Problems of Implementing Major Projects in the Oil and Gas Industry

Abstract

The article examines the modern oil and gas market. Based on the study and generalization of information and analytical resources, the need for greater transparency of data on the oil and gas market both in Russia and in the leading supplying countries is revealed. The relevance of the topic is due to the limited awareness of oil market participants and varied information. However, the scientific novelty of the study lies in reviewing the oil market and identifying the problems, namely most of the megaprojects in mineral extraction have faced budget overruns, backlogs, high external dependence, and environmental pollution. Appropriate countermeasures are proposed to address these problems: it is necessary to improve the ability of domestic oil and gas enterprises to withstand risks in response to volatile oil and gas prices caused by international trade disputes and sanc-tions; phasing out obsolete oil refining capacities; diversification of oil supply sources can help increase do-mestic production, enrich sources of oil imports, increase foreign investment and create strategic oil reserves.