Directions of development of digitalization of the oil industry in the Russian Federation

The article is devoted to the analysis of problems and search of directions of development of digitalization of oil industry in Russia. The study analyzed the current state of digitalization of the oil industry, methods used and directions of development of Industry 4.0 in oil industry. The main problems of oil industry digitalization development in the Russian Federation were identified. The main problems in the development of oil industry digitalization in Russia include the lack of clear priorities for technological development of the industry, an acute shortage of funding for early stages of research and development, underdevelopment of venture capital investment in industry projects, institutional barriers, etc. As a result of the research, a systematic approach was proposed, which includes three priorities for the development of digitalization of oil industry in Russia, the implementation of which will stimulate and develop sector R&D, venture capital investment, and the institutional environment. The study concludes with a presentation of the main findings and results. © Published under licence by IOP Publishing Ltd.