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The economic benefits of digitalization in the oil and gas industry

Vol. 27, Iss. 3, MARCH 2021

Received: 30 July 2020

Received in revised form: 11 February 2021

Accepted: 25 February 2021

Available online: 30 March 2021

Subject Heading: FISCAL SYSTEM

JEL Classification: L23

Pages: 672–692

https://doi.org/10.24891/fc.27.3.672

Pavel A. DROGOVOZ Bauman Moscow State Technical University (Bauman MSTU), Moscow, Russian Federation
drogovoz@bmstu.ru

https://orcid.org/0000-0003-2560-7944

Nikita I. KHARIN Bauman Moscow State Technical University (Bauman MSTU), Moscow, Russian Federation
nskinovsky@gmail.ru

https://orcid.org/0000-0002-1237-9463

Subject. This article explores the process of introducing digital technologies into the oil and gas industry production and management and getting the economic impact of such implementation.
Objectives. The article aims to identify and assess the economic impact of the introduction of digital production technologies in the oil and gas industry over the past five years, and describe the positive and negative effects of digitalization of the oil and gas industry.
Methods. For the study, we used the methods of comparative and statistical analyses, forecast data obtaining, and synthesis of results.
Results. The article reveals the main effects of the digitalization of the oil and gas industry over the past five years. It describes the positive and negative effects of the digitalization of the oil and gas industry and predicts the effectiveness of this process. The article presents developed strategic guidelines to create new competitive advantages of the oil and gas industry through the production digitalization.
Conclusions and Relevance. To maintain efficiency and create additional competitive advantages of the Russian oil and gas industry, it is necessary to actively introduce digital technologies of production and management, new IT-strategies. The findings and results obtained can be useful to scientists specializing in the digitalization of the oil and gas industry and for managers of different levels of oil and gas sphere to apply them in strategic production management.

Keywords: oil and gas industry, digitalization, efficiency, digital production

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