ISSN 1999-6942

Scientific-economic journal

PROBLEMS OF ECONOMICS

AND MANAGEMENT OF OIL AND GAS COMPLEX

January 2017                                          ¹ 1                                     12 issues per year

 

CONTENÒS

 

THE CHIEF EDITOR`S COLUMN

 

Mastepanov A.M. Oil low prices – the new prospects of development of the world energy industry (p. 5-6)

 

ECONOMICS

 

Shutko S.Yu., Kozhevnikova S.D., Shutko D.S. Estimation of expected monetary value, EMV of "Upstream" exploration projects (p. 7-11)

 

Tulupov D.S., Zuevskaya A.P., Usachev K.V. Profitability and price sensitivity of unconventional oil projects (p. 12-19)

 

ORGANIZATION AND MANAGEMENT

 

Eder L.V., Filimonova I.V., Mishenin M.V. Key tendences in the field of licensing sites with oil and gas potential (p. 20-28)

 

Taymaskhanov H.E., Idigova L.M., Barzaeva M.A., Dudayev R.R. Factors of formation of effective labour market and improvement of investment potential of the Chechen Republic in various industries (p. 28-35)

 

Kalinenko E.A. Cost control of refineries modernization project (p. 35-39)

 

Tolstova T.L., Drozdov I.A. Analysis of the key indicators of financial management in a gas distribution company (p. 39-43)

 

Gonchar N.V. Basic components of labour potential audit when diagnosing a company’s staff development (p. 44-48)

 

Information on the articles (p. 49-52)

 

List of articles, published in 2016 (p. 53-56)

 

 

Information on the articles

 

OIL LOW PRICES – THE NEW PROSPECTS OF DEVELOPMENT

OF THE WORLD ENERGY INDUSTRY (p. 5)

 

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

 

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UDC 553.98

 

ESTIMATION OF EXPECTED MONETARY VALUE,

EMV OF “UPSTREAM” EXPLORATION PROJECTS (p. 7)

 

Sergey Yurievich Shutko,

Sophia Dmitrievna Kozhevnikova

 

LLC "SibGeoProject-Centre"

93A, office 503, Profsoyuznaya str., 117279, Moscow, Russian Federation,

e-mail: shutko@sibgeoproject.ru, kozhevnikova@sibgeoproject.ru

 

Dmitry Sergeevich Shutko

 

LLC “DTA Project-Centre”

93A, office 503, Profsoyuznaya str., 117279, Moscow, Russian Federation,

e-mail: d.shutko@dta-centre.com

 

The article deals with the topical issue related to the monetary assessment of management decisions under conditions of uncertainties and risks to be met by the “Upstream” business-segment (mineral resources exploration and production). The authors describe the conceptual provisions of the theory of expected monetary value (EMV). Special attention is paid to the criteria and decision-making rules. An example of EMV ratings for the exploratory stage and the stage of a hydrocarbon project’s pilot-industrial estimation with activity options visualization is presented. The authors formulated the basic concepts, probability of success, venture capital, etc. The article considers the real exploration project, consisting of four wells. It is clearly seen that there exist only two options, out of six probable ones, which can be considered profitable when drilling wells. The built "decision tree" volumetrically illustrates the exploration works structure, the main alternatives, uncertainties and consequences. The authors draw conclusions about the relevance and effectiveness of the EMV method when evaluating the investment of highly risky assets.

 

Key words: method of expected monetary value; management decisions; risk capital; probability of success; project risks; uncertainties; resource assets; exploration and production; investments; reserves.

 

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UDC 330.15; 338.001.36

 

PROFITABILITY AND PRICE SENSITIVITY

OF UNCONVENTIONAL OIL PROJECTS (p. 12)

 

Dmitry Sergeevich Tulupov

 

St-Petersburg State University

1/3, Smol’nogo str., 191060, St. Petersburg , Russian Federation,

e-mail: touloupovd@ya.ru

 

Anna Pavlovna Zuevskaya,

Kirill Vyacheslavovich Usachev

 

St-Petersburg State University of Economics

103, Moskovsky Ave., 196084, St. Petersburg , Russian Federation,

e-mail: apzuevskaya@gmail.com, usachevkiril@gmail.com

 

The article studies the breakeven prices and price sensitivity of unconventional oil projects such as development of Polar offshore oilfields in Norway, shale plays in the USA and oil sands in Canada.

