The current state prospects of the development of the oil and gas industry in the context of ensuring economic security

Yu. A. Nazarova (), A. A. Lyshko () and I. O. Goryunov ()

RSUH/RGGU BULLETIN. Series Economics. Management. Law, 2022, issue 3

Abstract: The article deals with an issue of the current state, features, values and prospects for the development of the oil and gas industry in the context of ensuring economic security. The relevance of the chosen topic is confirmed by the ambiguous position of the Russian oil and gas industry in present-day conditions and various opinions in the scientific community on its role in the country’s economy. On the one hand, the oil and gas industry is the basis of the Russian economy, its support. On the other hand, the instability of prices on the world hydrocarbon markets, the uncertainty of the exchange rate do not allow to fully unlock the industry potential. Critical depreciation of fixed assets also introduces an element of instability in the oil and gas industry, and the depletion of existing fields leads to the need to expand the resource potential, which is associated with large investments. The oil and gas industry is a powerful industry in Russia, which significantly affects the formation of the country’s balance of payments and budget revenues, ensures the maintenance of the national currency exchange rate and foreign exchange earnings. It has a huge impact on all spheres of the national economy of the Russian Federation. The article pays special attention to the current state, features and importance of the oil and gas industry for the country. In addition, the work reveals the essence of vertically integrated companies. The emphasis is placed on the analysis of the state of the oil and gas industry. The question is raised about the study of the main directions of state support for the oil and gas industry. In addition, despite the said shortcomings, at the moment it is the Russian oil and gas industry that is significantly competitive in the world market. Thus, the conducted research makes it possible to identify the most significant issues to date, therefore, on the basis of the data obtained, the prospects for the development of the Russian oil and gas industry were considered.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:aca:journl:y:2022:id:400

DOI: 10.28995/2073-6304-2022-3-75-87

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