ISSUES OF IMPROVING THE LEGAL REGULATION OF OIL AND GAS PRODUCTION IN THE RUSSIAN FEDERATION AND IN THE PEOPLE'S REPUBLIC OF CHINA

The article deals with the issues relating to the improvement of legal framework for the functioning of the "extractive" industry of the Russian Federation oil and gas complex, which is the cornerstone of the energy sector within the country's economy. A comparative aspect in the analysis of the status, advantages and disadvantages of the legal regulation of such a subsoil use stage as deposit prospecting and exploration, oil and gas production in the Russian Federation and the People's Republic of China allows us to determine the main areas for improving the regulatory framework of the oil and gas production sector of the Russian economy, to identify the advantages and disadvantages, the specific features of the Russian and Chinese models of the organization of subsoil use in terms of hydrocarbon raw materials production. It is emphasized that the convergence, possible convergence of the oil and gas laws of the two countries within the framework of joint energy projects will increase energy competitiveness of both Russian and Chinese economies. The work presents possible alterations and amendments to the Law on Subsoil of the Russian Federation, contains proposals for the development of individual legal rules for the oil and gas complex of the Russian Federation.