485Abstract. By focusing on energy security issues this paper examines the changes in the global energy industry competition mechanisms. Gaining sovereignty over energy resources by developing countries and the revision of the access regime to oil and gas resources for the international oil companies (IOCs) resulted in changing the balance of power in the industry. In recent years IOCs have faced increasing problems in reserves’ replacement and maintenance of production levels, declining of upstream assets quality and returns on capital employed. National oil companies (NOCs) from rapidly developing countries on the contrary gain their weight and strengthen their global position. The shift in energy demand towards China and India in the early decades of XXIst century induced the quest for energy security in these countries. Author’s findings confirm that growing NOCs turn into the new centers of power and evade following the existing models and rules. Gradually they generate their own approaches to gaining access to overseas resources and ensure energy security of their countries. The paper highlights the latest changes in competition models and identifies key shifts in patterns of interaction on global energy market. Considering the increased technological competition in oil and gas industry the author assumes fundamental changes in competition mechanisms in the coming decades. Indeed, the analysis reveals that among NOCs there is the tendency of enhancing R&D capabilities, in order to gain competitive advantage and be able to secure upstream contracts overseas. The point is emphasized that competition for access to energy resources will lead to the struggle for technological superiority, thereby forming the new contours of competition in the global energy industry.
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