Oil and gas industry. Participation of foreign oil companies in the Russian oil and gas complex

Investment activities of Russian and foreign oil and gas companies

Investment activity of Russian and foreign oil and gas companies

Lazareva Anna Igorevna

Lazareva Anna Igorevna

postgraduate student of the Department of Economics and Management

in the oil and gas industry,

"Ufa State Oil Technical University"

[email protected]

Annotation.This article presents the results of an analysis of the investment activities of Russian oil and gas companies such asRosneft, Lukoil, Gazpromneft, Tatneft, Surgutneftegaz in comparison with a foreign company"total". During the study, it can be concluded that,

Abstract.This article presents the results of the analysis of the investment activities of Russian oil and gas companies such as "Rosneft", "Lukoil", "Gazpromneft", "Tatneft", and "Surgutneftegaz" in comparison with the foreign company "Total". In the course of the study, it can be concluded that, despite the active investment policy of Russian oil companies, the leader of the Russian market, PJSC "NK Rosneft" inferior to the foreign company "Total" in total investment by 2-3 times.

Keywords:investment activity, oil and gas company,Rosneft, Lukoil, Gazpromneft, Tatneft, Surgutneftegaz,"total".

keywords:investment activities, oil and gas company, Rosneft, Lukoil, Gazpromneft, Tatneft, Surgutneftegaz, Total.

Introduction

The influence of energy factors on the development of the world and national economies, the system of international economic and geopolitical relations is constantly increasing as world GDP and increasing energy consumption. According to forecasts, the needs of the world economy for energy resources in the next 30 years may increase by almost 60% compared to beginning of XXI century, which requires further development of the oil and gas industry, both in the world and in Russia. .

Management of the development of oil and gas companies is a set of activities, methods and means related to the purposeful regulation of the movement of monetary, property and intellectual values ​​invested in the enterprise in order to achieve the chosen goals.

The basis for the development of the enterprise are investments. To meet the growing demand for hydrocarbons, the main actors of the oil and gas industry - international and national oil and gas companies - need to develop a clear, forward-looking investment strategy that involves attracting large-scale capital investments in the exploration, production, transportation and processing of hydrocarbons, and also aimed at increasing the return on these investment. The choice of this research object is dictated by the role of oil and gas companies in the world market of energy carriers and oil products, the importance of their activities in maintaining the global and domestic fuel balance, and the related need to regulate the investment process and improve the efficiency of investment programs in modern conditions.

An analysis of the investment activity of leading oil and gas companies corresponds to the current need for an in-depth study of the above process, especially in the context of price instability in the world hydrocarbon markets and taking into account political instability in the regions of their production, affecting both the development of the industry and the process of making investment decisions. The need for a thorough study of this issue is also associated with the constant increase in the role of the oil and gas industry in the energy sector of the world economy, the continuation of the process of transnationalization in this industry, the permanent growth of its influence on the competitiveness of national economies, their energy and economic security.

The purpose of the article is to analyze the investment activities of Russian and foreign oil and gas companies such asRosneft, Lukoil, Gazpromneft, Tatneft, Surgutneftegaz and"total".

Main section

The investment process is defined as a sequence of stages, actions and operations for the implementation of investment activities. The ultimate goal of investment activity is to make a profit, create added value and increase the market value of the business and company. With regard to the oil and gas sector, the objectives of investment activity are the growth of proven reserves of oil and gas, the increase in the volume of sales (production) of hydrocarbons, the optimization of production indicators (increasing the oil recovery factor and the coefficient of recovery or regeneration of reserves), maintaining and expanding the market niche, reducing unit costs for extraction and transportation of raw materials. To this it must be added that the importance of the investment activities of oil and gas companies is due to the need to ensure uninterrupted supplies of energy to consumers.

Oil and gas enterprises are multi-purpose systems that combine production, financial, economic, social, marketing higher and other goals related to the solution of problems that lead to strategically important change pits . To carry out effective investment activity, it is necessary to solve the problem of choice priority investment areas, those. submultiple stvo investment projects having sufficient investment potential and ensuring the achievement of strategic development goals, and to implement investment design choice data for the implementation of options.

At the beginning of the XXI v. for oil and gas The industry, together with other extractive industries, accounts for the largest share of foreign and domestic direct investment. The renewed interest in the oil and gas industry partly reflects a structural shift that is taking place in virtually all of the world. out commodity markets. It is characterized by an increase in demand for mineral resources from Asian markets, coupled with strong demand in developed countries leading to higher prices for mineral resources. In this context, it is worth noting that the global th markets for mineral raw materials are characterized by an uneven geographical distribution of reserves, production and consumption. For example, some developing countries are countries with transitive economies (Indonesia, Algeria, Malaysia, Nigeria, Russia, Kazakhs tan, etc.), they are net exporters of hydrocarbons, while other developing countries (China, India, Turkey, Ukraine, etc.), as well as developed countries (Germany, France, Italy, etc.) are net importers . Such imbalances cause concern regarding the security of supply on the part of importers and regarding access to markets - on the part of exporters. And this is natural, given the importance of the supply of hydrocarbon raw materials for sustainable economic development countries. In such a sieve oations oil and gas companies can be useful for both the host country and the home country. For countries that do not have the necessary capacity to fully transform their natural resources into commercial goods, oil and gas companies and can act as a source of the necessary capital, knowledge and entry into the markets, and for home countries - a kind of "bridge" to provide access to foreign supplies. It should also be emphasized here that the policy of oil and gas companies and state TV is formed in the context of volatility in commodity markets with a tendency to increase prices, which supports an increase in the cost of exploiting new hydrocarbon deposits.

