Russian Oil Companies Research Articles

Investing in well-being: experiences of implementing the ESG agenda by Russian oil and gas companies

The article is devoted to the study of the role of ESG policy in ensuring environmental well-being of oil and gas regions of the Russian Federation. In the framework of scientific research the main problems of its implementation were identified: commercial interpretation of ESG policy, lack of a transparent system of evaluation criteria and management remuneration, lack of a developed market infrastructure allowing to use ESG policy as a tool of competitive advantages. Prospects for increasing the role of ESG policy in providing environmental well-being of oil and gas regions of the Russian Federation: 1) development and implementation by the sector regulator of ESG policy code for oil and gas companies; 2) popularization of ESG methodology among oil and gas companies by putting them on a separate quotation list of PJSC Moscow Exchange; 3) national technological audit of development strategies of oil and gas companies with attraction of experts from venture capital sphere, marketing agencies for development of road maps; 4) formation of a national library of the best practices in the field of green technologies and greening of activities; 5) financial support for innovation infrastructure facilities (technoparks, technopolises, business incubators), focused on the development of import substitution in the field of green technologies.

Application of Achimov deposits in the oil industry as a way of competitiveness increasing of Russia’s raw materials exports

The relevance of this study lies in the fact that the modern oil market is characterized by instability and high competition. Depletion of oil fields, deterioration of oil production equipment, price instability and political conflicts negatively affect Russia's position in the global energy market. The new economic conditions of 2021 are associated with a decrease in demand for oil and its products, high import dependence, conservation of wells to fulfil the OPEC++ deal, which will lead to a 3-10% drop in the market. It is necessary to apply new methods of oil production, one of which is the modern technology of Achimov oil fields development. The source materials were statistical data from the Center for Macroeconomic Analysis and Short-term Forecasting, the Ministry of Economic Development of Russia, the Analytical Center under the Government of the Russian Federation, world rating reports. The pandemic and self-isolation of 2020 led to the fact that the Russian oil sector lost 50-60% of revenue from hydrocarbon exports, more than 50% of its capitalization. The following fact is relevant for Russian oil companies: search for new markets (for example, Asia); application of innovative technologies to maintain the profitability of oil and gas production through the development of Achimovka oil deposits; development of small deposits and deposits with hard-to-recover reserves.

ВОЛАТИЛЬНОСТЬ ДОХОДНОСТИ АКЦИЙ ПАО «НК «ЛУКОЙЛ» В ТЕЧЕНИЕ ЭКОНОМИЧЕСКИХ КРИЗИСОВ

This scientific article devoted to forecasting the stock quotes of PJSC “NK “Lukoil” based on their yield volatility is relevant because it reflects the prospects for investing in the Russian stock market. The purpose of the presented scientific work is to determine the level of volatility of the profitability of shares of PJSC “NK “Lukoil” during periods of economic crises in a globalized world. In accordance with the purpose, the tasks of scientific research have been solved: theoretical approaches to determining the volatility of stock market indicators have been studied; the volatility of the profitability of shares of PJSC “NK “Lukoil” during the global economic crises has been determined and analyzed. In the process of work, general and special scientific methods have been used: analysis, synthesis, and sta-tistical (graphical, tabular, standard deviation, logarithm) methods. The scientific novelty of the study is as follows: the values of high volatility of the profitability of shares of PJSC “NK “Lukoil” during peri-ods of global economic crises are determined, on their basis it is possible to predict the beginning of a long-term upward dynamics of the stock quotations of PJSC “NK “Lukoil” after a significant drop in the prices of investment assets of the Russian stock market. The results of the study have practical applica tion because they can help investors build trading strategies, determine the minimum value of the secu-rities of the analyzed Russian oil company, and orient themselves regarding the purchase of shares of this company after a fall in their value accompanied by high volatility of profitability.

