Problems of Economics and Management of Oil and Gas Complex

The present article is inspired by the cancelled speech themed to "World energy trends of the XXI century – new challenges" that was to be made at the round table meeting within the frames of the XXIV Economic Forum (Krynica-Zdroj, Poland) and is dedicated to the world's future development of not only energy production, but also social, political and migration processes, trends, challenges which will lead to global changes of the current energy situation in the world. The crucial point in energy philosophy - the philosophy of the threat of energy shortages, which has been hanging over mankind for more than half a century, can be predicted. Scientific and technological advances provide grounds for stating with high probability the fact that energy deficit doesn’t threaten mankind, vice versa, it is being approached by a global net surplus of energy resources.

Possibility of effective use of renewable energy resources and unconventional hydrocarbons doesn’t only increase the overall energy resources, but also fundamentally changes the geopolitical situation in the world. In particular, it can affect the further development of the world's energy markets and significantly change the balance of power and the division of the states into exporting countries and importing countries.

Key words: lack of natural reserves; net surplus of energy resources; renewable energy sources; unconventional hydrocarbon resources; coal bed methane; shale oil; shale gas.

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UDC 622.276:33

COMPARISON OF OIL AND GAS COMPANIES’ STRATEGIES (р. 7)

Nikolay Sergeevich Baranov

JSC ˝NK “Rosneft˝, Department of Shelf Joint Projects

31A, Dubininskaya str., 115051, Moscow, Russian Federation,

e-mail: n_baranov@rosneft.ru

The article provides analysis of strategies of six national (JSC "Rosneft", JSC "Gazprom", JSC "LUKoil", JSC "Petrobras", JSC "Sinopec" and "CNPC/PetroChina") and three independent ("Anadarko", "Tullow" and "Nobel Oil") oil and gas companies. It covers global oil and gas industry trends as well as strengthsand weaknesses of these companies. The article presents approaches of each company towards classic contradiction between production increase and profit maximization.

Key words: strategy; national and independent oil and gas companies; hydrocarbons production increase; profit maximization; unconventional resources; assets diversified portfolio.

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UDC [622.32+622.24]:658.52

ASSESSMENT OF AN OIL COMPANY PROBABLE DEFAULT (р. 10)

Vladimir Yurievich Korotin,

Arseny Mikhailovich Ulchenkov

JSC ˝NK ˝Russneft˝

69, Pyatnitskaya str., 115054, Moscow, Russian Federation,

phone: 8 (495) 411-63-09,

e-mail: korotinvy@russneft.ru, ulchenkovam@russneft.ru

Rustam Talgatovich Islamov

International Center of Nuclear Safety of the RF Ministry of Nuclear Energy

2/8, Malaya Krasnoselskaya str., 107140, Moscow, Russian Federation,

phone: 8 (499) 263-13-90,

e-mail: rustam.t.islamov@gmail.com

The problem of default probability assessment of oil and gas companies became urgent because of sectoral sanctions introduced in the second quarter of 2014 and directed against Russian O&G companies and certain state-owned banks. The article presents some method to be applied for assessment of probability of an O&G company’s default in case of decrease of worldwide oil prices. The example of the method’s application to a mid-size oil company (with account of the Russian taxation system) is given. The article employs mathematical apparatus of stochastic processes theory.

Numerical modeling is used to obtain probability distribution functions of cash-flows and to assess a company’s default probability in case of availability of some certain level of debt load.

After making minor modifications the model can be applied to almost any producing company. It also can be used to solve a broad scope of problems such as stress-testing of a company’s credit standing, default probability assessment of a large borrower or a project, modeling of a mineral company value, etc.

Key words: risk-management; default; Monte-Carlo method; probability assessment; stochastic processes; covenants.

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UDC 336.02

PROBLEMS AND WAYS OF PERFECTION OF TAX REGULATION SYSTEM

OF OIL COMPANIES’ INVESTMENT ACTIVITY (р. 19)

Dmitry Valerievich Kotov,

Artem Fedorovich Mozhchil

Federal State Budgetary Educational Institution of Higher Professional Education ˝Ufa State Petroleum Technical University˝, the Chair of Economics and Management at an Enterprise of Oil and Gas Industry

1/2, Kosmonavtov str., 450062, Ufa, Republic of Bashkortostan, Russian Federation,

phone: 8 (347) 260-99-16,

e-mail: koroltay@mail.ru,

phone: 8 (911) 209-04-49,

e-mail: mojchilaf@gmail.com

Bella Leonidovna Khashper

Federal State Budgetary Educational Institution of Higher Professional Education ˝Bashkir State University˝

