Problems and prospects for the development of the oil industry

Outdated equipment, expensive production, low oil recovery, suboptimal utilization of oil gas and the outflow of foreign capital — all these negative factors significantly affect the Russian oil market. Now, oil producers are not making the most of the available natural resources, thus losing resources and profits.

Against the backdrop of the 2009 crisis, many companies were forced to reduce oil production and stop research. Over the past few years, Russian firms have also had to abandon several profitable projects with foreign colleagues due to sanctions by the US and the EU.

Due to restrictions on the part of America and the European Union, foreign capital began to be withdrawn from Russia, cooperation with many companies ceased. Moreover, Russian companies cannot develop shale deposits, as American and European producers are forbidden to supply the equipment necessary for this to Russia.

The problems that have arisen can be solved by directing an inflow of direct investment from abroad into the country. However, Russian legislation imposes severe restrictions on foreign contributions to natural resources.

This can be avoided with the help of innovative financing mechanisms based on secure blockchain technology, which will allow everyone to become a participant in the Russian oil market.