The application of innovative approaches to the process of determining the initial cost of fixed assets of oil and gas enterprises

Introduction. Despite the barriers of the external environment, crude oil and gas recovery does not decrease, which causes an increase in the construction of oil and gas facilities. During the construction and commissioning of oil and gas facilities, objects directly involved in the production process are formed; these are the fixed production assets of oil and gas enterprises. To determine the initial cost of fixed assets, it is necessary to take into account all incurred to obtain them. Since we consider the construction of oil and gas facilities that will later have the status of fixed assets, it is advisable to study their initial cost from the standpoint of pricing in the construction industry. The purpose of the article is to present the author’s approach to the process of determining the initial cost of fixed assets of oil and gas enterprises. For this purpose, the article solves the tasks related to the identification of factors affecting the management of projects on the construction of oil and gas facilities, the study of innovative approaches to determining the cost of construction of oil and gas facilities at the pre-project stage, as well as the development of the author’s approach to determining the cost of construction of oil and gas facilities at the pre-project stage, and for objects involved in the production process after their commissioning, the authors study the composition of the initial cost of fixed production assets of oil and gas enterprises. Materials and methods. The research methodology includes general research methods of analysis and synthesis, methods of expert and comparative assessments, as well as methods of pricing in the construction industry. Results. The factors influencing management of projects on the construction of oil and gas facilities are addressed, and innovative approaches to determining the cost of construction of oil and gas facilities at the pre-project stage are considered. Hence, the authors present their approach to determining the cost of construction of oil and gas facilities at the pre-project stage, which can also be used to determine the initial cost of fixed production assets of oil and gas enterprises, if the objects under consideration are to be involved in the production process after commissioning. Conclusions. The proposed approach will ensure an accurate and efficient estimation of the cost of construction of facilities at the pre-project stage; therefore, it will improve the accuracy of fixed asset cost estimates after the facilities are commissioned.