In the oil and gas industry, international oil and gas companies remain the largest largest corporations in terms of foreign assets. At the same time, from the point of view of the scale of production, since 2005 the national oil and gas companies of developing countries and countries with transitional economies are beginning to outstrip international ones. To such corporations pits belong to Saudi Aramco ( Saudi Arabia), Gazprom (Russia), NIOC (Iran) and others. last years the development of national oil and gas companies is characterized by significant dynamism, combined with control over most of the proven reserves of sy rya and its production, the degree of internationalization in comparison with international oil and gas companies remains quite low. Meanwhile, some companies from developing countries and countries with economies in transition are expanding their overseas interests and are rapidly becoming global players. These companies include: CNPC, Sinopec (China), Lukoil (Russia), ONGC (India), Petrobras (Brazil), Petronas (Malaysia) and others. CNPC (China) and Petronas (Malaysia) are involved in oil and gas production in more than 10 foreign countries.

Increase investment flows in the global oil and gas industry has been observed over the past decade - after a period of minimal investment in the 1990s. As noted above, the active process of increasing investment volumes with on the part of national oil and gas companies began in 2005 and brought them to a leading position in terms of production.

Consider the investment activities of vertically integrated companies such as Rosneft [6], Lukoil [5], Gazpromneft [ 2],"Tatneft" [7], Surgutneftegaz [ 4].

1. PJSC NK Rosneft is the leader of the Russian oil industry and one of the largest public oil and gas companies in the world. The investment program of PJSC NK Rosneft has been formed in conservative scenario parameters. In 2016, the total investment amounted to USD 10,966 million (Table 1).

Table 1 - The volume of investments of PJSC "NK Rosneft" in 2014-2016, million dollars

Compared to 2015, the volume of investments increased by 6%, mainly due to the Upstream sector. This growthdue to the fulfillment of strategic goals for the growth of hydrocarbon production by increasing the pace of production drilling and field development, as well as the start of the active phase of the development of new and large oil and gas projects.At the same time, investments in the Downstream sector in 2016 decreased by 35%.

According to structureinvestments of PJSC NK Rosneft for 2016the main share of 85% is occupied by the “Upstream” sector.

2. Gazprom Neft PJSC and its subsidiaries are a vertically integrated oil company (VIOC), whose main activities are the exploration, development, production and sale of oil and gas, as well as the production and marketing of petroleum products.

In 2016, the total investment amounted to USD 5,973 million. Compared to 2015, the total investment decreased by 2%. As can be seen, the main shift in 2016 towards the processing block was an increase of 15% (Table 2).

Table 2 - The volume of investments of PJSC Gazprom Neft in 2014-2016, million dollars

Investments in the Upstream segment decreased by $667 million, or 17%. In 2016, the sector occupied the main share in the total investment volume - 65%.

It should be noted that tocapital expenditures for mature fields remained at the level of the previous year and amounted to $1,753 million. Costs for new projects decreased by 5% and amounted to $1,887 million. This was due to a decrease in activity on foreign projects. Refining costs increased by 41% due to continued implementation of modernization projects at the Omsk and Moscow refineries.

3. OAO Surgutneftegaz– one of the largest enterprises in the Russian oil industry. It accounts for about 13% of the country's oil production and 25% of the gas produced by Russian oil companies.In 2016, the total investment amounted to USD 3,384 million. Compared to 2015, the total investment decreased by 7%. As can be seen, the main shift in 2016 towards the processing unit was an increase of 10% (Table 3).

Table 3 - The volume of investments of OJSC “Surgutneftegas” in 2014-2016, million dollars

According to the structureinvestments of OJSC “Surgutneftegas”, investmentsThe Upstream segment annually accounts for more than 90% of the total investment.However, in 2016, the volume of investments in the oil and gas production sector decreased by 9% and amounted to USD 3,106 million. Of this amount, 89.4% or USD 2,777 million fell on Western Siberia, 10.2% or 317 million dollars - for Eastern Siberia and 0.4% or 12 million dollars - for the Timano-Pechora oil and gas province.

4. PJSC "Lukoil" - one of the largest international vertically integrated companies, providing 2.2% of world oil production. PJSC Lukoil implements oil and gas exploration and production projects in 12 countries around the world.In 2016, the total investment amounted to USD 7,601 million (Table 4).

