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The chapter discusses global trends in the world oil and gas sector and their impact on the Russian hydrocarbon market. The key short-term risks for the Russian Federation are the following: the high dependence of the industry on the equipment of foreign suppliers and oilfield service companies. Possible threats associated with these factors may materialise against the backdrop of the geopolitical crisis of early 2022. Long-term trends include a global green transition with a peak in hydrocarbon consumption in 2030–2040 and a phase-out of oil and gas as a primary energy source. Simultaneously, the given industry is going to face gradual metamorphosis in terms of the types of wells being developed, which might require more science-intensive and high-tech approaches.

A typology of interventionism can categorize regulations, taxes, and subsidies both theoretically and as they sequentially unfold in practice. This typology is inspired by, but broader than, the Mises interventionist thesis, which, similar to Madison's lament, recognizes the propensity of intervention to expand from its own shortcomings in the elusive quest to achieve economic rationality (Lavoie, 1982, p. 180; Ikeda, 1997, pp. 41–46; Bradley, 2006).

Purpose – Although research has shown that people in developing countries perceive environmental problems and have high levels of concern for the environment, their actions might not always reflect that concern. This study examines how villagers in rural wetland communities in Trinidad and Tobago perceive environmental issues related to oil and gas development that might impact their communities.

Methodology – One hundred and thirty villagers in three communities in and around the Nariva Swamp were interviewed to find out about perceptions of, support for oil and gas drilling policies, or opposition to the development of this resource.

Findings – The study found that respondents living closest to the swamp and those whose livelihoods depended on the wetlands were more likely than other respondents to perceive oil and gas drilling as dangerous and expressed greater opposition to it. Given that direct actions such as protests were not seen among the villagers, an analysis revealed that there are a number of indirect environmental actions that contribute to the protection of the Nariva Swamp. Villagers were seen as having pro-environmental actions such as sustainable farming and fishing practices, carpooling and nongovernmental activity.

Originality/value of paper – This study adds to the body of environmental research in the Caribbean particularly providing an understanding about rural people's perceptions of environmental issues.

This chapter examines the UK and the Nigerian approach to reducing emission of greenhouse gases (GHGs) into the environment as a result of gas flaring utilising the market-based regulation. Determining how different jurisdictions fare in the quest to reduce GHG emissions associated with the oil and gas industry is essential because: policy makers have realised the advantages of market-based regulation over the command-and-control regulation; and in the light of various pledges different countries have made in different forum to reduce the emission of GHGs, particularly in the wake of the recently held Paris climate change conference.

Library-based approach is used, providing conceptual and theoretical understanding of climate change, GHG emissions and various market-based regulatory tools utilised in the United Kingdom and Nigeria in regulating emission associated with operations in the oil and gas industry.

The study reveals the significance of environmental regulations that encourage region integration and flexibility in the implementation of environmental policies. Moreover, it finds that the Paris Agreement re-affirms the utilisation of market-based regulations and indicates a future for investment in the oil and gas industry.

The study revealed that there are lacunas in regulations and strategies for the implementation of environmental regulations which need to be addressed in order to achieve zero or a significant decrease in gas flaring.

This study provided an ample opportunity to theoretically examine market-based regulatory tools utilised in the oil and gas industry in a developed country in relation to a developing country.

The chapter considers the significance of the oil and gas industry for the Russian economy. The authors analyze the current state of the oil and gas industry, their specific weight in the structure of Russian GDP, and tax revenues from this industry to the Russian budget that was estimated. We give scenario analysis that considers the problems that the Russian economy may face because of the sanctions, the price fluctuations at the commodity market, and the crisis phenomena in the world economy. The chapter points out that localization of technology production and development of technologies for offshore oil and gas production in the Arctic zone may become an incentive to further ensure import substitution for Russia. At present, the experience of Arctic defense enterprises in the production of equipment for oil and gas production and processing is becoming increasingly popular. The chapter elaborates the most significant examples of the creation of new industries in the Arctic zone, the prospects of seismic exploration on the Arctic shelf, and that localization of production capacities and service bases will allow obtaining a multiplicative incentive for a qualitatively new industrial and infrastructure development of the northern territories. Also, we provide an assessment of the development of liquefied natural gas (LNG) industry, which makes economically attractive use of natural gas on a regional level as LNG opens the way to fuel high-power needs and to long-distance transport.