Importance Considering national economy challenges, Russian oil companies need to increase their productivity and reduce costs. The use of information and communication technologies may be a relevant solution. Objectives The research assesses opportunities of using information and communication technologies in the Russian oil companies, reviews foreign experience of using novelties in various industries, and describes basic aspects of own methods for making investment decisions. Methods The research draws upon national and foreign statistical data on the industry, surveys and market researches performed by the largest global research institutes. We applied a statistical, economic and analytical method. Results We extensively examined issues of implementing information and communication technologies in business activities of oil companies. We determined how the technologies might be utilized in the value chain and suggested that the information and communication technologies should be applied at the pre-investment phase of investment projects so to optimize the choice of the system for the technological sector in terms of economics, environment, social policy. Conclusions and Relevance Information and communication technologies are a very useful tool to arrange information flows at the pre-investment phase of the project, thus enabling users to find effective solutions and concurrently reach a total maximum effect in relation to a number target indicators.
Keywords: information and communication technology, economy of knowledge, feasibility study, multiattribute utility, information flow
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