Роль консалтинга в реализации инвестиционных проектов в Арктике

The purpose of this article is to consider the geopolitical significance of the Arctic region, as well as the role of consulting in the implementation of strategic investment projects in the development of Arctic territories. The novelty of the work consists in updating data on the specifics of activities in the Arctic region, analyzing current associated risks and assessing the feasibility of attracting external experts to provide consulting services within the framework of project implementation. The implementation of strategic investment projects in the Arctic region has several specific aspects that lead to the emergence of various risks. For example, only Russian oil companies transport liquefied gas and oil in ice, which is an extremely complex process. Therefore, for timely identification, as well as elimination / minimization of associated risks, it is necessary to involve appropriate experts. In particular, when implementing projects in the Arctic zone, it is advisable to involve specialized consultants. The practical significance of the work is to analyze the activities of leading consulting companies and identify current trends in the development of the consulting services market in the Arctic region. During the study, the authors concluded that it is impossible to attract foreign consulting companies to implement strategic projects in the Arctic region due to the presence of political and economic risks. The article notes the need to create domestic consulting companies that have broad competencies in solving problems related to the implementation of strategic projects in the Arctic region. These prerequisites can be used to conduct further research on the topic under consideration. Thus, it is necessary to create a separate training area in Russian universities, which will be aimed at training experts with knowledge of the specifics of working in the Arctic region. For the successful implementation of long-term projects in the Arctic region, it is necessary to train highly qualified experts with a wide range of knowledge about the geopolitical, economic and natural conditions of the Arctic region, who are able to participate as external consultants in the implementation of the national strategy for the development of the Arctic and projects of various levels of complexity.

Research of the environmental sustainability of enterprises in the oil and gas sector of the Russian economy

In 2015, the UN Member States took 17 Sustainable Development Goals. Innovative development and environmental protection played a significant role in them. The solution to this problem directly depends on the environmental programs adopted at the state level, competent management, development of environmental innovations and their introduction. This article considers how sustainable development programs at the oil and gas enterprises are implemented to preserve the environment on the example of PJSC Gazprom. PJSC Gazprom, following the principles of sustainable development, combines economic growth and environment preservation. In 1995, PJSC Gazprom adopted an ecological program and gradually solves the environmental problems of the corporation, country and the world. Therefore, the study of some indicators of oil and gas enterprises affecting Russian environmental ecology, on the example of Gazprom Corporation, is relevant. The proceedings of Russian and foreign scientists were analyzed; UNDP’s annual and environmental reports for 2018-2022 were studied; leading Russian oil and gas companies for 2009-2021 and their environmental activities were analyzed to conduct the study. The calculations were carried out using Rosstat (2009-2021), World Bank (2009-2021), PJSC Gazprom (2009-2021). The regression analysis and econometric modeling were carried out through MS Excel and Eviews 12. The linear and exponential models of the innovative component in the environmental protection system were built and studied. It was proved the linear model can be used to build short-term forecasts, while the exponential model turned out to be untenable. PJSC Gazprom invested 658,284 billion rubles in environmental protection and rational use of natural resources, 139,1 billion rubles in RD from 2009 to 2021. In 2021, PJSC Gazprom fulfilled all of its innovative and environmental objectives and approved Environmental Program until 2024 with an outlook for 2030. The company’s contribution to the implementation of the UN sustainable development goals and objectives amounted to 89,9 %.

System for automated selection of equipment of installation of submersible electric centrifugal pumps to the well based on machine learning

Currently, the largest oil companies in Russia are facing the problem of depletion of operated oil wells, which leads to an increase in the cost of produced raw materials. This stimulates the need to introduce better tools to increase the efficiency of downhole equipment of electric centrifugal pumps. This paper considers the construction of an automated software complex for selecting the characteristics of an electric centrifugal pump to a well based on artificial neural networks in the Python programming language using Tensorflow machine learning technologies. For analysis and formation of training samples data of production wells of Vankorskoye field are taken. The formed sample includes such variables as: production well flow rate, pump supply, watering, oil density, water density, depth of upper perforation holes, bottom hole depth, tubing lowering depth, dynamic level, formation pressure, wellhead pressure, fluid viscosity, feed coefficient, tubing outer diameter, tubing roughness, pipe wall thickness. These data directly affect the selection of the type and characteristics of electric centrifugal pumps, and have a mutual influence on each other. A calculation algorithm has been created. Data described, processed and prepared. The influence of optimization by selection of optimal characteristics of pump on power saving is considered. With the help of Tensorflow machine learning libraries, a model of the neural network has been created in the software PyCharm, predicting the optimal characteristics of a suitable electric centrifugal pump taking into account the influencing parameters.

