The article studies the main problems of Russian oil and gas complex. The authors argue that global economic and financial crisis has already led not only to certain reduction in energy consumption, but to serious changes in the global energy sector. In the medium term we may expect globally more efforts in energy savings, climate change prevention, and deeper innovation impact. It may require a serious adaptation of Russian energy sector to new tendencies: some reconfiguration of demand for our export, certain limitation on financial resources and reconsidering its future role in the global balance. Long-term project approach should be applied to help Russian energy and manufacturing companies adjust to new economic environment. Institutional background in Russian energy sector should be adequate to address domestic problems and global competition.