ISSN 1999-6942

Scientific-economic journal

PROBLEMS OF ECONOMICS

AND MANAGEMENT OF OIL AND GAS COMPLEX

April 2019                                  ¹ 4(172)                     12 issues per year

 

CONTENÒS

 

THE CHIEF EDITOR`S COLUMN

 

Mastepanov A.M. Oil in perspective global energy balance: at the crossroad of opinions and estimates (p. 5‑8)

 

ECONOMICS

 

Filimonova I.V., Eder L.V., Komarova A.V., Shumilova S.I. Structural analysis of incomes of oil and gas companies (p. 9‑15)

 

Sadykova R.Sh., Asylgaraeva I.F. Intangible assets: identification problems, factor of companies’ competitive advantages formation (p. 16‑21)

 

Melekhin E.S., Fedorova S.E. Development of the Russian economy based on the use of gas component of fuel and energy balance (p. 22‑25)

 

ORGANIZATION AND MANAGEMENT

 

Eremina I.Yu., Pham Vu Kim Hoa, Chuprova A.V. Analysis and evaluation of the system of human resource management in international petroleum companies (p. 26‑29)

 

ECONOMIC-MATHEMATICAL MODELING

 

Litvin Yu.V., Kulik V.S., Kirpichnikov A.V., Saprykin S.Yu., Shchekalev R.V. Risk assessment methods of projects portfolio options of geological-prospecting activities (GPA) in an oil and gas company (p. 30‑34)

 

Zubakin V.A. Modeling of the pilot projects influence dealing with the demand management on the electricity price change using the example of vertically integrated oil company (p. 35‑41)

 

WORLD OIL AND GAS BUSINESS

 

Epshtein T.L. Iraq invasion into Kuwait and the cost of oil companies shares (p. 42‑47)

 

Studenikina L.A., Tyrtyshova D.O., Naryshkin G.S. Investment attractiveness assessment of the petroleum in the Middle East countries (p. 48‑52)

 

 

Information on the articles

 

OIL IN PERSPECTIVE GLOBAL ENERGY BALANCE:
AT THE CROSSROAD OF OPINIONS AND ESTIMATES (p. 5)

 

Alexey Mikhailovich Mastepanov, Dr. of economic sci., Professor of National University of Oil and Gas "Gubkin University", academician of the Russian Academy of Natural Sciences, Head of the Analytical Center of the Energy policy and Security of OGRI RAS, a member of the Institute of Energy Strategy Board of Directors

 

Oil and Gas Research Institute Russian Academy of Scien ces (OGRI RAS)

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

e-mail: amastepanov@mail.ru

 

Order this article in the electronic library

 

UDC 338.2          DOI: 10.33285/1999-6942-2019-4(172)-9-15

 

STRUCTURAL ANALYSIS OF INCOMES OF OIL AND GAS COMPANIES (p. 9)

 

Irina Viktorovna Filimonova1, 2, Dr. of economic sci., Professor,

Leontiy Viktorovich Eder1, 2, Dr. of economic sci., Professor,

Anna Vladimirovna Komarova1, 2, researcher,

Svetlana Igorevna Shumilova1, junior researcher

 

1 Tromuk Institute of Petroleum Geology and Geophysics of the SB RAS

3, Koptug prosp., Novosibirsk , 630090, Russian Federation,

e-mail: FilimonovaIV@list.ru

 

2 Novosibirsk State University

 

The paper presents a structural and dynamic analysis of the companies’ revenue, that are engaged in the oil and gas industry of Russia, as the main macroeconomic indicator. The revenues integral values of the oil and gas complex of Russia in the whole during the study period are calculated. The organizational revenue structure as well as differentiation by types of products sold (raw hydrocarbons and products of their processing) and directions of their supply to the domestic and foreign markets are reviewed in detail. The coefficient of hydrocarbon production efficiency was calculated by the revenue indicator, that provides the companies ranking relative to the industry average value.

