and the companies themselves. Key findings indicate that effective CSI strategies in the oil and gas industry involve a combination of financial investment, stakeholder engagement, and sustainable development practices. Companies that prioritize long-term partnerships with local communities and actively involve them in decision-making processes tend to achieve better outcomes in terms of social and environmental impact. Furthermore, the review highlights the importance of measuring and reporting on the outcomes of CSI initiatives to demonstrate accountability and transparency. Companies that are able to effectively communicate the social and environmental benefits of their CSI efforts are more likely to enhance their reputation and build trust with stakeholders. Overall, the review suggests that CSI can play a crucial role in enhancing the social license to operate for oil and gas companies, contributing to sustainable development and positive outcomes for communities and the environment. Keywords:  Strategies, Outcomes, Corporate Social Investment, Oil and Gas, Industry.