Based on the comparison of the evaluation of production breakeven prices, analysis of lets the authors think development of Polar projects more profitable ($40 versus $52,5 for shale oil projects and $57,5 for oil sands projects). However, presence of a big potential of the breakeven prices reduction is observed in the projects of oil sands and oil shales development.

The regression and comparative analyses allowed detecting the fact that projects of oil sands development are 40 % more sensitive to price fluctuations than shale deposits development. Polar projects are not price sensitive at all.

With account of presence of big oil sands deposits, production of shale oil and that from offshore fields in Russia, the research is urgent for the development of Russian oil and gas industry.

 

Key words: unconventional oil resources; polar shelf oil fields; shale oil; oil sands; breakeven; price sensitivity.

 

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UDC 622.347.3

 

KEY TENDENCES IN THE FIELD OF LICENSING SITES

WITH OIL AND GAS POTENTIAL (p. 20)

 

Leonty Viktorovich Eder,

Irina Viktorovna Filimonova

 

Institute of Petroleum Geology and Geophysics, SB RAS; Novosibirsk State University

3, Academician Koptyug prosp., 630090, Novosibirsk, Russian Federation,

e-mail: EderLV@yandex.ru, FilimonovaIV@list.ru

 

Mikhail Vladimirovich Mishenin

 

Novosibirsk State University

e-mail: Mishenin.Mihail@yandex.ru

 

The article analyzes the structure of competitions and auctions for getting the right to use subsoil assets areas in the subjects of the Russian Federation. With differentiation by the volume of reserves contained in the areas, structure of raw materials base, fluid type, location region, companies-subsoil assets users. The data on the initial and the final size of a single payment for subsoil use in Russia are analyzed. The organizational structure of licensing in Russia is studied. The average cost of a subsoil assets area, containing hydrocarbons. In Russia is calculated.

 

Key words: oil; gas; efficient use of subsoil assets; license policy; auction; competition; subsoil assets area; RF subject; single payment; licensing; cost; reserves; resources; use of subsoil assets.

 

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UDC 338.45.01

 

FACTORS OF FORMATION OF EFFECTIVE LABOUR MARKET AND

IMPROVEMENT OF INVESTMENT POTENTIAL OF THE CHECHEN REPUBLIC

IN VARIOUS INDUSTRIES (p. 28)

 

Hassan Elimsultanovich Taymaskhanov,

Lalita Musaevna Idigova,

Madina Ahyadovna Barzaeva

 

Academician M.D. Millionshchikov Grozny State Petroleum Technological University

14/53, Avtorkhanov str., 364902, Grozny, the Chechen Republic, Russian Federation,

e-mail: L.idigova@mail.ru, madinaborz@mail.ru

 

Rustam Ramzanovich Dudayev

 

I.A. Ibragimov Interdisciplinary Science Research Institute, RAS

21, Staropromyslovskoye shosse, 364902, Grozny, the Chechen Republic, Russian Federation,

e-mail: L.idigova@mail.ru

 

The article identifies the factors of the investment attractiveness of the region, considers the characteristic of the region, analyzes the federal, territorial and local programs aimed at promoting employment, in line with the implementation of the state employment policy at all levels of management. It is noted that according with the investment portal of the Chechen Republic , the main advantages of this investment policy are the following factors: favorable geographical position; rich natural resource potential; possibility of development of competitive industries (oil and gas industry and certain sectors of agriculture). Based on labor and natural resources potentials, the increasing level of education, the historical traditions of work as well as on the prospects of development of powerful construction industry, it becomes possible to enlarge these industries. The authors note that the projects, being now implemented in the field of industry and energy of the Chechen Republic, are not only of social-economic importance when creating new jobs in highly-efficient sectors of the economy, tax payments to the budgets of different levels, achieving high environmental performance, etc., but also present a bright stylistic aspect forming some image of the region at the international level.

