Efficiency of Oil and Gas Industry in the Centrally Planned and Market Economies

Russia is known to be one of the leading suppliers of oil and gas in the world. Recent years have shown that there is urgent need in reducing production costs without harmful effects to the quality of extracted resources. The purpose of this paper is to analyze the productivity indicators in the country with planned economy (the RSFSR) and in the country with market economy (modern Russia (2001-2016).) OECD reports (OECD Productivity Manual 2001 and OECD Compendium of Productivity Indicators 2015) were used to determine the productivity indicators. The paper used a regression analysis to determine the dependence of Russian oil and gas sector productivity indicators on the price of oil. The results showed that the productivity of today's oil and gas sector in Russia should be assessed by the introduction of technologies and management systems, taking into account the influence of external factors and regional characteristics of production. In the RSFSR, due to the long time period between the development of the oil/gas field and the first production of oil / gas, the production indicators were more likely to be used to calculate the number of labor resources involved, technologies and to calculate the amount of energy resources produced. Thus, it can be argued that the oil and gas industry is an actual object for research both in countries with a planned economy and in countries with a market economic system.