For many years, the degree of technogenic impact of oil and gas industry enterprises on the environment has remained high. Various types of waste are generated during the activities of oil producing companies. The highest proportion of waste is drilling waste. The problem of drilling mud disposal is one of the urgent problems in the field of waste management in the industry. In world practice, there are different ways for the disposal of drilling sludge. Traditionally, drilling wastes are temporarily placed in sludge storage pits and then put them in landfills. Waste disposal at specialized landfills requires the removal of large areas of land from circulation, which negatively affects the environment. The article discusses one of the modern and safe methods of drilling waste disposal which is waste injection into the layer of earth. The purpose of the study is to prove the environmental and economic efficiency of drilling waste injection technology for an oil company. The object of the study is the drilling waste of an oil producing company. The authors analyzed the dynamics of the formation of drilling waste from oil producing companies and the number of formed and liquidated sludge storage pits. The article discusses the technological process of waste injection into the layer of earth and the risks associated with this process. The main advantage of this technology is the absence of emissions into the atmosphere and no problems associated with the transportation and storage of waste. To prove the effectiveness of the introduction of drilling waste injection technology into the layer of earth, the authors proposed an investment project and calculated its economic efficiency. The desired effect of the project was defined as monetary savings from the cost reduction of drilling waste disposal. Calculations have shown that the use of this technology is an effective and expedient method in the presence of a large amount of waste. With a decrease in waste volumes, the efficiency of this technology decreases. To solve this problem and improve the efficiency of the project as a whole, the authors recommend further involving other oil sludge in the process, which are formed during the extraction of oil and oil products in the fields. The use of this technology allows to reduce the technogenic load on the environment, increase the company's rating and improve the economic performance of the company.