The European Commission is investing in EU industry for a modern, clean and fair economy. Innovation is a key factor in the competitiveness of European industry. Following the European experience, the aim of the article is to identify sustainable innovative directions for the development of the oil and gas sector in the context of global trends. The article shows that the period from 2014 to the present time is characterized by the fact that in a situation of a drastic decline in oil prices, the world oil and gas industry has been largely restructuring in order to improve technological efficiency. Significant resource changes are taking place in the oil and gas sector of Russia. In these conditions of low prices and the deterioration of the natural resource base, it is necessary to increase the efficiency of the development of the oil and gas industry, which should include: (1) the development of new ideas, technologies, equipment and reagents for prospecting, exploration, extraction of deposits in the territories and water areas of the Arctic, as well as deposits with hard-to-recover reserves; (2) oil technologies should ensure a sharp increase in labor productivity and a reduction in the cost of equipment; as well as computerization and automation of all kinds; (3) environmental requirements for all types of work, (4) development of clusters, Smart Specialisation, best technologies by supporting the digital transformation of industry and Key Enabling Technologies, and promoting ICT standards, coherence between industrial, environmental, energy policy, energy efficiency economy.