The article is devoted to the analysis of the taxation of oil and gas extraction in Russia and development of suggestions on its improvement. It takes into account perspectives of development of the sector, existing resource restrictions, and also value for the Russian budget. The government in 2011-2013 paid special attention to the improvement of NDPI, but the last innovations entailed domination of fiscal function of this tax. The situation in the sector requires the opposite — the growing need for investments into development of fields in new oil and gas provinces, development of transport and processing capacities. The audit of the usage of a natural rent shouldn’t undermine competitiveness of fuel and raw material sectors. Long-term goals of the government and business require reinvestment of the part of a natural rent by sectors. Developing the concept of the taxation of hydrocarbonic raw materials extraction it’s necessary to be based on the following approaches: taxation the result of companies’ activity; stimulation the rational usage of subsoil and the fullest extraction of the main and passing components; economic and budgetary efficiency; simplicity of administration. In the article there are suggestions to improve the existing taxation mechanism of extraction of hydrocarbonic raw materials in Russia, regarding such taxes as NDPI, a profit tax, export duty and payments and the non-tax payments related to the federal law “About subsoil”.