 

Keywords: vertically integrated oil and gas companies; financial indicators; revenue; organizational structure of revenue; cost; profit; efficiency; production.

 

Order this article in the electronic library

 

UDC 338.5(075)          DOI: 10.33285/1999-6942-2019-4(172)-16-21

 

INTANGIBLE ASSETS: IDENTIFICATION PROBLEMS, FACTOR
OF COMPANIES’ COMPETITIVE ADVANTAGES FORMATION (p. 16)

 

Roza Shainurovna Sadykova, Dr. of economic sci., Professor, Head of "Economics and Enterprise Management" Department,

Ilyuza Faritovna Asylgaraeva, second year magister

 

Almetyevsk State Oil Institute (ASOI)

2, Lenin str., Almetyevsk, 423450, Tatarstan, Russian Federation,

e-mail: kafedraeco@yandex.ru, umnica19@yandex.ru 

 

In the conditions of the Russian economy modernization and its transition to an innovative way of development, the companies try to find ways of their competitiveness increase. To attain this purpose, they apply different methods, one of which is acquisition and creation of intangible assets (IA), that provides the prime cost reduction at the expense of innovations, the available knowledge, rights, skills and technologies. Various interpretation of the IA concept by specialists of the different industries of knowledge (jurists, economists, patent engineers, appraisers) complicates elaboration of the uniform approach to the IA and their effective management. So, economists study the IA generally from the investment point of view. In modern economic literature the IA are considered generally from positions of accounting and assessment of their book or market costs. Paying special attention to understanding of tangible and intangible assets structure, it is possible to avoid absorption, to increase investment attractiveness of the company, efficiency of transformations which are carried out more actively because of financial crisis aftereffects. Increase in the IA share leads to companies cost increase, being one of the main strategic objectives.

 

Keywords: intangible assets (IA); assessment; Tobin's coefficient; capitalization.

 

Order this article in the electronic library

 

UDC 558.063:47          DOI: 10.33285/1999-6942-2019-4(172)-22-25

 

DEVELOPMENT OF THE RUSSIAN ECONOMY BASED ON THE USE
OF GAS COMPONENT OF FUEL AND ENERGY BALANCE
(p. 22)

 

Evgeny Sergeevich Melekhin, Dr. of economic sci., Professor, "Economics of Oil and Gas Industry" Department,

Svetlana Evgenievna Fedorova, Cand. of economic sci., assistant professor, "Economics of Oil and Gas Industry" Department

 

National University of Oil and Gas "Gubkin University"

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

e-mail: kafedra.ng@mail.ru

  

The article considers the state of the mineral and raw material base of combustible natural gas, including unconventional resources, presents a forecast of the Russian economy supply by them. The emphasis is placed on the development of coal beds methane as the most important energy resource. Accounting of the significant reserves and resources of both traditional and unconventional gas, the further development of the economy should be based on the gas component of the fuel and energy balance. It substantiates the position that the main promising trends for the use of gas in the country, determining its economic development, are gasification of the country’s territory and the use of gas as a gas-engine fuel. The main part of the motor transport should be transferred to the gas engine fuel, including the development of intercity and international transportation by heavy trucks. The problems of further gasification of the Russian regions and autonomous gasification as one of the trends were touched upon. One of the most important problems of the fuel-energy complex (FEC) development is an integrated state approach to resource-(energy)savings at all levels.

 

Keywords: gas reserves and resources; unconventional gas resources; coal bed methane; gas use trends; gasification; gas engine fuel.

