THE ANALYSIS OF FACTORS AFFECTING THE STRUCTURE OF FUNDING SOURCES OF INNOVATIVE DEVELOPMENT OF OIL AND GAS ENTERPRISES

The oil and gas industry plays a specific role in the economy of Russia. The increased competition in the oil and gas market, reduced efficiency of the development and operation of oil fields make issues related to the modernization of this complex and the introduction of innovations in its activities relevant. To form an innovative model of development, the subjects of the reproduction process must have access to financial resources. The paper deals with the study of issues of the financing instruments application within the current economic situation, taking into account the structure of funding sources and existing barriers for their usage. Within this research, the author carried out the analysis of the current state of innovation financing in the oil and gas complex of the Russian Federation. The author compared Russian and foreign experience, considered the volume of financing the research, development, and engineering in large oil and gas companies and the principal funding sources in different countries. The availability for the financing of innovative projects of oil and gas complex of such instruments as crowd-funding, venture financing, project financing, grants and subsidies, and bank crediting are studied. The study identified the main factors affecting the structure of funding sources and limiting the innovative development of oil and gas enterprises of the Russian Federation. The author proposed a classification of factors by six groups: financial and economic, political, environmental, legal, psychological, and organizational. A high share of state participation in innovation financing was noted. The study highlighted the problem of reducing the availability of bank lending as one of the principal sources of financing for innovation providers in the Russian Federation. The author concluded on the necessity to develop corporate forms of innovation support, such as corporate venture funds as a part of the development of the open innovation model.

financing, financial instruments, innovative development, oil and gas complex, vertically integrated companies, venture financing