Aspects of Economic Growth Strategy Development for the Oil Upstream Sector

The article is dedicated to some aspects of the economic growth strategy development in the oil upstream sector, which will allow developing the industry in the conditions of existing market relations. The research revealed that in order to form the economic growth strategy for the oil industry, the use of comprehensive, territorial-economic and evolutionary approaches is essential, as well as the guidance by certain principles, development of an economic growth strategy for the industry with the glance to the lifecycle phases, attained level of economic growth of the industry, existing course and other factors. In the process of building the economic growth strategy for the industry, it is necessary consider the timeframe, along with the processes of economic, social and technical nature. An integral part of developing an industry strategy is the need to consider the risks, and the ways to prevent them.