The theoretical and practical foundations of risk management in cooperation with contractors in the oil and gas industry have been studied. Considering the strategic importance of the industry for the national economy and its high dependence on contractors, the issue of minimizing risks becomes particularly relevant. The key groups of threats accompanying contractors’ activities of contractors have been identified: financial, economic, industrial, technological, legal, environmental, and institutional. Its manifestation is increasing in the context of sanctions pressure, limited access to foreign technologies and financing, as well as the need to comply with international ESG standards. Special attention has been paid to modern methods of identification and risk management, including a preliminary assessment of contractors’ financial stability, a reliable contractual framework formation, and the use of KPIs and digital tools. The possibilities of ERP systems, supply chain management platforms, blockchain technologies, and digital twins, allowing to increase the transparency of contracting processes and predict possible failures, have been considered. The necessity of integrating ESG criteria into the practice of selecting and evaluating contractors as a condition for the long-term sustainability of projects has been substantiated. The scientific novelty of the study lies in an integrated approach to contract risks systematization and original recommendations development for their minimization. The practical significance of the study lies in forming proposals that can improve contract management efficiency and ensure sustainable development of the oil and gas industry in the face of global uncertainty.