The article discusses the problems encountered in the oil and gas industry due to sanctions and a decrease in oil rices. Analyzes the risks of oil and gas related to the prohibition of supply of imported equipment and technology, the deterioration of the resource base of hydrocarbons, reduced demand for mined materials. To exit from this situation is considered a range of measures, the most significant of which is the need to encourage the development of innovative production of domestic equipment, in line with best samples of the world, the development of modern technologies
Keywords: oil and gas industry, sanctions, innovative development, modernization, the key risks
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