ISSN 1999-6942

Scientific-economic journal

PROBLEMS OF ECONOMICS

AND MANAGEMENT OF OIL AND GAS COMPLEX

May 2016                                               ą 5                                       12 issues per year

 

CONTENŇS

 

STRATEGY

 

Mastepanov A.M. Some information referring to the RF Energy strategy project for the period up to 2035 (p. 4-13)

 

ECONOMICS

 

Pavlovskaya A.V., Andrukhova O.V. Multi-dimensional comparative analysis as the basis to assess the efficiency of the RF vertically-integrated oil companies activity (p. 13-19)

 

ORGANIZATION AND MANAGEMENT

 

Demkin I.V., Nikonov I.M., Gabrielov A.O., Barkhatov V.D., Petrova M.S. Methodological problems that arise when analyzing risks of oil and gas projects (Part II) (p. 20-28)

 

Kekyashkieva E.V. Updating of the mechanism of granting the right to use hydrocarbon subsoil assets (p. 28-35)

 

ECONOMIC-MATHEMATICAL MODELING

 

Voronin D.M. Development of approaches to corporate project financing in the oil and gas industry (p. 36-40)

 

Pryadko S.A., Stavrovsky E.R. Markov’s expert logical analysis of data for oil and gas reserves probabilistic evaluation (p. 41-46)

 

WORLD OIL AND GAS BUSINESS

 

Morozova I.A., Kurbatova Ju.A., Pogorelova A.Yu., Yatsechko S.S. "British Petroleum Co." contribution in the development of oil and gas industry in conditions of ascending corporate social responsibility (p. 47-53)

 

Information on the articles (p. 54-58)

 

 

Information on the articles

 

UDC 620.9(094)(470+571)

 

SOME INFORMATION REFERRING TO THE RF ENERGY STRATEGY PROJECT

FOR THE PERIOD UP TO 2035 (đ. 4)

 

Alexey Mikhailovich Mastepanov

 

Institute of Oil and Gas Problems Russian Academy of Sciences (IPNG RAN)

3, Gubkin str., 119333, Moscow, Russian Federation,

e-mail: amastepanov@mail.ru

 

The article discusses some problems in relation to the development of the RF Energy Strategy for the period until 2035 (ES-2035) together with the problems of global warming, reduction of greenhouse gas emissions and implementation of Paris Climatic Agreement of the UN and solutions of the 21st Conference (COP21). It is proved that when finalizing the ES-2035 draft it is expedient to further take into account the necessity of the solution and such complex and energy-ecological problem as recycling of industrial, agricultural, forestry and municipal solid wastes to produce energy. It is also necessary to revise the main objectives and provisions of the resource-innovative development of the Russian economy and energy, which should be supplemented by specific mechanisms of their implementation. To ensure deep, in some way even philosophical reasoning of such new factors as globalization and large-scale use of renewable energy and non-conventional sources of hydrocarbons; appearance of new poles of economic growth and economic giants in the global economy; reindustrialization of Russia and development of its eastern regions.

 

Key words: Energy Strategy of Russia; challenges; geopolitics; world economy and energy; energy resources; global warming; Paris Agreement; resource-innovative development.

 

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UDC 303.642.022:622.32

 

MULTI-DIMENSIONAL COMPARATIVE ANALYSIS AS THE BASIS TO ASSESS

THE EFFICIENCY OF THE RF VERTICALLY INTEGRATED OIL COMPANIES ACTIVITY

(đ. 13)

 

Alla Vasilyevna Pavlovskaya,

Olga Vitalyevna Andrukhova

 

Ukhta State Technical University

13, Oktyabrskaya str., 169300, Ukhta, Komi Republic, Russian Federation,

phone: 8 (216) 77-45-04,

e-mail: apavlovskaya@ugtu.net, oandrykhova@ugtu.net

 

Russia concentrates 13 % of the world proven oil reserves and extracts 16 % of the oil; specific weight in terms of proven oil reserves is about 6% of the world total ones. About 86,9 % of the oil, produced in Russia, is provided by the largest vertically integrated oil companies, which form the basis of oil and gas industry of the country. The article characterizes contemporary state of oil producing sector of the economy, highlights the role and importance of the oil industry for the national economy of the country, shows the dynamics of the main indicators of production and economic activity of the largest vertically integrated companies Complex integral index, allowing to evaluate the results of vertically integrated companies activities is calculated on the basis of multivariate comparative analysis.

