Abstract
The concept of sustainability implies concern for the present and future generations. In its true form, sustainability requires striking a good balance in the decision-making process by considering the economic, environmental and social aspects of any development, including the development and maturation of oil and gas projects. Based on current projections of global population growth, there is no doubt that future demand for energy will increase significantly from current levels. On the other hand, the envisaged population growth and increased demand for energy will present opportunities and responsibilities for oil and gas companies. This will be compounded by the fact that the additional oil and gas volumes are more likely to be derived from locations with very complex economic, environmental and social characteristics. As such, the ability of oil and gas companies to sustainably mature the opportunities, and effectively manage the responsibilities, will have significant implications for energy security and stability at various levels. This paper discusses the role and significance of non-technical risks (NTR) management as a sustainable development framework, and the need for proactive NTR integration and management in oil and gas project maturation and development process. Efficient and effective management of NTRs has the potential to contribute to greater transparency in the oil and gas business, better returns on investments, and sustainable energy security and stability.