Table 4 - The volume of investments of PJSC "Lukoil" in 2014-2016, million dollars

Compared to 2015, the total volume of investments decreased by 24%. This abbreviationof capital expenditures is due to the completion of the main refinery modernization program and the reduction of investments in international projects.

Approximately 80% of annual capital investments are in mining and only 10% in refining. This is explained by the fact that Lukoil has practically completed the refinery modernization program and there is a need to maintain the level of oil production, since it has been falling every year since 2009 due to the depletion of fields in Western Siberia.

In the Downstream segment, capital expenditures at the Group's Russian refineries in 2016 amounted to USD 416 million, which is 49% less than in 2015. The decrease is due to the end of the main investment cycle for the modernization of oil refining capacities.

5. PJSC TATNEFT - one of the largest domestic oil companies operating as a vertically integrated Group. The Company accounts for about 8% of oil produced in the Russian Federation and over 80% of oilcommon on the territory of Tatarstan.

In 2016, the total investment amounted to $1,445 million (Table 5).

Table 5 - The volume of investments of PJSC TATNEFT in 2014-2016, million dollars

As can be seen, the main shift in 2016 towards the refining block was an increase of 12%. However, s significant share investment funds was directed to the exploration and production of oil and gas - about 805 million dollars, as well as to the construction of the Complex of oil refineries and petrochemical plants (more than 536 million dollars). At the same time andInvestments in the Upstream segment annually account for about half of the total investment.

It should be noted that investment PJSC TATNEFT in 2016 was carried out in accordance with the strategic development plans and current priorities in solving production problems. Thus, $440 million was invested in exploration and production within the Republic of Tatarstan, $304 million was invested in the development of extra-viscous oil fields. The remaining funds, about $61 million, were directed to exploration and production in Russian Federation as well as overseas projects.

It should be noted that the oil and gas industry in Russia is extremely capital intensive, so the period of return on invested capital is longer than in many other industries. This is due to a number of reasons, namely:

- significant time and money spent on negotiations with the owner of potential hydrocarbon deposits on prospecting and exploration work and conditions for future production;

- direct exploration work may be difficult due to unfavorable climatic, geological, technological, socio-political and other conditions;

- search for a highly qualified workforce to provide all links in the value chain - from the exploration of hydrocarbon deposits to the stage of selling processed products to the end consumer;

- significant costs of time and money at the initial stage of production associated with the difficulties of transporting production equipment (drilling platforms, drill strings, etc.), rather long commissioning works (there is always a possibility of a possible partial change in structures or their modification in accordance with modern conditions on place of extraction);

- solving the problems of efficient transportation from the place of production to the place of processing and from the place of processing to the place of sale (construction or modernization tanker fleet and fleet of gas carriers; construction or use of already existing oil loading terminals and terminals for the transportation of liquefied gas; construction of gas and oil pipelines, pumping stations, as well as the necessary infrastructure);

- construction or modernization of capacities for storage and processing of hydrocarbon raw materials;

- creation of a wholesale, small wholesale and retail trade and consumer network for the sale of processed products;

- high level of risks typical for the oil and gas industry as a whole.

Let's compare the investment activities of Russian oil companies with those of foreign companies. For comparison, let's take one of the leaders in the distribution of fuel in Western Europe and Africa TNK "Total" . This company was chosen for comparison, becauseit is the fourth largest in the world after Royal Dutch Shell, BP and ExxonMobil.

Yes, s and in 2016, the total investment amounted to 20,530 million dollars (Table 6).

Table 6 - The volume of investments "Total" 2014-2016, million dollars

The 27% decline in investment compared to 2015 signifies the completion and launch of nine major growth projects in 2015 and five in 2016. The reduction also reflects a successful capital efficiency program in response to falling Brent oil prices.

Investments in the Upstream segment annually, like those of Russian companies, account for more than 80% of the total investment.

Next, we give the indicator (volume of investments) in comparable conditions, since all companies differ both in terms of production and financial indicators. As a comparison, let's take the volume of oil equivalent production (Table 7).

Table 7 – Amount of investments per 1 ton of oil produced for 2014-2016, USD/t

From Table 7, we can conclude that in 2016 the leaders among the considered oil companies were Gazprom Neft PJSC and Lukoil PJSC, whose investments amounted to $100 and $92 per 1 ton of oil produced. However, only Rosneft increased this indicator in 2016 by 6%, while other companies showed a decline in this indicator. Based on the data obtained earlier, the predominant share (more than 50%) is annually occupied by the Upstream sector. Although the amount of investments in the Downstream sector is increasing, the share remains small, no more than 20%.