To ensure the most objective and reliable evaluation of production and economic activity of the largest vertically integrated oil companies some method of calculation of a complex integral indicator is suggested. The method is based on the multidimensional comparative analysis, the application of which allows identifying the most effectively operating oil companies in Russia.

 

Key words: energy sources; consumption; oil; mineral extraction tax; Federal budget; oil and gas sector of the economy; vertically integrated oil companies; profitability; integrated evaluation; Fishburn’s rule.

 

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UDC 338

 

RISK ANALYSIS METHODOLOGY PROBLEMS

OF OIL AND GAS PROJECTS (PART II) (đ. 20)

 

Igor Vyacheslavovich Demkin1,

Igor Mikhailovich Nikonov1,2,3,

Alexander Olegovich Gabrielov1,3,

Vladimir Dmitrievich Barkhatov1,3,

Marina Sergeevna Petrova1

 

1 LLS "NIIgazeconomika"

20, bld. 8, Staraya Basmannaya str., 105066, Moscow, Russian Federation,

e-mail: i.demkin@econom.gazprom.ru, m.petrova@econom.gazprom.ru

 

2 M.V. Lomonosov Moscow State University

1, Leninskie gory, 119991, Moscow, Russian Federation,

e-mail: inikonov@hse.ru

 

3 National Research University "High School of Economics"

20, Myasnitskaya str., 101000, Moscow, Russian Federation,

e-mail: agabrielov@hse.ru, vbarkhatov@hse.ru

 

The article is devoted to practical problems of risk analysis of oil and gas projects. The problems of such project risks classification; expert assessment consistency during qualitative risk analysis as well as approach to expert assessment specification of risk impact on a project life with account of time reserves are considered. The first part of the article described the main approaches to risk analysis of oil and gas projects, the requirements for the source data and limitations of application of the existing methods and tools for risk analysis presented in the common international standards and literature as well as presents conclusions on expediency of updating a number of methods applied for qualitative risk.

The second part of the article deals with the problem of identification and quantitative risk assessment of oil and gas projects. The authors proposed a series of original approaches to these problems salvation and illustrated their practical applicability while conducting pre-investment studies as well as during the investment stage of oil and gas projects.

 

Key words: risk analysis; expert assessment; expert assessment consistency; oil and gas projects; quantitative risk analysis.

 

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UDC 347:214.2:528.44

 

UPDATING OF THE MECHANISM OF GRANTING THE RIGHT

TO USE HYDROCARBON SUBSOIL ASSETS (đ. 28)

 

Elizaveta Viktorovna Kekyashkieva

 

"All-Russian Scientific-Research Geological Oil Institute" – "VNIGNI"

36, Entuziastov shosse, 105118, Moscow, Russian Federation,

phone: 8(495) 673-05-71,

e-mail: kev@vnigni.ru

 

Possibility of increasing the investment attractiveness of subsoil assets areas, containing hydrocarbons, with the aim of granting the subsoil assets users the right to use them is considered in the article. In order to determine the possible funding limit of exploration works for oil at the expense of the budget funds and with account of different values of capital expenditure ratios it is proposed to apply differentiated factor "P" when calculating the minimum starting single payment.

The example of "O-I" and "K-II" two structures located respectively on the territory of Orenburg region and Krasnoyarsk territory shows that depending on the region, where exploration works for oil are being carried out at the expense of budget funds, possible values of "P" factor are assumed from 0,05 and up to 0,1.

If areas are auctioned without preliminary carrying out of exploration works for oil at the expense of the budget funds it is proposed to reduce the value of "P" factor to the value equal to 0,01 or 0,03. In this case low starting single payment will encourage the auction participants to achieve in the bidding process the fair market price for the right to use subsoil assets.

 

Key words: exploration work; investment attractiveness; initial payment; oil; auction.