The current state and development prospects of independent oil companies in Russia

Aim. The presented study aims to analyze and examine the current state of the independent oil business in Russia, assess its development prospects, develop and propose measures necessary to support this sector of the oil and gas industry.Tasks. The authors describe the state of the independent oil business in the Russian Federation at the current stage and identify problems in its development; analyze the prospects and trends of business development in this industry; suggest possible measures to improve the situation.Methods. This study uses complementary general scientific (classification, comparison, abstraction, etc.) and special methods of cognition (observation, examination, generalization, etc.).Results. The study identifies several problems that hinder the operation of small and medium private enterprises in the oil and gas industry: high well servicing costs; high additional costs for the purchase, implementation, and maintenance of upgraded equipment; high dependence on the situation in the domestic market and price changes; the problem of attracting qualified personnel to small companies. The role and importance of independent oil companies in Russia are substantiated. The following proposals for improving the state of the independent oil production sector are presented: improving legislation and developing regulations aimed at simplifying the official transfer of oil fields that are uneconomic and unprofitable for large vertically integrated oil companies (VIOCs) to small market players, provided that it will be beneficial to all parties; further stimulating close mutually beneficial cooperation of the government represented by research universities, large oil companies and small businesses engaged in oil production; providing and modifying various preferential coefficients — for example, returning a reduction coefficient that takes into account the production of super-viscous oil; providing benefits to small independent oil companies in terms of resuming production at previously mothballed or abandoned fields; provision benefits to independent oil companies (IOCs) for the purchase and (or) production of industrial equipment necessary for the development and operation of oil fields; introducing a system of tax deductions aimed at stimulating geological exploration.Conclusions. The prospects for the functioning and development of IOCs in Russia are great. The government should provide more support to IOCs. It seems feasible to take several protective measures to ensure the sustainable growth of such firms at the initial stage. In turn, the operation of IOCs facilitates the development of regions (additional tax deductions, employment, etc.), which has a positive effect on the national economy as a whole. Underestimating small businesses’ role and prospects in the oil industry may lead to the loss of existing opportunities and Russia’s leading positions in the global oil and gas industry.

The impact of digital technologies on the modernization of management in Russian oil and gas companies in the context of global challenges

Aim. The presented study aims to outline directions for the modernization of management in Russian oil and gas companies forming under the influence of high-tech knowledge-intensive production cycles, human capital, and artificial intelligence with allowance for the global challenges of digital technologies.Tasks. The authors investigate theoretical and practical approaches to structural changes in the management of Russian oil and gas companies that lead to the continuous modernization of the life cycle of technological chains and innovative scenarios for the development of economic entities in the long term; consider management decisions from the perspective of targets and costs, since management systems are significantly corrected under the influence of global challenges in a unified digital model of regional socio-economic development.Methods. This study uses dialectical scientific methods of cognition, complex analysis of tools used in the formation of intellectual capital on the basis of integration processes of Internet mobility, cloud computing, analytical business processes of managerial influence and social media networks, synergetic effects in the modernization of management in oil and gas companies. The study also examines scenario approaches to the development of the economic segments of the real sector through the example of ten systemically important Russian companies.Results. Digital transformation of management in oil and gas companies based on blockchain tools, artificial intelligence, online banking, trade marketplaces, and targeted advertising determines the priorities of industrial development of national economic models in the context of global challenges. The conducted scientific analysis shows a significant modernization of management in the domains of information and analytical data processing, expert evaluation of the digital array of indicators, and marketing approaches of companies driving innovative development, which actively use crowdsourcing, public interfaces, cloud technologies, virtual space, artificial intelligence, and robotics in justifying scenarios for long-term development and enhancing the competitiveness of the oil and gas sector of the Russian economy.Conclusions. Priority directions for the modernization of management in oil and gas companies are based on the use of modern digital shells, IT platforms, services involving the introduction of structural resource-saving materials, and additive technologies. The transformational model of company management involves the use of modern management tools that make it possible to optimize asset management, forecasting systems, and monitoring of strategic business units aimed at optimizing budgeting in order to increase the efficiency of project activities. A comprehensive assessment of the management of economic entities in the context of global challenges is based on criteria for assessing the functioning of internal or external accelerators, business incubators, venture incentives, the availability of innovative potential for the implementation of promising projects in the Russian oil and gas complex in the context of global challenges using public-private partnership tools on the platforms of modern software products.

Methodological aspects of comparative analysis of financial stability of enterprises

The article discusses the main approaches to assessing the financial stability of commercial organizations, systematizes the problems and limitations of applying coefficient analysis to its assessment. A comparative analysis of the financial stability of three Russian oil and gas companies based on the results of a coefficient analysis, an assessment of the availability of reserves with sources of their formation, a comprehensive and comparative rating assessment.

