"If you don't get the balance right between the companies' interest and the country's interest, the country ultimately will lose." William Ramsay
The concept of this paper comes from the fact that there are multiple standards followed in various regulatory issues throughout the world. Often it is observed that various countries have various practices which lead to either loss of precious energy or the perfect utilization of it. Taking a cue from the above, this paper will try to document the various practices that major countries in energy follows. The documentation will serve as a catalog of what should be implemented and what should be avoided in context of best practice that should be followed in Energy Sector, thus serving the purpose of the paper. Narrowing down the Geo - Political Spectrum the paper will focus on governance, risks and compliance of four oil major countries namely Russia, United States of America, Saudi Arabia and Brazil. The countries selected are from a diverse set of background both economic and geo- political. Further the study will be using PESTLE (Political, Economic, Social, Technological, Legal and Economic) analysis in bringing out the various best practices that is aimed in reducing the loss of precious energy.
The paper will be mostly based on secondary research and the research methodology will be majorly qualitative in nature. Finally the paper will come to close in which we will relate the same to how to develop the possible best practices in the given domain, so that all the stake holders related to an energy sector gets into a win-win situation, making the key take way of the paper.
