Problems of Economics and Management of Oil and Gas Complex

The oil and gas complex is a cross-industry territorial system, an important component of national economy as well as the base of the heavy industry. Following the results of 2015, Russia wins the 10^th place in the world as per amounts of oil and gas-condensate production (12 %), the second place as per gas production amount (17,7 %), the sixth place as per coal production (4,5 %), the fifth place as per power generation (4,4 %). The article presents some characteristic of Russian oil production sector, the dynamics of the main production indicators of Russian oil industry, the role of privileges granting procedure in the oil production sector as well as implementation results of a "big tax maneuver".

The article also submits some scheme of the organizational and economic mechanism of projects implementation of oil fields development, discusses costs and activity results of the companies participating in the investment project of oil fields development, assesses efficiency of investments granted to companies-participants, which is performed on the basis of indicators calculation of the net discounted income, an index of profitability, an internal return rate and a payback period as well as presents the results of efficiency calculation of an investment project of an oil field development for companies-participants.

Key words: efficiency; production; oil; MET; tax maneuver; oil and gas complex; oil companies; privileges; capital investments; income.

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UDC 338.45.01

RATIONALIZATION OF THE REGIONAL TARGET PROGRAMS WHICH ARE

MANAGEMENT INSTRUMENTS OF SOCIAL AND ECONOMIC DEVELOPMENT

OF THE RUSSIAN SOUTHERN REGIONS (p. 10)

Lalita Musaevna Idigova

Chechen State University

32, A. Sheripov str., 364051, Grozny, the Chechen Republic, Russian Federation,

e-mail: L.idigova@mail.ru

Sadzhid Sadzhidovich Sadzhidov

Chechen State Pedagogical University

33, Kievskaya str., 364051, Grozny, the Chechen Republic, Russian Federation,

e-mail: L.idigova@mail.ru

Aminat Denaevna Bataeva,

Yakha Denaevna Bataeva

H.I. Ibragimov Comprehensive Research Institute, Russian Academy of Sciences

21A, Staropromyslovskoye shosse, 364051, Grozny, the Chechen Republic, Russian Federation,

e-mail: L.idigova@mail.ru

The article analyzes the regional target programs as a managerial instrument of socio-economic development of the Southern region. It is noted that a number of the country’s regions has a sharp sectoral focus, which caused formation of single-industry towns and population according to the same principle thus increasing the country’s disproportion of regions.

The problem territories, "especially depressive and underdeveloped ones”, are assisted by the state. But this assistance should be directed to the economy restructuring, work force retraining, infrastructure modernization, assistance to those seeking to move to other regions, etc. D. At the same time, not only the subjects of the Russian Federation, but also some of their parts can be referred to "problem" territories.

The development and implementation of federal programs aimed at Russian regions progress becomes a more urgent problem. They reflect the federal government point of view relating to the region’s choice of the development direction that will meet the country’s interests in the whole. This is the direction that will be subsidized, privileged and supported by other measures. Such programs become pilots of the government’s regional policy.

Key words: regional target programs; socio-economic development; southern regions of Russia; government regional policy.

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UDC 005.53:622.276

CORPORATE NEWSPAPER AS AN INSTRUMENT

OF PERSONNEL DEVELOPMENT (p. 14)

Anastasiya Ivanovna Pudovina,

Alla Ivanovna Chigrina,

Andrey Nikolayevich Aldashov

M. Akmulla Bashkir State Pedagogical University

55, bld. 4, Oktyabrskaya Revolutsiya str., 450000, Ufa, Republic of Bashkortostan, Russian Federation,

e-mail: ksp-ai@yandex.ru, doc77@mail.ru, aldashov1965@mail.ru

Intra-corporation communication instruments can be different, and their choice is totally dependent on a company’s specific features and a particular situation. The corporate newspaper has become one of the instruments of the company’s personnel development, means of its organizational culture improvement and creation of the company’s full-scale image. The corporate edition allows organizing information flows within the company, raising personnel awareness and consequently its professional development. The article discusses the advantages of the corporate newspaper as a communication instrument and the personnel development, formulates its objectives and functions, presents the principles of the corporate edition. The corporate newspaper together with the training programs seriously assists the process of each employee awareness and development. The provisions of the article are illustrated by a definite example, namely, by "Bashkir oil" corporate newspaper. Its content and information policy are analyzed.