 

Order this article in the electronic library

 

UDC 316.354          DOI: 10.33285/1999-6942-2019-4(172)-26-29

 

ANALYSIS AND EVALUATION OF SYSTEMS OF HUMAN RESOURCE MANAGEMENT
IN INTERNATIONAL PETROLEUM COMPANIES (p. 26)

 

Irina Yurievna Eremina1, Dr. of economic sci., Professor, Department of Labor and Personnel Management,

Pham Vu Kim Hoa1, 2, PhD student of Labor and Personnel Management Department, Deputy manager of Personnel Department,

Alena Vyacheslavovna Chuprova3, specialist in transactions registration

 

1 National University of Oil and Gas "Gubkin University"

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

e-mail: irinargung@mail.ru

  

2 LLC "JC Rusvietpetro"

 

3 Gazprom Marketing & Trading Limited

A, bld. 3, Ostrovsky Square, St.-Petersburg, 191023, Russian Federation

 

Personnel management is a purposeful guiding management activity of a company’s leaders as well as managers and specialists of the personnel management system, which includes the concept and strategy development of the personnel policy and the personnel management methods. The paper presents the actual state of human resources management in the Vietnam Oil and Gas Corporation (hereinafter referred to as "Petrovietnam" Oil and Gas Corporation). Based on the analysis of the actual information on the problem under consideration, it is proposed to evaluate the human resource management system in "Petrovietnam" Oil and Gas Corporation by several blocks: personnel selection and recruitment, personnel planning, management of personnel carrier progress, personnel training and development.

 

Keywords: personnel selection and recruitment; personnel planning; management of personnel carrier progress; personnel training and development.

 

Order this article in the electronic library

 

UDC 553.981:658.5          DOI: 10.33285/1999-6942-2019-4(172)-30-34

 

RISK ASSESSMENT METHODS OF PROJECTS PORTFOLIO OPTIONS
OF GEOLOGICAL-PROSPECTING ACTIVITIES (GPA)
IN AN OIL AND GAS COMPANY
(p. 30)

 

Yuri Vasilyevich Litvin, Cand. of economic sci., Director of the Center of LLC "NIIgazeconomika",

Vasily Sergeevich Kulik, Cand. of technics sci., Chief researcher

 

Institute of economics and business administration in gas industry (NIIgazeconomica LLC)

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

e-mail: econmg@gazprom.ru

 

Alexey Vladimirovich Kirpichnikov

 

LLC "Gazprom Exploration"

70, Gertsena str., Tyumen, 625000, Russian Federation

 

Sergey Yurievich Saprykin

 

PJSC "Gazprom Neft"

3–5, Pochtamtskaya str., St-Petersburg, 190000, Russian Federation

 

Roman Viktorovich Schekalev

 

PJSC "Gazprom"

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

 

The risk assessment of geological-prospecting activities (GPA) portfolios is a rather complicated task and requires the use of a special methodical approach with account of the uncertainties and peculiarities of exploration projects implementation. The paper proposes a method to be applied for assessing the risk of exploration projects portfolios, that combines analytical and simulation approaches. The errors that can arise when applying the proposed methodology for assessing the risks of GPA projects portfolios are estimated.

 

Keywords: geological-prospecting activities; projects portfolio; risks.

 

Order this article in the electronic library

 

UDC 621.311          DOI: 10.33285/1999-6942-2019-4(172)-35-41

 

MODELING OF THE PILOT PROJECTS' INFLUENCE DEALING
WITH THE DEMAND MANAGEMENT ON THE ELECTRICITY PRICE CHANGE
USING THE EXAMPLE OF VERTICALLY INTEGRATED OIL COMPANY (p. 35)

 

Vasily Alexandrovich Zubakin, Dr. of economic sci., Head of Department of Lukoil Oil Company, Head of "Renewable Energy Sources" Department

 

PJSC "LUKOIL"

11, Sretensky boulevard, Moscow, 101000, Russian Federation

 

National University of Oil and Gas "Gubkin University"

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

e-mail: zubakinva@gmail.com

 

Technological reliability of power systems and the quality of electricity are determined by the power balance compliance. Constant change of power consumption is the main reason for the need to manage power balance and to control power systems. The power consumption to some extent can be predicted and planned through market mechanisms, but the stochastic component will always remain in the amount of power consumption at any given time period. The spread of generation based on renewable energy resources (RES), namely based on the solar and wind energy, significantly, aggravates the problem of power balance management in power systems.

