Prospects for the development of the oil and gas sector in the Russian Federation

Abstract

The purpose of the study was to predict the prospects for the development of this sector. As part of this, the following tasks were set: - to analyze the state of oil and gas production in Russia and the world; - to determine the factors affecting the economic efficiency of oil and gas production; - predict the level of production in the medium term. Currently, Russia ranks 2nd in terms of oil and gas production, and in terms of reserves - 7th and 1st respectively. Oil and gas production enterprises play an important social role, providing employment for a significant number of the population, high incomes, and maintenance of social facilities. Industry enterprises have shown high resilience to external influences during the COVID-19 pandemic and the Ukrainian crisis.