Advanced text-mining for trend analysis of Russia’s Extractive Industries

Abstract The world economy relies on access to industrial metals, oil and gas for maintaining its critical industrial infrastructure. Although demand is likely to remain high, the most accessible deposits have been depleted. Future capacity growth will be facilitated through further technological developments. Therefore, Russia as a leading producer, is paying great attention to strengthening its competitive edge in global markets. This paper reports on a large-scale technology foresight study of the Russian extractive sector (including oil and gas), which combined expert-based foresight activities with statistical analyses and text-mining techniques based on artificial intelligence and machine learning technologies. The presented methodology helped to link the technologies to dominant discussions (e.g. climate change vs rural development) and to flag most suitable partner organisations. Furthermore, quantitative estimates could be quickly identified. The study’s methodology should function as an example for similar studies to support policy planning and investment decisions based on text-mining techniques.