Advanced models and methods for risk minimization in project finance for oil and gas projects

the relevance of the study is driven by the need to adapt the project financing system of the oil and gas industry to new challenges, including geopolitical instability, the energy transition, tightening environmental standards, and rising capital costs. The aim of the article is to develop comprehensive recommendations for improving project financing mechanisms in the Russian oil and gas complex based on an analysis of modern domestic and foreign practices. The methodological framework includes comparative analysis, case studies of major projects, risk analysis, and economic-mathematical modeling for investment portfolio optimization. The scientific novelty lies in the systematization of project financing barriers and the proposal of an integrated model that combines public-private partnership (PPP) instruments, digitalization methods, and risk mitigation approaches. The study identifies the key problems as high cost of capital, long payback periods, and exposure to currency and technological risks. Based on the analysis of literary sources, practical mechanisms for optimizing the financing structure are proposed, including the use of ESG principles to attract "green" capital and the implementation of digital twins to improve cash flow predictability. The results of the work are of significant practical value for financial managers of oil and gas companies, credit institutions, and government bodies shaping sectoral investment policy.

project finance, oil and gas industry, investments, risks, public-private partnership, innovations, sustainable development, cost of capital, digitalization