Key words: corporate newspaper; communication; organizational culture; information space; corporate culture; company's image; media resource; target audience; promotion of corporate values; professional culture; information policy; personnel training and development; editorial board; publicity capital.

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UDC [622.32+622.24]:658.152

PRODUCTION SHARING AGREEMENT (PSA):

ANALYSIS OF RUSSIAN PRACTICE (p. 19)

Nataliya Anatolievna Pimenova

LLC “LUKOIL–Engineering"

3, bld 1, Pokrovsky Blvd, 109028, Moscow, Russian Federation,

e-mail: Natalya.Pimenova@lukoil.com

Alina Alexandrovna Kulabukhova

Gubkin Russian State University of Oil and Gas

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

e-mail: alinakul93@mail.ru

The article analyzes the experience of the Federal law "About the Production Sharing Agreement (PSA) in the Russian Federation". Currently, the Russian practice has three PSA project: Sakhalin-1 (operator ExxonMobil) and Sakhalin-2 (operator Sakhalin energy), the Kharyaga field (Zarubezhneft-Production Kharyaga LLC). The largest project is the PSA Sakhalin-2. Its capital investments amount to about $ 10 billion. The division of risks is the optimal approach to project implementation for this volume of investments. It is beneficial to the Corporation and the State. In the process of implementation of projects Sakhalin-1 and Sakhalin-2, the Russian Federation and Sakhalin region receive multiple financial, economic, environmental and social benefits: Russian companies received opportunities to develop new technologies in fuel and energy complex; the level of gross regional product (GRP) increased; Sakhalin region hasn’t public debt; the problem of associated gas utilization is solved successfully; the standard of living and incomes of the population of the Sakhalin region increased significantly.

Key words: Production Sharing Agreement (PSA); PSA project; Sakhalin-1 (operator ExxonMobil); Sakhalin-2 (operator Sakhalin energy); financial results; ecological safety; socioeconomic indexes.

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UDC 339.9

INTENSITY OF MERGERS AND ACQUISITIONS

IN RUSSIAN OILFIELD SERVICES (p. 24)

Kirill Pavlovich Muchkin

National Research University "Higher School of Economics"

3, bld. 1, letter A, Kantemirovskaya str., 194100, St. Petersburg, Russian Federation,

e-mail: www.kirill-much@mail.ru

The present paper considers domestic oil-servicing companies’ behavior in the market, namely, the intensity of assets consolidation by means of mergers and acquisitions deals. The problem of evident factors presence, which cause companies to act this way is discussed. The aim of the article is to understand the ways of how to increase oil-servicing companies’ efficiency in modern economic conditions using mergers and acquisitions as a factor of efficiency enhancement.

Key words: oil services market; mergers and acquisitions; sanctions; oil service; oil branch of industry.

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UDC [622.32+622.24]:658.152

SOME SPECIFIC FEATURES OF INTERNATIONAL OIL-AND-GAS PROJECTS

FINANCING IN TERMS OF RECENT WORLD ENERGY CHALLENGES

(ON THE EXAMPLE OF RUSSIA) (p. 31)

Sabrina Vyacheslavovna Goltelova

Saint-Petersburg State University of Economics

21, Sadovaya str., 191023, Saint-Petersburg, Russian Federation,

e-mail: media@unecon.ru

The last decade of the century is characterized by the global challenges in the field of the world energy industry, in particular the Russian oil and gas industry. In light of recent trends, expressed by a general slowdown of the world economy growth rates, increase of the number of participants in the global hydrocarbon market, excess of aggregate supply over demand, that caused reduction of energy resources prices, the aggravation of geopolitical tensions – all this in the long term tightens cross-country competition and demands the search for new effective solutions in the field of financing of investment projects. The author of the article analyzes the fundamental factors affecting the financial sources used when implementing international oil and gas projects with Russia’s participation, taking into account the current situation.