Strategic Planning of Oil and Gas Companies: The Decarbonization Transition

In the face of increasing climate concerns and the intensive development of the renewable energy sector, oil and gas companies need to develop strategies to not only comply with the new rules of the game, but to also benefit from them. This study includes prospects for development of the global energy system along with analysis of decarbonization strategies for the largest players in the oil and gas market, and defines conceptual directions to improve strategic planning systems of oil and gas companies in order to ensure sustainability in the context of a global energy transition. The theoretical background of this study is based on the fundamental concepts and methods of strategic planning, as well as modern approaches to strategic planning in the oil and gas industry. This study makes three contributions. First, we maintain that a broad, systematic understanding of the consequences of energy system transformation and defining its role in the new market should be the crucial task of players in the oil and gas industry, and we clarify the opportunities and threats of transitioning to decarbonization. Second, the study results contribute to the development of the design theory of strategic planning systems by improving well-known methods and approaches with reference to global energy transformation. Third, we offer proposals for the development of a climate adaptation strategy using the example of a Russian oil and gas company based on the company’s business capabilities.

Влияние санкций на развитие бизнеса нефтегазовых корпораций в России

The Russian economy is currently subjected to unprecedented sanctions pressure from the United States and the Western countries. Supply of innovative equipment that is necessary for oil and gas production in the Arctic shelf and other hardtorecover fields to Russia is banned. International consortiums that were involved in large investment projects related to the extraction and transportation of oil from hard-to-recover fields terminated their cooperation with Russian oil and gas companies. However, the European and American companies are being replaced by Chinese corporations, which also have the necessary technologies and equipment for oil and gas production in hard-to-recover fields. It should also be noted that the European Union plans to reduce the volume of natural gas supplied from the Russian Federation and to build new terminals for the imported LNG, and has already abandoned the project to pump gas through the Nord Stream-2 pipeline. In response to these Western initiatives, the Russian authorities are likely to undertake a number of steps to re-route the natural gas supplies to China and build a gas pipeline to India. In this article, the author made an attempt to analyze from the scientific point of view and critically re-evaluate the issues of the sanctions impact on the development of business activities of oil and gas corporations in Russia.

Утилизация попутного нефтяного газа в России: методы и перспективы производства продуктов газохимии.

From an economic point of view, the flaring of associated petroleum gas (APG) entails significant losses of a resource that can be usefully used. In addition, it has a negative impact on the environment. Russian oil and gas companies are actively engaged in the APG utilization, but the question of choosing the most effective and reasonable solutions for its useful use remains open. The purpose of the study is to analyze the known and used methods of APG utilization in the world, the level and directions of APG utilization by Russian oil and gas companies, as well as to assess the prospects for the development of APG deep processing projects based on Russian oil and gas companies to produce gas chemistry products. The general situation on the utilization of APG in Russia was considered, the study showed that the volume of flaring has been increasing in absolute terms over the past 5 years, due to the fact that companies do not have time to develop infrastructure for gas utilization, as well as with the growth of oil production in Russia. The analysis of the level and main trends of APG utilization by the largest Russian oil and gas companies was carried out, which showed that companies are already engaged in the development of the gas chemical segment, however, they often use simpler methods of utilization (injection of APG into the reservoir, generation of electricity, injection of APG into Unified Gas Supply System). The study of the gas chemistry market showed the prospects for growth in demand for gas chemistry products at least until 2030, which confirms the relevance of the development of this direction. For a complex assessment of the prospects for the creation of gas chemical production facilities on the basis of Russian oil and gas companies, a SWOT analysis was carried out, which helped to systematize ideas about the potential for the development of the gas chemical direction by oil and gas companies. Methods of statistical research, methods of comparative and causal analysis, strategic and managerial analysis, as well as the method of SWOT analysis were used to conduct the study.