In the "Downstream" sector The dynamics of the output of petroleum products across all companies in 2016 changed insignificantly (the percentage of change was no more than 3%). At the same time, considering the structure of oil products, we can conclude that the share of motor gasoline in the considered Russian companies is 20%, diesel fuel - 32%, fuel oil and vacuum gas oil - 29%. While at " Total

Thus, it turns out that oil refineries (refineries)produce more heavy distillates, which are at the lower end of the price range, this is due to the fact that developed countries operate complex refineries that produce mainly gasoline (catalytic cracking) and middle distillates (heat treatment and hydrocracking). At Russian refineries, the process of vacuum distillation of fuel oil is usually complemented by catalytic reforming for the production of gasoline and basic hydrotreating for the production of diesel fuel.

Conclusion

After analyzing the investment activities of oil companies in Russia and abroad, we can draw the following conclusions:

The size of the annual investments of Russian companies per 1 ton of oil produced corresponds to the level of a foreign company " Total »- $59/ton in 2016. However, in the reporting year, Gazprom Neft PJSC and Lukoil PJSC invested $100 and $92 per 1 ton of oil production. At the same time, only PJSC NK Rosneft increased this indicator in 2016 by 6%, while the rest of the companies showed a decline.

The predominant share (more than 50%) is annually occupied by the sector " Upstream ". Although the amount of investment in the sector " Downstream » increases, but the share remains small, no more than 20%.

The structure of oil products output over the past 3 years was as follows: the share of motor gasoline in the considered Russian companies is 20%, diesel fuel - 32%, fuel oil and vacuum gas oil - 29%. While at " Total » these figures were: 28%, 45% and less than 5%, respectively.

The average depth of refining in the reporting year for Russian companies was 77%, “ Total »- 97%. The output of light oil products is 66% and 83%, respectively.

Capital investments in the Oil Refining and Petrochemicals segment are characterized by the following features: in Russia, most projects are aimed atreducing the content of sulfur compounds in commercial petroleum products or obtaining a component of high-octane gasoline, light gas oil, etc.

In 2016, Russian refineries completed the construction and commissioning of catalytic cracking, delayed coking, hydrotreatment, etc. units. Only OJSC “Surgutneftegas” in 2016 for the first time in Russia introduced an automatic process control system. In turn, the company Total » pursues other goals, which significantly distinguishes it from the activities of Russian companies, namely: the use of advantages various types raw materials - the company plans to launch new programs to develop various technologies for the production of liquid fuels, monomers and intermediate products from gas; asset value maximization. Company " Total » develops experience and technologies to increase the value of assets. Efforts are mainly focused on programs aimed at flexibility and accessibility of facilities. Advanced input material and process modeling helps departments overcome processing limitations and work while exploiting those limitations in real time. And the new opportunities offered by digital technology are being explored to pave the way for a "factory of the future" that will provide an even safer work environment and increased productivity while consuming less energy and reducing waste;

Thus, the investment of foreign and Russian oil companies is different. Perhaps the reason for the low efficiency of the use of investments lies in the fact that the investment policy of Russian oil companies is aimed at exploiting existing fields and modernizing existing funds. Preference is given to those investment projects that have a short payback period. They do not seek to develop innovative products or renewable energy sources. These circumstances indicate that the enterprises of the domestic oil complex do not pay due attention to the justification of the investment strategy, assessing the effectiveness of investment projects, increasing the level investment attractiveness for the implementation of innovative projects .

Based on the results obtained, it can be concluded that in the current realities, it is preferable for oil companies to invest in oil refining and petrochemistry.It should also be noted that,Despite the active investment policy of Russian oil companies, in terms of total investment, the leader of the Russian market, PJSC NK Rosneft, is 2-3 times inferior to the foreign company Total.

Bibliographic list

1. World natural gas market: the latest trends / Ruk. ed. count S. V. Zhukov. - M.: IMEMO RAN, 2009. - 107 p.

2.5.8. Saifullina L. D. Management of the development of an enterprise based on the modeling of investment activity: dissertation of a candidate of economic sciences: 08.00.05 / L. D. Saifullina. - Ufa, 2006. - 168 p.

9. Cherepovitsyn A. E. Conceptual approaches to the development of an innovation-oriented strategy for the development of the oil and gas complex: monograph / A. E. Cherepovitsyn. - St. Petersburg: SPGGI, 2008. - 212 p.

13:08 — REGNUM Iran starts selection foreign companies who plan to take part in major local oil and gas projects. In particular, in the development of hydrocarbon deposits. This became known from a message posted on the website of the National Iranian Oil Company (NIOC).

Acceptance of applications from foreign oil producers began on Monday, October 17, and will last until November 19 this year. NIOC invites investors interested in the exploration and production of black gold to participate in the pre-qualification. The company will publish the final list of selected organizations on December 7th. However, so far the IRI has not announced a specific list of projects in question.

