ABSTRACT
The purpose of the study was to predict the prospects for the development of this sector. As part of this, the following tasks were set: - to analyze the state of oil and gas production in Russia and the world;- to determine the factors affecting the economic efficiency of oil and gas production;- predict the level of production in the medium term. Currently, Russia ranks 2nd in terms of oil and gas production, and in terms of reserves - 7th and 1st respectively. Oil and gas production enterprises play an important social role, providing employment for a significant number of the population, high incomes, and maintenance of social facilities. Industry enterprises have shown high resilience to external influences during the COVID-19 pandemic and the Ukrainian crisis.