Implementation of the principles of green logistics in the oil and gas sector

The purpose of this article is to explain the objectives and activities that compose the scientific fields of green logistics in the Russian companies of the Oil and gas sector. The research revealed that green logistics includes eco-logistics and reverse logistics. All principles and ideas of the green logistics are based on the concept of sustainable development. The Government encourages the industrial sector of the economy to transition to a green economy, and the Government also sets the requirements for the greening of business processes in the enterprises. The largest Russian oil and gas corporations have developed and documented the policies and strategies of the sustainable development, and annually published reports on this for their companies. The author conducted the research of this documentation and other corporate publications about the logistics objectives, activities and solutions, and in addition interviewed some specialists of the oil and gas companies. The analysis revealed an insufficient environmental awareness of the company employees. There was found that at the level of logistics management in the functional parts of logistics, that is, at the level of logistics departments, any employees are not knowledgeable about the green logistics, they strive to get an economic effect in their work tasks, they do not usually use environmental evaluation. The goals of the green logistics are set at the top level of administration of logistics systems and logistics supply chains for the oil and gas companies. Taking into account these characteristics, a scheme has been designed that demonstrates the integration of the green logistics into the company management system of the oil and gas sector. Analysis and synthesis of the guidance and reporting documentation of the sustainable development of many Russian oil and gas companies revealed that it contains analogous of the green logistics objectives and activities. However, the term "green logistics" and other similar terms are not found in this documentation. As a result, there was formed a systematized listing which contains the green logistics objectives and activities in the functional parts of logistics management. Four functional parts were identified (including production procedure management, procurement management, transportation management, distribution management), and green logistics objectives and activities were assigned to them. Additionally, the fifth set of logistics objectives and activities was recognized. The fifth set corresponds to the resource-savings technology, and supports the solutions in the several functional parts of logistics management.

Predicting the riskiness of investing in oil company stocks using artificial neural networks

This article considers the problem of forecasting stock prices using the example of the largest oil companies in Russia (Rosneft, Lukoil, Gazpromneft and Surgutneftegaz) using artificial neural networks, and also analyzes the profitability of an investment portfolio formed from ordinary shares of the four largest oil companies in Russia in equal shares and with optimal their value determined in the course of solving the direct problem according to the G. Markowitz model using predictive values.

Analyzing the impact of mergers and acquisitions on the profitability of seller company shares in the oil and gas industry of Russia

Subject. We investigate the behavior of profitability of seller's shares in relation to key accompanying events in mergers and acquisitions in the Russian oil and gas industry. Objectives. The aim is to determine the nature of the impact of dates of merger or acquisition announcement and completion on the profitability of shares of a Russian oil and gas company acting as a seller. Methods. The study rests on the analysis of mergers and acquisitions, using the event study methods. Results. The paper shows that announcement and execution of a merger or acquisition transaction positively affect the profitability of seller’s shares in the oil and gas sector of Russia. We constructed models that indicate an increase in the profitability of seller companies relative to projected profitability without a merger or acquisition transaction. Conclusions. The findings are of practical significance and can be taken into account by financial managers when planning mergers and acquisitions and forecasting their impact on stock returns. Stock market participants may also value the obtained data.

Comparative Analysis of Financial Leverage of Oil Companies in Russian and American Sectors of the Economy

New economic realities, the increasing influence of the volatility of the global economy once again raise issues of ensuring economic stability, which is the guarantor of successful business. Sources of financing for business activities are both own and borrowed. Therefore, in order to maintain sustainable business growth and economic competitiveness, it is important for managers to see the dynamics and objectively assess the specifics of their companies' capital on the world market and understand the industry features of their own enterprise that affect economic indicators. To solve such problems, due to its simplicity and heuristic potential, the best indicator is the financial leverage ratio. Due to the high level of development of market relations and leading position in the world economy, the US economy acts as a kind of model in comparison with which it is possible to identify some shortcomings of the economies of other states. This study explored the differences in financial leverage readings for Russian and American oil companies. Using the Student's t-test, the Shapiro — Wilk test and graphical analysis methods, we investigated the presence of variations in the samples and their statistical significance. Based on the findings and the identified characteristics of financial leverage we established possible advantages to improve the quality of analysis of financial and economic activities, broadening our understanding of structural features of the enterprise and optimizing operation of effective business activities.

Антироссийские экономические санкции США в нефтяном секторе: вызов или стимул для внешней политики РФ?

Oil is a determining factor of international relations and a crucial element of energy security for oil importing states. Control over major world oilfields and influence on oil prices are key factors safeguarding sustainable dominance on the international arena. Russian oil resources are both a curse and a blessing as they increase vulnerability of Russian economy and politics. Oil price fluctuations and geopolitical situation are the weak sides of Russian oil industry. Major anti-Russian US sanctions imposed after Crimea reunion with Russia in 2014 are aimed at preventing western cooperation with mostly state-owned Russian oil companies in the oil and gas high tech sphere and other sectors of economy. Despite the opinion shared by many Russian and western experts that sanctions effect is positive and has stimulated Russian scientific and economic development and has increased oil production, there is enough evidence of sanctions efficiency that poses a threat to Russian oil industry development given the lack of investments into Russian economy and vague legal language of sanctional norms. The article focuses on necessary actions of Russian oil companies under sanctions and prioritizes development actions and political steps to be taken under sanctions.

