ABSTRACT
The oil and gas industry has become the powerhouse driving world economies. Economies such as that of the United Arab Emirates have been magnificently transformed with exploits from the industry. Thus, the industry can be responsibly managed to engineer economic successes. In many emerging and developing economies, however, the industry is at the very nascent stage characterised by drastic shortages of domestic skills and expertise and has minimal regard for sustainability initiatives. The consequences include low profitability and low perceptions of the citizens’ benefits from the industry, the latter leading to frequent agitations, uprisings, and sabotage. The purpose of this chapter is to examine the criticality of the procurement and supply chain function to sustainable development in the oil and gas industry. The chapter explores the opportunities for using the procurement and supply chain management function to minimise risk, improve efficiencies, promote sustainability practices, and engender success in the oil and gas industry within emerging and developing economies.
