In 1973 he graduated from Tyumen Industrial Institute with a degree in oil and gas and since then has worked in oil industry in Tyumen Oblast, mainly in Surgutneftegaz. Since 1993, he is the President of Surgutneftegaz, one of the largest Russian oil companies. In 1978-1980 he occupied leading positions in Yuganskneftegaz. Since 1984 he has been the Director General of Surgutneftegaz, which became a private company in 1993. In June 2001 Forbes claimed that Bogdanov was the third wealthiest Russian with $1.6 billion. He has been a member of the Khanty–Mansi legislature since 1996.
Bogdanov was also a confidant of Sergey Sobyanin during the successful 2001 Tyumen Oblast Governor election and of Vladimir Putin during the 2004 Russian Presidential Election.
In April 2018, the United States imposed sanctions on him and 23 other Russian nationals.