The Influence of Innovative Technologies on the Formation of a New Strategy for the Development of the International Oil and Gas Business

Ivan A Kapitonov ,Vladimir I Voloshin ,Tatiana Filosofova ,Dmitry Syrtsov

doi:10.20896/saci.v7i2.451

Abstract

This article is devoted to the urgent problem of forming a new strategy for the development of the international oil and gas business in the context of the global impact of innovative technologies. The authors have identified a complex and multi-aspect nature of the interconnection between innovation and economic development. It is noted that modern models of economic growth and development of the international oil and gas business, which are aimed at an adequate reflection of reality, must necessarily take into account the phenomenon of innovation and their diffusion, and also consider the innovation factor as both endogenous and exogenous variables. However, at present, separate sub-sectors of the Russian fuel and energy complex operate in the regime of both moral and physical deterioration of their production and resource potential. It was revealed that in order for the oil and gas business to act as a single entity and provide a synergetic effect in achieving energy and economic national security, it had the necessary organizational basis for its sustainable development, it is advisable to form a mechanism for coordinating the interests of the state and business in the development of the oil and gas complex. The coordinator of interests should be a state that is able to develop and implement a single integrated program for the development of the oil and gas industry and to influence on its individual segments to harmonize and stabilize development in the long term. The degree of the state participation, the instruments of its indirect impact on the functioning and development of the oil and gas business are, first of all, called upon to ensure the proper level of energy security of the state, taking into account both endogenous and exogenous factors in the development of the oil and gas complex.

Highlights

In the Energy Strategy of Russia approved by the Government of the Russian Federation was determined the main role of the fuel and energy complex in the whole and the oil and gas industry, in particular, in the Russian economy
The most important advanced innovations in the oil and gas business that are under development in Russia and around the world include 3D and 4D geological and hydrodynamic modeling; hydraulic fracturing of the formation; coiled tubing technology; measurement during drilling; drilling small diameter wells, etc. (Natural Gas and Technology; Kayser, 2016; Neelova et al, 2018)
For the Russian companies that provide equipment for upgrading existing and newly constructed complexes, incentive tax privileges can be introduced, and subsidies for the acquisition or development of new equipment and technology can be provided to buyer companies

Summary

Introduction

In the Energy Strategy of Russia approved by the Government of the Russian Federation (until 2020, 2030 and 2035) was determined the main role of the fuel and energy complex in the whole and the oil and gas industry, in particular, in the Russian economy. The analysis of recent years’ statistics confirms this circumstance and has shown that the significant influence of the fuel and energy complex (FEC) on the economy of the Russian Federation (Figure 1) remains. 50% of the country’s tax revenues are provided by the FEC, while the share of the FEC is estimated at 30% of the country’s gross domestic product (GDP) One of these patterns affecting international business is globalisation with its positive and negative sides, among which the most important place is occupied by the problems of the global influence of innovative technology. Another pattern that cannot be ignored is cyclicity (Rocha, 2016; De Boni, 2017). The critical objective of oil and gas operators from hydrocarbon-rich countries is to master exclusive technology and knowledge through the technology transfer tool (TT) and achieve maximum possible independence from their imports (Kapitonov et al, 2017; Kapitonov & Voloshin, 2017)

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Discussion

Conclusion