analysis of the impact of institutional environment on the policy of oil companies in the sphere of subsoil use

Oil and gas sector is key sector for the Russian economy. General socio-economic benefits from the development of oil and gas resources are largely dependent on the policies implemented by oil companies. Therefore, the most important task of the state is to create conditions that would ensure socially-oriented behavior of the oil companies. The main purpose of research is to develop recommendations for the establishment of these conditions with regard to oil production. The paper analyzes the current situation with the development of oil resources in Russia, the behavior of the oil companies in the sphere of subsoil use. The methodical approach to analyzing the behavior of companies with respect to the issues of development of oil fields in various conditions (rigidity of the state policy in the sphere of subsoil use) is provided. It has been shown that it is necessary a balanced combination of restrictive measures and mechanisms for financial and economic incentives. The findings may be used in the formation of the institutional environment in the sphere of subsoil use.