The issues of Russian education in the field of oil and gas production are considered, the stages of its development at the St. Petersburg Mining Institute are described. The importance of graduates of the Mining Institute - initiators of a number of scientific trends in the development of theory and practice of hydrocarbon field development - is emphasized. The stages of selection and training of specialists in the field of hydrocarbon field development in the conditions of modern society are analyzed. The interrelation of the labor market and the level of education of graduates - young specialists is considered. Training of highly qualified specialists in modern conditions is impossible without close connection of higher educational institution with industrial and scientific associations.