After the lifting in January of this year of Western sanctions against Iran, imposed for the country's nuclear program, Iran is trying to increase oil production and market share to pre-sanction levels. At first, the Iranian authorities said they would increase production to the target of 4 million barrels per day by June of this year, then by September. The deadline has now been pushed back to 2019. It became clear that without financial investment foreign companies Iran itself can not cope. Therefore, to increase the attractiveness of its oil and gas fields, Tehran approved a new model of oil contracts for foreign investors (IPC) in August this year. According to the Iranian plan, the country's oil and gas industry needs about $150 billion in investment to increase production by a million barrels per day by 2020. Thus, over the next two years, Iran intends to sign contracts worth $25 billion with foreign companies.

IPC provides for more flexible conditions for the activities of foreign companies compared to previous contracts. Details of the contracts have not yet been disclosed. But it is known that now foreign investors will be able to enter into contracts for up to 20 years, which will allow companies to at least recover their costs. The old contracts had a one-time payment and were only valid for five years.

The Iranian National Oil Company already signed the first contract for the new model in October, not with a foreign company, but with local Setad Ejraye Farman Emam. The American media call this company part of the conglomerate of the Iranian leader Ali Khamenei. Under the terms of the contract, it is planned to improve oil recovery methods and increase oil production at the Kupal field as part of the development of the second phase of the Yaran field.

Previously IA REGNUM reported that at the end of August this year, Norwegian, Dutch, British companies had already announced that they were interested in working together with Tehran in the oil industry and asked to be given the opportunity to study territories in the Caspian Sea. Indeed, Deputy CEO National Iranian Oil Company Gholam-Reza Manuchehri did not specify which companies in question. However, according to Manouchehri, Tehran has already invited foreign investors to take part in the exploration and development of four hydrocarbon projects in the Caspian Sea at the same time. In particular, the "Sardar-e Jangal" field.

As for Russian-Iranian cooperation in the oil industry, in August the Russian Ambassador to Tehran Levan Jagharyan said that Russian oil companies are interested in Iranian oil projects. Basically, of course, we are talking about mining projects, but participation in the field of oil refining and petrochemistry is also possible. Moreover, the option of creating a consortium of Russian oil companies to work in Iran is also allowed, Dzhagaryan said.

Lukoil has previously stated its desire to work in Iran. According to the Russian ambassador, the company is considering participation in projects to develop two fields near the city of Ahvaz in the west of Iran. It is possible that Lukoil will return to the Anaran project, where the company worked before the imposition of sanctions. Memorandums of cooperation between Gazprom Neft and Gazprom with the Iranian oil and gas companies NIOC and NIGC in the development of oil and gas fields are also currently being negotiated. Interest in participating in Iranian projects was also expressed by Zarubezhneft and Tatneft.

Russia is the largest producer of hydrocarbons in the world. High oil and gas prices contribute to the accumulation of significant investment resources by Russian oil and gas companies. In this regard, the participation of foreign companies in the oil and gas business as a source of significant capital investment is becoming less relevant compared to the possibility of attracting technologies that allow Russian companies to increase the efficiency of their own business in harsh natural, climatic and geographical conditions (the shelves of the northern seas). In addition, by exporting the bulk of their products, Russian companies are interested in gaining access to oil and gas assets in consumer countries. To date, Russia has developed several effective, well-tested schemes for the activities of foreign companies.

Purchase of a block of shares of a large Russian VIOC . In particular, the British company BP operates under this scheme (in 2003, BP acquired 50% of OAO TNK from the Russian financial and industrial group Alfa Group and the Russian-American holding Access / Renova for $ 6.57 billion; in January 2004, BP and Access/Renova entered into an agreement on the inclusion of BP's 50% stake in Slavneft in OAO TNK-BP), and the American company ConocoPhillips (acquisition in 2004 of a 7.59% stake in OAO "NK" LUKOIL ", which was in federal ownership, for 1.988 billion dollars; subsequently, the share of the foreign investor was increased to 11.3%, and in the future it is planned to expand the package to 20%).

In 2006, the share of foreign investors in the structure of OAO Gazprom's equity capital was 7.4%, of which 4.4% were circulated in the form of ADRs, and 3% in the form of ordinary shares belonged to the company (Table 9). At the same time, over the past year, this figure has decreased by 4.1%. Part of the company's shares registered abroad was re-registered to Russian legal entities.

Creation of joint ventures and consortiums with Russian companies. Examples are the Polar Lights JV (50% each from Rosneft Oil Company and ConocoPhillips with a production volume of 0.7 million tons); Vanyeganneft JV LLC (50% each from Occidental Russia and OAO " TNK-BP"); JV Naryanmarneftegaz (JSC NK LUKOIL and ConocoPhillips); as well as a JV established by OAO NK Rosneft and Chinese Sinopec (JV to manage the production activities of OAO Udmurtneft, in which the Russian side will own a 51% stake , Chinese - 49%); JV for geological exploration and study of the Veninsky area under the Sakhalin-3 project. This also includes JV Vostok Energy (OJSC NK Rosneft and CNPC with 51 and 49% of the shares, respectively).