32, Zaki Validi str., 450076, Ufa, Republic of Bashkortostan, Russian Federation,

phone: 8 (937) 312-46-78,

e-mail: bella_anna_tw@mail.ru

Nowadays the main part of Russian state budget income is taxes on oil companies. That’s why the government is interested in a competent tax policy which stimulates investment development of oil companies. However, the current tax policy in terms of licenses for the right to use subsoil mineral resources doesn’t encourage oil companies to develop new oil fields. So the government needs to introduce more progressive taxation scheme to be used in oil producing branch of industry. The article presents the results of some experiment that was carried out to calculate economic attractiveness of some definite license area by using different variants of tax incentives. Taxation systems of developed countries are compared as well. According to obtained results it is necessary to introduce proportional taxation system, for example, additional income tax, the size of which depends on an oil company’s profit, i.e. the government needs to switch from implementation of fiscal function of oil industry taxation to the regulatory one.

Key words: expenditures estimation; taxation system; severance tax; additional income tax.

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UDC 005.53:622.276

MODERN TRENDS OF FORMATION

OF ˝KNOWLEDGE ECONOMY˝ CORPORATION (р. 24)

Anastasia Ivanovna Pudovina

M. Akmylla Bashkir State Pedagogical University

3а, Oktyabrskaya Revolutsia str., 450000, Ufa, Republic of Bashkortostan, Russian Federation,

phone: 8(347)273-57-91,

e-mail: ksp-ai@yandex.ru

In the short term, the role of human capital will become even more significant, and it could be argued that investment in it will come out on top among other areas of investment.

The article is devoted to the introduction of "knowledge economy" and the formation and rapid development of the "intellectual capital" category. Human resources are looked upon as one of the most important resources of any corporation in modern market conditions. Their importance in provision of reliable and efficient work of any commerce organization only grows during market economy evolution.

Organizations’ typology based on the key type of knowledge forms the grounds for understanding how individual knowledge is related to the broader group and organizational processes of know-ledge management. It allows selecting categories of personnel, knowledge of who makes the most valuable contribution to a company’s competitive advantage.

Transition of the Russian economy, as well as other leading countries of the world, to the innovative type model, based on the "knowledge economy," will require rethinking of virtually almost all of the schemes and management methods both as corporations in general and corporate educational systems in particular.

Key words: intellectual capital; human resources (human factor); personnel education; human capital; knowledge economy; knowledge economy formation; knowledge classification, typology of organizations based on the use of knowledge.

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UDC 553.98.04

ASSESSMENT OF THE RESOURCE BASE EFFICIENCY

OF VERTICALLY INTEGRATED OIL COMPANY (р. 29)

Natalia Sergeevna Isaeva

JSC “Gazprom”

16, Nametkin str., GSP-7, 117997, Moscow, Russian Federation,

e-mail: natalie-87@mail.ru

Vitaly Mikhailovich Matiiv

I. Gubkin Russian State University of Oil and Gas

65, Leninsky prosp., 119991, Moscow, Russian Federation,

e-mail: 332211@mail.ru

Operational efficiency of the resource base of an oil and gas company is characterized by the change in the amount of reserves in time and reflects not only the resources consumption, but also reserves reproduction due to investment in exploration activities, companies’ mergers and acquisitions, the revaluation procedures. In this regard, the relative changes in the reserves amount should correlate with the volume of the resulting net cash effect of the subsoil user.

Some index based on the elasticity index, reflecting the efficiency of the resource base use in view of its economic performance is proposed. The calculation of the proposed elasticity of reserves capitalization index (ERC) is performed by dividing the relative rate of change in the proved reserves into the relative rate of change in the net profit. It has been found out that the proposed index makes it possible to evaluate the effectiveness of the resource strategy of oil companies from many sides, as it considers reserves evaluation changes, financial perfor-mance and the dynamics of oil prices. It has been revealed that the ERC index of companies with a well-diversified assets and resource efficient strategy varies smoothly over time, without going into a zone of negative values.

Key words: resource base; elasticity index; reserves capitalization; effectiveness of reserves reproduction policy; reserves growth.

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UDC 622.276.656.132

PROBLEMS AND SOLUTIONS OF MANAGERIAL ACCOUNTING AUTOMATION

IN AUTOMOBILE FLEET (р. 35)

Elena Valerievna Kuzmina

National Research University ˝Higher School of Economics˝

55, bld.2, Sedov str., 193171, St.-Petersburg, Russian Federation,

e-mail: elena.kuzmina@autorambler.ru

The article is devoted to the problems of automation of managerial accounting in automobile fleet of average and big companies as well as to principals of organization of electronic documents’ circulation.

The article deals with the principals of operation of computerized information-control system (ICS) of managerial accounting as well as problems relating to building of the system of managerial decision-making support for companies that have their own car park.

The article discusses in detail the problem of the place of automobile fleet’s information-management system sector in the corporate information environment of the enterprise, its interaction with other systems, its support of business processes of a company’s transport service.

