Abstract: The subject of this research is the investment priorities of the oil industry of Russia and their financial capabilities to realize the oil projects under the conditions of current system of taxation, drop in the oil prices, fall of the ruble’s value, and sanctions. The need for a tax stimulus is being looked at from the point of view of the main segments of the industry – oil recovery; oil refining; hydrocarbon exploration; geographical changes of extraction; rationality of investments into large, medium and small petroleum businesses; prospects for development via organic and inorganic growth in the industry. In examining the financial sources for increasing the investment activity, the author highlights the possibilities and limitations of using personal and credit resources, direct and indirect participation of the government. The investment potential and risks of the industry are being assessed within the industry as a whole, as well as in the largest Russian companies by comparison with the leading foreign companies. The author concludes that the anti-crisis company programs must be based on the review of their portfolio of projects: reducing the portion of the costly projects of increasing yield for the HTR, while exanding the portion of the less costly projects of improving energy efficiency; systemic management of the operating, investing, and financial expenses of the company, as well as improving productivity. The government in turn must make decisive steps towards switching to the new regime of taxation that would insure a stronger interconnection of the financial result and taxes, and would stimulate development of new oil deposits and deep refining, allowing companies to make new plans for the future.