New Challenges Faced by Russian Oil and Gas Sector in Transition to a Low-Carbon Economy

The requirement to reduce the volume of greenhouse gas emissions generated as a result of economic activity is one of the key factors that will have a significant impact both on the external economic situation in the long term and on the development of companies in the energy sector, primarily in the oil and gas sector. We found that in Russian oil and gas companies, the development of mechanisms that contribute to the decarbonization of production is at an early stage of their development and not a single vertically integrated oil and gas company has reevaluated carbon units throughout the entire life cycle, especially with the inclusion of the stage of creating primary infrastructure. The purpose of the study is to propose a methodology for accounting for the carbon footprint at the stage of construction of infrastructure facilities by oil and gas companies. We examined the possibility to reduce carbon footprint by using carbon dioxide accounting methods when choosing a method for utilizing logging residues generated during the construction of a section of the Gazprom PJSC gas pipeline in a wooded area. The study showed the need to develop methods for accounting for carbon units along the entire production chain (from design to consumption) to introduce methods for regulating carbon dioxide emissions. We concluded that the management of oil and gas companies needs to start transition from the principle of cost savings to the principle of decarbonization as soon as possible.

Digital Technologies in Arctic Oil and Gas Resources Extraction: Global Trends and Russian Experience

The paper is devoted to the analysis of the current and the forecast of the prospective state of introducing digital technologies into the oil and gas mining industry of the Russian Arctic. The authors of the paper analyzed the global trends that define the process of digital technologies’ introduction into the oil and gas mining industry. They also reviewed the Russian companies’ experience in this sphere. The main trends and prospects for the development of oil and gas resources extraction in the Russian Arctic in the digitalization sphere were identified. Together with this, the researchers considered prospects for digital technologies’ introduction into the oil and gas industry, observing their competition with RES. As a result, the authors have come to the following conclusions: (1) in Russian companies, digitalization is being more actively introduced into the processes of general enterprise management. (2) The main purpose of Russian oil and gas sector digitalization is to increase the efficiency of business process management, while the key constraining factors of digitalization are the lack of qualified personnel, lack of material and technical base and cyber-security threats aggravation. (3) The prospects of introducing a new package of sanctions can become both an incentive for a qualitative leap in Russian software development/implementation and an obstacle to the development of Arctic projects due to their rise in price. (4) The COVID-19 pandemic factor is one of the incentives for the widespread introduction of production and various business processes automation in the oil and gas industry, as well as the development of digital communications. (5) The leader in the digital technology development industry among Russian oil and gas companies is “Gazprom Neft” PJSC, followed by “NK Rosneft” PJSC. (6) “Gazprom” PJSC continues to lag behind in the sphere of digitalization; however, qualitative changes here should be expected in 2022. (7) The “sensitivity parameters” influencing the industry digitalization process in the Arctic region are the high dependence on foreign technological solutions and software, characteristics of the entire Russian oil and gas industry, and the problem of ensuring cybersecurity in Arctic oil and gas projects and power outages. (8) For the Arctic regions, the use of RES as the main source of electricity is the most optimal and promising solution; however, hydrocarbon energy will still dominate the market in the foreseeable future.

Oil Prices Hedging as a Tool of International Energy Policy

Among the main threats to the Russian energy sector is the high volatility of the oil markets, which leads to significant fluctuations in the volume of revenues received by Russian oil and gas companies and the country’s budget due to the export of hydrocarbon resources. It necessitates the search for mechanisms aimed at minimizing this risk. Such mechanisms should be of a political and economic nature. Russia can achieve a significant reduction in risks for the budgetary system through the introduction of a system of hedging oil prices. This system has found wide application in the practice of several oil and gas companies and is used at the national level in Mexico. The Mexican experience shows that the hedging system allows the country’s economy to overcome periods of falling oil prices on global markets without significant losses. Calculations show that for Russia, the economic effect of hedging could reach 4.36 trillion roubles over the period 2015–2020. The hedging system can also provide Russia with some advantages in the field of energy diplomacy.