 

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UDC 336.63

 

DEVELOPMENT OF APPROACHES TO CORPORATE PROJECT FINANCING

IN THE OIL AND GAS INDUSTRY (đ. 36)

 

Dmitry Mikhaylovich Voronin

 

Institute of Economics of the Ural division of the Russian Academy of Sciences, Perm branch

13a, Lenin str., 614000, Perm, Russian Federation,

e-mail: voronin.d@outlook.com

 

The article discusses some approaches to the development of the existing mechanism of corporate financing of investment projects implementation associated with hydrocarbons development and production. The key factors that determine the necessity of updating of the existing approaches and the vectors of such updating development are identified. The author's approach to projects implementation financing in accordance with the current theoretical and practical aspects of the financial and economic efficiency assessment of capital investments in the industry, differed from the existing ones by the opportunity to consider the investment projects as real options in case of their compliance to a number of criteria, as well as active project management approach like financing of works based on the information specifying the degree of uncertainty of the project individual parameters is proposed. The process of a project implementation financing from the point of view of a company is considered by the example of the exploration of a prospective subsoil assets area for the purpose of hydrocarbons production.

 

Key words: DCF; NPV; geologic exploration; investments; investment project; real options; risks; Monte Carlo.

 

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UDC 622.03+519.816

 

MARKOV’S EXPERT LOGICAL ANALYSIS OF DATA

FOR OIL AND GAS RESERVES PROBABILISTIC EVALUATION (đ. 41)

 

Sergey Alexandrovich Pryadko

 

Federal State Budgetary Educational Institution of Higher Education "Gubkin Russian State University of Oil and Gas (National Research University)"

65, bld. 1, Leninsky prosp., 119991, Moscow, Russian Federation,

phone: 8(499) 507-88-88,

e-mail: com@gubkin.ru

 

Evgeny Romanovich Stavrovsky

 

JSC "Gazprom promgaz"

6, Nametkin str., 117420, Moscow, Russian Federation,

phone: 8(495) 504-43-26,

e-mail: promgaz@promgaz.gazprom.ru

 

The methods of hierarchy and analytical networks analysis (MHA/MAN) are considered in the present article. It is shown that MHA/MAN models represent the particular samples of Markov’s finite chains, i.e. discrete random processes with Markov property. Some integrated method is offered – Markov’s expert logical analysis (ĚELA), the base of which is models, methods and algorithms of Markov’s chains theory, is suggested. This base will stimulate the progress in researches of multi-criteria decision-making problems, which arise in various spheres. MELA application for probabilistic estimation of oil and gas stocks and reserves is discussed. Different methods which, with the help of MELA, allow taking into account the uncertainty of both numeric and nonnumeric information about a gas deposit thought to be techniques of expert information transformation in sets of probability distribution are described. Typical logical schemes to be applied for multi-criteria comparison of object-analogs, for taking into account possible errors while assessing porosity as well as for evaluation of a project life time are offered.

 

Key words: method of hierarchy analysis (MHA); method of analytical networks (MAN); Markov chains; evaluation of stocks and resources; Markov’s expert logical analysis (ĚELA); logical scheme; information uncertainty; Monte-Carlo method; project life; oil and gas reserves probabilistic estimation.

 

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UDC 005.35(043)

 

"BRITISH PETROLEUM CO." CONTRIBUTION

IN THE DEVELOPMENT OF OIL AND GAS INDUSTRY IN CONDITIONS

OF ASCENDING CORPORATE SOCIAL RESPONSIBILITY (đ. 47)

 

Irina Anatolievna Morozova,

Julia Alexandrovna Kurbatova,

Anna Yurievna Pogorelova,

Stanislav Stanislavovich Yatsechko

 

Volgograd State Technical University (FBGOU VO "VSTU")

28, Lenin prosp., 400005, Volgograd, Russian Federation,

phone: 8 (906) 407-67-17,

e-mail: annayu_2011@mail.ru

 

The article presents an analysis of "British Petroleum Co." (international petroleum company) carrying out its activities not only in the field of oil production and refining but also paying special attention to the provision of social support, environmental responsibility as well as charity events. Consideration of internal organizational culture of the company testifies the developed system of internal control and accountability of individual structural departments, which together with the implementation of joint projects with Russia's largest oil companies, points to a reorientation of corporate policy as part of a new image of a socially and environmentally responsible market participant.

Thus, after reviewing the statistical and analytical data showing the British Petroleum activities on the international and Russian markets, the authors of the article came to a logical conclusion to conduct a serious reputational rehabilitation of the company on the basis of its intensive work in such fields as education and discipline; cultural development; charitable initiative – all this allows thinking about the significant contribution of “British Petroleum Co.” into the development of corporate social responsibility and economic potential.

 

Key words: oil production; oil refining; "British Petroleum Co."; corporate social responsibility; environmental security; rebranding; charitable initiatives; image.

 

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