Importance The underfunding of R&D in the oil and gas industry necessitates an adequate procedure to finance innovation activities of the sector. The article considers organizational and economic relations between oil and gas companies in the process of creating an efficient mechanism of their innovation activity funding. Objectives The study aims to identify specific features of financing the innovative activity of enterprises operating in the oil and gas sector of developed countries, and to study the possibility of using the positive experience in Russia. Methods We employed methods of comparison and analysis of statistical figures, graphical interpretation of data. Based on systems approach, we developed proposals for optimization of Russian oil and gas companies' innovative activity financing. Results The analysis of changes in R&D costs in the oil and gas industry unveiled peculiarities of innovative activity financing of Russian and foreign oil and gas companies. We offer proposals and recommendations to optimize the financing mechanism, using the best practices. Conclusions The offered measures and recommendations can be useful for Russian oil and gas companies for optimizing the methods and tools of their innovation activity financing.
Keywords: innovative activity, oil and gas companies, R&D, oil and gas sector, financing
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