Technological challenges in the economy of the oil and gas sector

Abstract

Technological challenges related to the “green” economy, digitalization of business processes, and intelligent manufacturing affect all sectors of the global economy. The oil and gas complex has a complexly organized production process, while the oil industry depends on the volatility of coal prices and the general decline of the world economy. In this regard, it is important to analyze the current state and propose environmental, technological, financial and economic measures to minimize the impact of scientific, technological, and financial risks on the companies’ technological integration. Oil and gas companies of the Russian Federation and the Republic of Kazakhstan were selected as the object of the study. In order to overcome the technological lag, increase the depth of processing of raw materials at enterprises, a search for new mechanisms was initiated through the development of the institute of stakeholder relations and the improvement of the scientific and technological risk management system. The study revealed that the combination of the advantages of internal and external growth contributes to the increase of the innovative potential of oil and gas companies. It is an important incentive when concluding transactions to combine the capital of related industries, support the education system, cultural traditions of the population in the regions of the presence of oil, gas, oil refining and petrochemical companies. An open system of “corporate integration spaces”, the innovativeness of the integration strategy, the knowledge economy, and the intellectualization of production were used as the elements of the concept of technological challenges mitigation. There is emphasized high importance of artificial intelligence in the management system of the oil industry economy.