Economic Analysis: Theory and Practice

Oil and gas resources of Russia: Assessments and prospects for fuel and energy complex development

Vol. 16, Iss. 11, NOVEMBER 2017

Received: 6 September 2017

Received in revised form: 15 September 2017

Accepted: 27 September 2017

Available online: 29 November 2017


JEL Classification: L71, N50, O13, Q43

Pages: 2064–2082

Nikonova A.A. Central Economics and Mathematics Institute, Russian Academy of Science, Moscow, Russian Federation

Subject The article investigates oil and natural gas resources as economic growth drivers in Russia and shows that sufficient fossil fuel reserves do not guarantee long-term stability and security of the country and sectors of the fuel and energy complex (FEC) due to country-specific and global changes requiring a special examination.
Objectives The study focuses on realistic assessment of determinants of prospects for resource-based national competitive advantages to develop strategies and tools for the fuel and energy complex development, taking into account national challenges and global economic, structural, and technological shifts.
Methods I apply system principles to evaluate oil and gas resources. It helps explore a wide range of factors and linkages of the oil and gas industry with other sectors of the national and global economy that influence the energy sector and entire Russian economy development.
Results The paper presents qualitative and quantitative assessments describing market, technological and other opportunities and obstacles in using the oil and gas resources depending on internal situation, changes in production and technologies, strategies of domestic raw material consumers, or other circumstances.
Conclusions The assessments confirm the important role of reliable forecast of demand for Russian energy resources, particularly, oil and natural gas, which should be taken as a base when developing internal and external energy strategies. Technological security should be a cornerstone of national strategies. This implies a revolutionary modernization of FEC in cooperation with all subsystems of the economy and society, including the academic sector, energy consumers and other actors.

Keywords: energy resources, reserve, demand, energy supply, systems approach


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