 

Key words: factors of investment attractiveness of the region; investment portal of the Chechen Republic; investment potential.

 

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UDC 338.462

 

COST CONTROL OF REFINERIES MODERNIZATION PROJECT (p. 35)

 

Ekaterina Andreevna Kalinenko

 

Gubkin Russian State University of Oil and Gas (Scientific-Research University)

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

e-mail: ms.kalinenko@mail.ru

 

Lately, project activity in the fuel-energy complex (FEC) of the Russian Federation has been developed quickly, especially in its refining and petrochemical industries. The large-scale modernization program, that was developed to achieve high-value products production and higher level of oil and gas processing efficiency, brought some changes that required relevant updating in the field of project management. The ‘real life’ of Russian oil and gas companies is based on implementation of a great number of models that coordinate activities among the key project parties. The article gives comparative analysis of the terms/factors that define the choice of one of the definite project schemes to be implemented by the customer. Further on, based on that analysis, the efficiency of each of the key models is evaluated. The contract strategy is carried out in several steps and is an important element of overall corporate strategy for project management and implementation, while contract price being one of the key criteria of choosing a suitable option. The author describes possibilities of a project costs optimization in the frames of the above-mentioned contract forms.

 

Key words: EPC; EPCM; oil refining; contract cost; contractual relations; project management; contract models; project risks; efficiency.

 

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UDC 338.242.2

 

ANALYSIS OF THE KEY INDICATORS OF FINANCIAL MANAGEMENT

IN A GAS DISTRIBUTION COMPANY (p. 39)

 

Tatiana Leonidovna Tolstova

 

Udmurt State University

1, bld. 7, Universitetskaya str., 426034, Izhevsk, the Udmurt Republic, Russian Federation,

e-mail: lgkim@ya.ru

 

Igor Alexeevich Drozdov

 

LLC ″Invest Energo Resours″

428, bld. 7, K. Marx str., 426011, Izhevsk, the Udmurt Republic, Russian Federation,

e-mail: lgkim@ya.ru

 

Achievement of high financial stability, being one of the problems, is realized through the effective policy formation of financing economic and investment activity of JSC "Gazprom gazoraspredeleniye Kirov", including control of financial resources formation through a variety of sources and optimization of financial capital structure. Financial stability analysis on a certain date (end of quarter, year) allows to determine the Company’s efficiency of control over its own and borrowed capital during the period. It is important that the composition and the structure of the own and borrowed monetary resources meet the company’s strategic objectives of development.

 

Key words: gas distribution; gas transmission; financial stability; solvency; sources of financial resources.

 

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UDC 658.3

 

BASIC COMPONENTS OF LABOUR POTENTIAL AUDIT

WHEN DIAGNOSING A COMPANY’S STAFF DEVELOPMENT (p. 44)

 

Natalia Valentinovna Gonchar

 

Gubkin Russian State University of Oil and Gas

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

e-mail: irinargung@mail.ru

 

Labor potential audit, along with consulting, is a new phenomenon in economic life of Russia. In our country development of its theoretical bases is at the initial stages and doesn't attract attention, worthy of its importance, of the Russian scientists. Thus, studying of monographic and methodical literature showed that domestic publications on the problem of labor potential audit are practically absent, while the available ones are of generally information character. The essence and specific features of audit approach to personnel management inspection, application of labor potential audit as a diagnostic method of increasing overall efficiency of a company’s activity aren't analyzed in detail thus requiring development.

 

Key words: labor potential audit; strategic plans; productive personnel training; professional competences; gas industry; controlling; restrictions and minuses of use of labor potential audit; key advantages of implementation of labor potential audit; personnel forecasting; programming; design and social-labor engineering.

 

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