Prospects for the development of the Russian oil and gas sector in the context of the global energy transition

The article examines the prospects for the development of Russia’s oil and gas sector in the context of the global energy transition and the growing climate agenda. The analysis focuses on three main aspects: the projected decline in world oil prices by 2030, the potential for expanding oil and gas processing within the country, and the role of renewable energy in reducing resource dependence. Based on international forecasts, scenario modeling, and comparative analysis of foreign experience, the study identifies key challenges and opportunities for the Russian economy. The findings indicate that long-term risks are associated with decreasing export revenues and tightening carbon regulations, while opportunities lie in deepening hydrocarbon processing, developing petrochemicals, and gradually integrating renewable energy. The article concludes that a comprehensive adaptation strategy aimed at modernizing the sector and diversifying the energy balance is essential for ensuring Russia’s economic resilience.