The article considers the strategic goals and main objectives of the Russian oil and gas industry development in the context of large-scale foreign economic challenges and slowdown in the growth of newly discovered deposit occurrences. It is revealed that the innovative transformation of its technological base is an increasingly urgent task to improve the competitiveness of the Russian fuel and energy complex. This is determined by a significant increase in the share of hydrocarbon fields with depleted and hard-to-recover reserves. The use of modern technologies based on innovative methods of oil recovery enhancement is suggested as one of the promising directions of maintaining the required level of oil production. As the research subject the organiza-tion and management of technological innovation implementation at oil and gas producing enterprises are singled out. The study allows offering a well-founded approach to the implementation of projects of innovative transformation of oil production technology by oil producing enterprises. As a result, the authors show the pecu-liarities and strategic objectives of the Russian oil and gas industry development in modern conditions; sub-stantiate the necessity of active use of innovative methods to increase oil recovery at fields with depleted and hard-to-recover reserves; propose an algorithmic model of target planning and management of innovative transformation of the technological process of oil production using tertiary methods.