Table 9. The structure of the equity capital of Gazprom in 1996-2006

The joint venture of Nord Stream AG (JSC Gazprom, BASF and E.ON - 51.0%; 24.5% and 24.5% respectively) for the construction of the North European Gas Pipeline (NEGP) should also be noted. The total investment required for the implementation of the NEGP project in a two-line version will exceed 4 billion euros.

Another example is the joint venture established by Gazprom and Wintershal to develop the Yuzhno-Russkoye field. It is planned that OAO Gazprom will increase its share in the Russian-German JV Wingas to 50% (minus 1 share) and will receive a share in the capital of the Wintershal group company. In turn, Wintershal will receive 25% (minus 1 share) and a block of non-voting shares in OAO Severneftegazprom, which owns the license for the Yuzhno-Russkoye field. Another joint venture, LLC Achimgaz, was established by OAO Gazprom and Wintershal on parity terms to develop the first pilot area of ​​the Achimov deposits of the Urengoy gas and oil condensate field.

Finally, Salym Petroleum Development (JV between Royal Dutch/Shell and Evikhon, controlled by Sibir Energy) is developing three fields in the Salym group.

The creation of a joint venture for the development of the Shtokman field continues to be unclear.

Participation in projects on the terms of PSA. Three projects are currently being implemented in Russia under PSA terms - the development of the Kharyaginskoye field by Total, the Sakhalin-1 and Sakhalin-2 projects.

The Sakhalin-1 project includes three offshore fields: Chayvo, Odoptu and Arkutun-Dagi. Project participants - ExxonMobil (30%, operator), Japanese consortium SODECO (30%); Indian ONGC Videsh (20%), OAO NK Rosneft (20%).

The Sakhalin-2 project was "attacked" by the Ministry of Natural Resources of Russia and is now in the process of reform, where the controlling stake was ceded by investors (Shell, Mitsui and Mitsubishi) to OAO Gazprom for $7.45 billion.

The fate of the Kharyaga project has been clarified, the participants of which are the French Total (50%, operator), the Norwegian Hydro (40%) and the Russian Nenets Oil Company OJSC (10%). At present, all mutual claims have been removed.

Participation in the purchase of small oil companies. Foreign investors are actively acquiring small Russian companies that are not consolidated into large VIOCs, as well as registering legal entities in Russia to participate in projects for the development of small oil and gas fields. Examples include Eastern Transnational Company, OJSC Pechoraneftegaz, CJSC Tatekh, OJSC Samara-Nafta, etc. In Eastern Siberia, the license for exploration and development of the Dulisma field is held by NK Dulisma LLC, owned by Urals Energy Holdings Ltd. (Great Britain), the Tambeyskoye field is controlled by OAO Tambeyneftegaz and Repsol (Spain).

Participation in contract work and conclusion of service contracts. Large foreign and multinational service, construction and oil and gas companies participate in the projects of the Russian oil and gas complex through participation in contract work and the provision of services. foreign capital stands behind the majority of service companies operating in Russia - the Eurasian Drilling Company, the Integra group and the Russian divisions of the global service companies Schlumberger, Halliburton, Baker Hughes and others. Eurasia Drilling Company Ltd. In July 2005, a controlling stake in the Russian service company Petroalliance was transferred to Schlumberger. The American company Baker Hughes has created a large service center in the Yamalo-Nenets Autonomous Okrug.

The activities of foreign companies as contractors are mainly concentrated in sectors where Russian technologies are inferior to Western ones:

· Exploration and production of hydrocarbons on the shelf;

· well construction design, telemetry while drilling, formation evaluation to optimize drilling efficiency and positioning of deviated wells; collector evaluation;

· "borehole" services for the stimulation of production (including hydraulic fracturing, acid treatment, etc.);

well testing, sampling at the surface and from the bottomhole zone, the use of measuring instruments and MultiPhase pumps, downhole monitoring, temperature and pressure measurements using fiber optic methods, standard and "smart" well completion methods, etc.

Quasi-foreign investment. This scheme represents the registration of companies by Russian entrepreneurs abroad, primarily in offshore zones or in countries with liberal tax regime. In the 1990s many Russian oil and gas companies registered management company in an offshore zone in order to minimize taxation, therefore, the funds initially withdrawn from Russia abroad were subsequently returned in the form of foreign investments. In recent years, due to the tightening of financial discipline in the country, the formation of a new organizational structure oil and gas industry, a change in the structure of ownership, the strengthening of state-owned companies (OJSC NK Rosneft, OJSC Gazprom), almost all the management and production structures of Russian VIOCs have come under the jurisdiction of the Russian Federation.

At the same time, there remains a fairly large number of small companies controlled by Russian business but formally registered in other countries (Sibir Energy, Yeniseineftegaz, etc.).

The Russian oil and gas industry has received more foreign investment than any other. Oil and gas industry enterprises not only implement joint projects with foreign partners, but also raise funds by placing their valuable papers in the Western financial market. It can be noted that only a few Russian enterprises and financial institutions succeed in raising funds in this way. V oil and gas industry government foreign funds and the money of international financial institutions in a relatively large amount.

