The objectives of utilizing the most out of scientific, technical and production potential of Russian Fuel and Energy Complex (FEC) to safeguard technological independence and economic development at the state of energy transition is reviewed in the paper. Main trends for the required multidimentional technical development of the FEC: local R&D and manufacturing for conventional industries, Industry 4.0 and energy transition technologies (including all aspects of reduce, reuse, recycle and remove greenhouse gases), industrial safety and environmental protection are covered. The author have reviewed the global innovation index and global investments market in R&D, presented an analysis of Norwegian, American and Chinese experience to flourish country investments in technical development. Some of the key priorities for the further development of conventional upstream sector have been identified and includes permafrost monitoring, reservoir digital twins, hard to recover reservoirs technologies, permanently deployed well monitoring systems, energy harvesting and energy efficiency technologies, CCUS. Specific suggestions to expand the public private partnership are presented as the ways to streamline technology development in Russian FEC.