Firstly, such generation is practically uncontrollable – the generators power depends on weather and climatic factors but not on the operator's commands, and secondly, it is stochastic and hardly predictable.

The paper considers the regulatory grounds of electricity demand control in Russia as well as evaluates the impact of the price-dependent mechanism of power consumption reduction on "LUKOIL" Group organizations as an example of the vertically integrated oil companies with a full set of companies in the "Upstream" and "Downstream" segments.

 

Keywords: demand-response market; electricity demand management; price-dependent reduction of power consumption.

 

Order this article in the electronic library

 

UDC 336.67          DOI: 10.33285/1999-6942-2019-4(172)-42-47

 

IRAQ INVASION INTO KUWAIT AND THE COST OF OIL COMPANIES SHARES (p. 42)

 

Tatiana Leonidovna Epshtein, a student

 

National Research University "Higher School of Economics"

16, Soyuz Pechatnikov str., Saint-Petersburg, 119333, Russian Federation,

e-mail: tlepshteyn@edu.hse.ru

 

The paper examines the event study method and the specifics of its application when analysing Iraqi troops invasion into Kuwait and its influence on the cost of oil companies shares. In the majority of previous studies, the event study method was applied to analyse the cases, the sources of which were "a company" and "environment"; however, the source of this military conflict was "the government". The narrow localization of this event makes it possible to most effectively apply this method for detecting the impact of this extraordinary event on shares prices. The sampling included seven companies of the USA oil industry; some of the most little-known of them were in the process of expanding their operating activity at the end of the 20th century and several of the industry giants were suffering losses due to their oil tankers collapse. It was necessary to be born in mind in the analysis. The results of the applied approaches show that it is impossible to reject the hypotheses about insignificancy of the accumulated abnormal returns, thus, the interrelation between Iraqi invasion into Kuwait and the cost of shares of the USA petroleum companies is not traceable.

 

Keywords: event analysis; event study; shares; stock market; market reaction; abnormal return; government; oil industry.

 

Order this article in the electronic library

 

UDC 339.166.2          DOI: 10.33285/1999-6942-2019-4(172)-48-52

 

INVESTMENT ATTRACTIVENESS ASSESSMENT
OF THE PETROLEUM INDUSTRY IN THE MIDDLE EAST COUNTRIES (p. 48)

 

Ludmila Alekseevna Studenikina, Cand. of economic sci., assistant professor, Department of Strategic Management of Energy Industry,

Diana Olegovna Tyrtyshova, assistant, Department of Strategic Management of Energy Industry,

Gleb Stanislavovich Naryshkin, student, Faculty of International Energy Business

 

National University of Oil and Gas "Gubkin University"

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

e-mail: las@gubkin.ru, diana.tyrtyshova@gmail.com, gleb5nn@gmail.com

 

In the context of exhaustion of easily recoverable hydrocarbon resources in traditional areas of production, international oil and gas companies, including the Russian ones, consider foreign hydrocarbon fields as a source of enlarging their oil reserves and acquiring additional profit. That’s why, it becomes urgent to assess the comparable investment attractiveness of oil production in such an important region of the world oil reserves concentration as the Middle East. The paper proposes a preliminary substantiation of methodological approaches to the assessment of the comparable investment attractiveness of the oil producing industry (oil production and refining) of six countries of the Middle East, as well as Iraq and Iran.

The fully comparable Integrated indices of the investment attractiveness of the oil production industries in the countries under consideration, the values of which vary around the group average, obtained as a result of the assessment, show the extent to which that or other country under consideration has quantified advantages or disadvantages for a foreign private investor within the Cooperation Council for the Arab States of the Gulf, Iraq and Iran.

 

Keywords: investment attractiveness; economic-mathematical analysis; oil and gas projects; investment; the Middle East; oil producing industry.

 

Order this article in the electronic library

 

 

NATIONAL UNIVERSITY OF OIL AND GAS "GUBKIN UNIVERSITY"

Main page of journal