Transformation of the oil sector of the economy of developing countries

Abstract

An efficient allocation of financial resources is an inspirational factor to each business in order to continue its activities. The sources of financial resources are divided into own funds, borrowed funds equal to own funds, as well as funds raised. Advancement of measures aimed at improving the efficiency of the financial resource’s management and the rational distribution of income, which, in the end, contribute to the increase the value the company as a whole is based on the results of the efficiency’s evaluation of the usage the financial resources. The researcher presents the results of the analysis of changes that happened in 2020 due to the coronavirus restrictions in Russia and in the whole world economy. Undoubtedly, the pandemic that happened in 2020 caused the negative effect on every economic sector, but the oil and gas industry is one of the most affected due to the significant decrease in demand. Restrictions introduced in majority countries caused the drop of oil and gas price, the consequence of which was the significant decrease of incomes and market capitalization of companies from this sphere. However, the international trend towards green energy is seen as a way to reduce budget dependence on oil and gas by increasing budget incomes from the export of pure hydrogen - the «green alternative» of oil and gas. The introduction of digital technologies in the energy sector, as a way of improving the mechanisms and tools of proceeds generation, can be beheld as a way to move away from hydrocarbons and towards clean energy.