The article considers a problem of a possible negative impact of the accelerated growth of oil and gas extraction on the socio-economic situation of the resource-producing region. The negative effects are based on the well-known concepts of the resource curse, the Dutch disease and the rentier state which are combined by the term «paradox of plenty». It offers to use models of rent-oriented behavior and patronage in order to analyze the incentives of economic agents. In terms of the shifts in the structure of gross regional product and employment by types at the regional level. It substantiates the significance of monitoring the arising spatial and sectoral distortions when forming the regional strategy of a long-term economic growth. The possibilities of overcoming negative effects are associated with the need of performing a structural industrial policy within the frames of smart specialization and providing incentives for businesses in the traded sector of the regional economy.