A detailed list of the main business processes of a company’s transportation service, automation of which should be provided by information management system is presented. Considerable attention is also paid to the mechanism of formation of key performance indicators (KPI) of a company’s transportation service activities as well as to the building of balanced scorecard system, which establishes a cause-and-effect link between the objectives and indicators with account of various indicators’ interdependence.

Examples of key performance indicators, which reflect operational efficiency of transportation service subdivisions of a company and the overall management of the transportation services are considered. The article provides an analysis of specific software solutions offered by Russian venders of corporate software, as well as a detailed description of two software packages.

Significant expansion of the functionality of the automated system of management accounting in a company’s automobile fleet is proposed. It should be accomplished by addition of advanced subsystem of technical servicing and repairing of automobile fleet. Such subsystem should include preventative maintenance system based on state monitoring and prevention of equipment failures.

Key words: automation; managerial accounting; automobile fleet; vehicles; business-processes; electronic document circulation; Automated Control System of Technical Servicing and Repair (ACS TS & R).

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UDC 339.543

VALIDITY CONTROL UPDATING OF THE DECLARED CUSTOMS COST

AFTER IMPORTED GOODS RELEASE FOR DEVELOPMENT

OF CUSTOMS AUTSOURCING IN RUSSIA (р. 43)

Lyudmila Andreevna Popova,

Yury Ivanovich Somov

Scientific-Research Institute of the Russian Customs Academy

4, Komsomolsky prosp., 140000, Lyubertsy, Russian Federation,

phone: 8 (495) 500-13-90.

The correct definition of property transfer moment when importing goods allows avoiding errors while reflecting goods’ contract value, exchange differences arising due to changes of foreign currencies crate against ruble, transport costs, property taxes, VAT and profit in bookkeeping accounts. Errors occur when goods’ importers, the right of property for which hasn’t yet passed to the said importers, include them in the cost of goods. Such error underestimates the tax base and its detection leads to the calculation of penalties. Very often the moment of property right transfer from a seller to a buyer, specified in the contract, does not coincide with the moment of risk transfer in case of death. As a result, there appears some disagreement on the problems of determination of goods’ customs value and recalculation of the received revenues in rubles.

Key words: management accounting; responsibility accounting; planning; control; the budget; report; reported data; production; accounting system; evaluation; planning and cost accounting.

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UDC 339.543

SOME SYSTEM OF RISKS ESTIMATION CRITERIA

WHEN CHOOSING THE OBJECTS OF FIELD CUSTOMS CHECK

OF IMPORT OPERATIONS AND EXPANDING ACTIVITY AREA

OF RESPECTABLE BUSINESS-MEDIA AMONG PARTICIPANTS

OF FOREIGN ECONOMIC ACTIVITIES (р. 49)

Dmitry Germanovich Vlasov

Ivanovsky Customs of Central Customs Department

7, Devyatogo Yanvarya str., 153002, Ivanovo, Russian Federation,

phone: 8 (4932) 37-55-05, 37-45-69,

e-mail: vlasovdmitriy@bk.ru

In conditions of the customs territories union of Russia, Belarus and Kazakhstan in the common customs territory of the Customs Union (hereinafter - CU) and the adoption of international standards of the inspection activity of the World Customs Organization (General Association on Tariffs and Trade/World Trade Organization, GATT/WTO), there happens a shift in emphasis to the customs control after goods’ release. To date, the Federal Customs Service (FCS) is trying to completely neutralize the role of the functional departments of customs authorities in the implementation of customs control after the goods’ release, highlighting this trend especially for departments of customs control after the goods’ release (DCCAGR). This fact is thus even more strengthens the relevance of this field of research. The focus shift to the customs control after the goods’ release, on the one hand, allows simplifying the formalities associated with the goods’ transfer across the single customs border and shortening the time required for customs declaration, and, on the other hand, the simplification of customs administration in case of rapid increase of imported goods carrying capacity for foreign trade participants should be balanced by strengthening of customs control after the goods’ release and its quality raise. The dominant form of such control acts as field customs inspection carried out to prevent criminal and suspicious transactions of foreign trade participants.

Key words: low efficiency; field customs inspection of import operations; array of goods electronic declarations; economic effect; automated technology of post-customs control; importer – participant of foreign economic activity; method of scoring; administrative customs barrier; risk assessment criterion; criterion validity; risk degree; criminal foreign trade traffic of imported goods; system of negative criteria; system of positive refinement criteria; privileged order "ransparent green corridor".

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JSC "ALL-RUSSIAN SCIENTIFIC-RESEARCH INSTITUTE OF ORGANIZATION, MANAGEMENT AND ECONOMICS OF OIL AND GAS INDUSTRY"

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