Key words: international project financing; global challenges of the world energy industry; financial and technological sanctions; transnational companies (TNC); foreign financing; domestic financing.

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UDC 665.6/.7

COMPARATIVE ANALYSIS

OF CHINA'S AND RUSSIA'S OIL REFINING INDUSTRY (p. 38)

Liang Meng, Yang Ying

Gubkin Russian State University of Oil and Gas (National Research University)

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

e-mail: liangmeng@mail.ru, yyainngg@126.com

Chen Huan

China University of Petroleum

18, Fu Xun Lu str., 102249, Beijing, People’s Republic of China,

e-mail: 837193479@qq.com,

Xu Xin

China Coal Institute

35, Shao Yao Ju str., 100029, Beijing, Chaoyang district, People’s Republic of China,

e-mail: xuxin@coalinfo.net.cn,

Yuan Haiyun

Petro China Changqing Oilfield Company, 3^rd gas recovery plant

73, Feng Chengxily str., 710021, Xian, People’s Republic of China,

e-mail: 819088945@qq.com

The article presents the comparative analysis of the current state of the oil refining industry in Russia and China. Although China and Russia have significant common facilities for crude oil processing in the world, both countries meet different technical and technological problems. In Russia, the depth of oil processing and output of light oil products is much lower than the average level in the world. And in China there exists a serious problem of the excess capacity of oil refining. So, both countries are confronted by the necessity to improve the quality of oil products and to modernize oil refineries. Perspective direction of cooperation between Russia and China is proposed. First, this is regulation of oil refining structures and focusing on oil refining at large refineries. Second, the strengthening of cooperation in the development of new technologies and catalysts for oil refining in order to implement import substitution in key industries.

Key words: oil refining state; oil and gas industry; import substitution; Russia; China.

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UDC 519.8[330.101.541]

ANALYSIS OF MACROECONOMIC CONJUNCTURE OF HYDROCARBON MARKET

AND PREDICTION OF ITS DEVELOPMENT TILL 2040 (p. 45)

Alexander Alexandrovich Repnik

Center of Geological Data Investigation "GeoGrid"

15, bld. 5, Malayа Kaluzhskaya str., 119071, Moscow, Russian Federation,

e-mail: repnik@geogrid.pro

Vitaly Anatolievich Bochkarev

LUKOIL International Upstream West Inc.

Three Greenway Plaza, 12^th Floor Houston, TX 77046,

e-mail: Vitaliy.Bochkarev@lukoil-international.com

The observed situation on the oil and gas market is a result of violation of the supply and demand balance model during growth rates change of the leading economies in the world due to the abundant overflow of the market by the USA shale oil. The retrospective analysis of oil prices allows to highlight the main milestones of growth and decline in oil prices. In historical terms the situation on the market similar to the current one was observed in the period from 1976 to 1985, when the market had excessed supply, and at the same time there was a decrease in demand. The oversupply in the period from 2005 to 2015 was caused by the "shale revolution" in the USA, where the new source of hydrocarbons was discovered (famous for a long time, but no date for economic and accordingly for technological reasons until recently) to meet the world consumption, which led to a gradual market overflow. In addition, the Middle East countries began to increase its own production to fight for market share, which has led to an oversupply of oil. It should be noted that the beginning of the market overflow coincided with the period of high oil prices and the change in the behavior of investment banks in the United States caused by the recession of the economy and the global financial crisis. During this period, the Fed's policy (the Federal Reserve), the USA "zero" lending rate, undermined the traditional investment approaches-savings, treasury, bonds, causing the presence of a large mass of free money. Banks found a solution, namely, to redirect the released money supply from traditional investment approaches to the American E & P business, which is actively engaged in the study and development of shale projects in the USA.

The paper predicts the price of oil based on the analysis of the history of commodity market conjectures, the theory of "Black Swan" (explains the main provisions of this theory), the analysis of the volumes of world hydrocarbon reserves and resources and their trend changes.

Key words: oil and gas reserves; unconventional hydrocarbon sources; shales; oil price forecast; global financial crisis; bonds; treasury operations; investments; event of "Black Swan" type; alternative energy; balance of supply and demand.

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

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