Foreign investors failed to put any of the Russian oil companies under direct control. This is explained by the fact that all these companies are very large enterprises of “strategic” importance. In addition, there is a direct ban on the sale of shares of a number of Russian oil companies abroad.

Due to complex political and economic situation in Russia, the prospects for foreign investment in the oil and gas industry remain unclear. However, international oil companies have experience in developing countries and are able to overcome the specific difficulties associated with the lack of a normal market environment and the arbitrary actions of the authorities. However, in any case, independent development of large fields by foreign companies is unlikely to be possible, which would create competition for Russian oil-producing giants. Foreign capital is used by oil companies mainly for “import” modern technologies and financing of their projects.

Purneftegaz plans to attract $15 million in foreign investment by selling a large block of its shares acquired on the secondary market. The raised funds are planned to be directed to the implementation of major investment projects, including the joint development of the Komsomolskoye oil field with Shell, the development and modernization of the Kharampur oil and gas field.

Bank Societe Generale Vostok lends to two oil producing companies - Tatneft ($280 million) and Chernogorneft ($50 million).

With the help of new technologies, the Komiarktikoil JV achieved a threefold increase in oil production from a part of the Verkhne-Vozeiskoye field. The foreign founders of the joint venture are the Canadian company Gulf-Canada and the British company British Gas. However, Gulf Canada has expressed a desire to sell its 25% stake in the JV, stressing that while the investment is technically promising, it is too risky due to ever-changing economic conditions.

The American oil concern ARCO (ARCO) announced on September 29, 1995, the acquisition of convertible bonds of NK Lukoil, which after conversion in April 1996 will be 5.7% authorized capital companies. ARCO purchased 241,000 Lukoil bonds worth $250 million. The bonds will be exchanged for 40.9 million voting shares in April 1996, making the American concern the largest holder of Lukoil bonds.

An Anglo-American-Norwegian consortium consisting of Brown and Root, Smedvig, Petek and Instance won the tender for the right to implement the gas program in the Tomsk region. The program provides for the development of the Severo-Vasyuganskoye, Meldzhinskoye and Kazanskoye gas fields with proven reserves of about 300 billion cubic meters. gas.

Kali-Bank GmbH, a subsidiary of the German company Wintershall AG, will provide the Russian joint-stock company"Gazprom" a loan in the amount of DM1 billion, the Oil Information Agency was told in the press service of "Gazprom". The loan will be used to implement the Yamal-Western Europe gas pipeline project.

RAO "Gazprom" and the German concern "BASF" signed an agreement on the allocation of 1 billion marks for the implementation of the project for the supply of Yamal gas to Western Europe. The funds of the German side for the development of gas fields in Yamal are allocated under the guarantees of Gazprom, and the project is being implemented without the participation of the Russian government.

The international consortium Timan Pechora Company consisting of Texaco, Exxon, Amoco, Norsk Hydro and Rosneft intends to develop the Timano-Pechora field with recoverable reserves of about 400 million tons.

The South Korean financial and industrial group "Hyundai" is showing interest in the Kovytkinskoye gas field in the Irkutsk region.

The US Eximbank and the Central Bank of the Russian Federation have reached an agreement on issuing licenses of the Central Bank for opening collateral accounts, which is actually the final step in the process of preparing for the participation of the US Eximbank in lending to Russian enterprises Nizhnevartovskneftegaz, Permneft, Tatneft, Chernogorneft and Tomskneft ".

Tempelton Investment Management, an American fund, intends to invest in Permneft and Komineft through its subdivision, Tempelton Russia.

The total cost of the project for the development of the Shtokman field in the Murmansk region, which will Russian company Rosshelf is estimated at about $10-12 billion. It is planned to hold an international tender to finance the project. Some Western companies and banks showed interest in the tender, in particular American Goldman Sax and Morgan Stanley.

On December 20, 1995, the Government of the Russian Federation and Total Exploration Development Russia, a subsidiary of the French company Total, signed an agreement on the development of the Kharyaginskoye oil and gas field. Recoverable reserves are estimated at 160.4 million tons. The agreement provides for the development of the field by a French company for 33 years, which will require Total to invest $1 billion.

You should not think that in Western capitals everyone is only dreaming about how to annoy Russia by weakening it economic potential. The other day I received a call from the embassy of one of the European countries and was asked to help me prepare a work plan for the next five years, outlining the main directions for the prospective participation of companies from this country in Russian oil and gas projects. Sanctions are sanctions, and foreign investors are haunted by the gigantic market for the development of Russia's most important industry, where you can make good money on the supply of technology, equipment and experience, not to mention profitable lending.

The embassy needed help because it is becoming more and more difficult to find objects for cooperation in Russia, and the reasons for this narrowing of opportunities lie not in the absence of interest on the part of Western investors.

