| Summary: | Abstract The article reviews the forecasting results of scientific and technological development of the Oil and Gas Industry in view of the innovative potential of institutions developing new oil and gas technologies, the interests of oil and gas companies, operating domestic and foreign technologies. It is shown that the domestic Machinery Industry has production potential for the almost complete import substitution of standard oil and gas equipment. Innovative technologies and equipment for producing hydrocarbons on the shelf and in the Arctic can be realized under coordination of efforts of the government, business, development institutions and engineering companies. It has been noted that, despite some progress in the production of standard industrial equipment, the Civil and Specialized Machinery Industry is still a branch that is weakly sensitive to innovations and modern trends of global technological development. RUSSIAN Economic Development, Import Substitution, Power Equipment, Russian Company, Foreign Technology
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