RUSSIAN OIL AND GAS (O&G) INDUSTRY: MODERN CHALLENGES AND INNOVATIONAL DEVELOPMENT

Abstract

The paper researches the competitiveness of the Russian oil and gas industry in the face of upcoming global innovational changes. The analysis includes the evaluation of the macroeconomic and innovational environment in which the industry operates, the summarization of several predominant research and development trends in the industry as well as the peculiarities of research and development activity in the Russian oil and gas industry. The findings show that the Russian oil and gas industry underinvests in the development of own technology and innovation and heavily depends on foreign imports in several key areas of its operation.

Keywords

• innovation
• R&D
• innovational technologies
• oil and gas industry