THE RISK ENVIRONMENT OF RUSSIAN OIL AND GAS INDUSTRY ENTERPRISES

Abstract

The scientific article is devoted to an overview of the current risk environment of the Russian oil and gas sector. Based on statistical data, it is shown that oil and gas enterprises make a significant contribution to the GDP of the Russian Federation, to the formation of the country’s budget, while soon, the importance of the oil and gas industry in both the domestic and global economies is not expected to decrease. Nevertheless, there is an obvious trend towards a decrease in the share of oil and gas budget revenues since 2014, as well as their absolute value. As a result of the analysis of scientific sources, it was revealed that the functioning of oil and gas enterprises is accompanied by a wide range of risks of various nature. The author has reviewed the risks characteristic of oil and gas industry enterprises, considered some approaches to their classification, most studies highlight technological, personnel, geological, environmental, price, financial, investment, regulatory, and political risks. According to insurance companies, the most significant damage is caused by the implementation of man-made risks. The accumulated risk management experience has allowed Russian oil and gas sector enterprises to form effective integrated risk management systems. At the same time, there is an increase in uncertainty about the operating conditions of oil and gas enterprises in Russia, due to a significant increase in sanctions pressure on the industry after February 2022. The sanctions significantly limit the opportunities for trade in products of Russian enterprises in the oil and gas sector, and erect barriers to the innovative development of the oil and gas industry in Russia. Nevertheless, enterprises, with the support of the state, managed to reduce the negative impact of sanctions risks by redirecting their flows mainly to Asian markets, using parallel import technologies for critical oilfield service infrastructure and transfer of critical technologies. This will partially reduce the increase in the technological lag of the industry in the face of sanctions, however, given the continued high level of geopolitical risks in the foreseeable future, a prerequisite for the successful development of Russian oil and gas enterprises is the activation of import substitution processes, as well as ensuring interaction with high-tech enterprises of the military-industrial complex.

Keywords: gas, risk classification, oil and gas sector, oil, oil and gas industry enterprises, risk, risk management, sanctions

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About the Authors

Yuliya V. Lazich – Cand. Sci. (Economics), Docent; Associate Professor, Yaroslav-the-Wise Novgorod State University, Veliky Novgorod, Russia. E-mail: Yuliya.Kolmagorova@novsu.ru. SPIN РИНЦ 8591-7475. ORCID 0000-0003-1425-8398. ResearcherID: G-1663-2019

Irina N. Popova – Cand. Sci. (Sociology), Docent; Associate Professor, Ural State University of Economics, Ekaterinburg, Russia. E-mail: ipopova@k66.ru. SPIN РИНЦ 7235-4783. ORCID 0000-0003-1477-9329.  Scopus Author ID 57202514715

For citation: Lazich Y.V., Popova I.N. The Risk Environment of Russian Oil and Gas Industry Enterprises // Beneficium. 2024. Vol. 1(50). Pp. 54-62. (In Russ.). DOI: 10.34680/BENEFICIUM.2024.1(50).54-62