Discrimination against foreign companies in the Russian oil and gas industry took official form in 2008, when the country's leadership decided to legally tighten the rules for their access to industry resources. Outsiders were banned from true partnerships in projects on the continental shelf, leaving them with something like service contracts that do not provide for ownership of part of the reserves and products. In addition, foreigners were warned in the subsoil law that if a field with reserves of more than 70 million tons of oil or 50 billion cubic meters of gas is discovered onshore, a domestic state-owned company can take away their mining license.

The "patriotic" version of the legislation dealt a powerful blow to the prospects for the development of Russia's oil and gas resources. Licenses on the shelf were divided between Gazprom and Rosneft, leaving nothing to foreigners (and leaving only crumbs to private companies inside the country). The clumsy giants could not fulfill their license obligations for the obtained areas, and requests were sent to the government to postpone seismic research and drilling programs. The development of hydrocarbon resources on the Russian shelf slowed down, and with the fall in oil prices at the end of 2014, it almost stopped.

Low prices for oil and gas products became the second blow to the prospects for cooperation with foreigners. The high cost of production on the Arctic shelf, reaching, according to some estimates, up to $150 per barrel, removed such projects from the list of commercially viable ones. And on land it turned out that almost 70% of the reserves Russian oil are classified as hard-to-recover, with a production cost of $70-80 per barrel. The discovery of new deposits (and new deposits in old deposits), which appear on the map of Russia more than 50 a year, is now on a trifle. Large reserves can not be found.

Under such conditions, companies operating in Russia began to reduce investments in the exploration of new reserves and intensively exploit existing fields, intensifying their production, depleting low-cost reserves and bringing the end of old projects closer. Domestic operators' investment programs even increased in ruble terms. They made 13% more capex last year than they did in 2015, according to Fitch.

Part of the international sanctions imposed on the industry in connection with the seizure of Crimea and military operations in the Donbass has lost its meaning. Bans on the work of Western companies on the Arctic shelf and on the development hard-to-recover reserves faded in the face of low oil prices, which had a much greater negative effect here.

Specialists from State Commission Mineral Reserves, on condition of anonymity, argue that the government's announced plans to maintain oil production at more than 525 million tons per year until 2035 are not based on the real state of affairs in the industry. In their opinion, after 2020, Russian oil production will begin to decline rapidly - up to 10% annually. As for natural gas, the potential of reserves in Russia is almost inexhaustible, but limited markets create insurmountable obstacles to a significant increase in production, and after 2030 will lead to a rapid drop in demand.

A possible increase in oil prices and the improvement of technologies for its extraction from the bowels will only postpone the time for the depletion of profitable reserves. In the long term, oil and gas should lose its leading role in filling state budget Russia, and it will be very, very difficult, if not impossible, to replace a raw source of income with other competitive export products. In any case, an independent team of authors of the recently published Forecast for the Development of Energy in the World and Russia until 2040 did not find such an alternative, no matter how hard they tried.

The hopes of Western embassies that they will help their investors find large and reliable facilities in Russia to put in effort and make a profit in the process of cooperation are not supported by the sentiments of foreign firms already operating in the country.

According to an industry survey conducted by Deloitte, only 18% of respondents believe that capital inflows into Russian oil and gas will increase over the next five years. In 2015, there were 48% of such optimists. Another 36% believe that the money will be less than it is now, and 37% believe that capital investment will remain at the current level.

Global Data Upstream Analytics has published data showing a sharp decline in planned foreign investment in the Russian oil and gas industry. If in 2010-2016 the four largest investors - Anglo-American BP, German BASF, international Shell and Italian Eni - invested more than $9.3 billion, then for the period 2017-2020 only BASF and Shell plan to make new capital investments, and even then less than half a billion. Both companies must maintain production at long-standing projects.

The American ExxonMobil, although it refuses to declare lost funds invested in a joint project with Rosneft to search for reserves in the Kara Sea, has suspended investments there due to sanctions, leaving in plans the possible construction of a gas liquefaction plant as part of the old Sakhalin-1 project . Investments for the next four years are also planned by Novatek's partners in the Yamal LNG project, that is, the French from Total and the Chinese. But here the motivation is clear. By decision of the Russian leadership, who wished to see the country among the major suppliers of liquefied gas to the world market, the gas reserves for this project were simply “donated” to the consortium in order to guarantee at least a minimum profitability for investors: Russia will not receive a penny in the form of taxes and duties here and besides, it will cover the costs of building a port, an airport and nuclear icebreakers for this project. Some investments were included in the plans of the Indian ONGC, the Japanese JOGMEC and the Spanish Repsol, but the amounts are not comparable to what these companies invested in Russia in 2010-2016.

In general, it can be concluded that Russian operators are stepping up the extraction of reserves, in a hurry to extract profit from the devastated profitable fields before the start of a decline in production in the country, while their foreign counterparts have reduced investment programs for the period up to 2020. The prospects for new foreign investors in such conditions do not look very bright.