ISSN 1999-6942

Scientific-economic journal

PROBLEMS OF ECONOMICS

AND MANAGEMENT OF OIL AND GAS COMPLEX

October 2019                            ¹ 10(178)                     12 issues per year

 

CONTENÒS

 

STRATEGY

 

Mastepanov A.M. Energy transition: what should the oil and gas world get ready for (p. 5‑14)

 

ECONOMICS

 

Zubareva V.D., Ozdoeva A.Kh. Determination of oil and gas companies cost based on the concept of economic added value (p. 15‑19)

 

Kibovskaya S.V. Some specific features of non-financial report preparation in accordance with the international "GRI standards" (p. 20‑24)

 

Kazakov K.V., Lunev A.N., Pimenova N.A., Schemelinina A.V., Nadezhkin D.V. Experience of technical and economic assessment of hydrocarbon resources development on the basis of typification of geological-geographic conditions (p. 25‑30)

 

Yakovlev A.L., Savenok O.V., Povarova L.V., Kusov G.V. Determination of cost-effective methods to intensify oil production of the Dysh field in the Krasnodar territory (p. 31‑36)

 

Mukhametyanova G.Z. Planning of the effective use of associated oil gas (p. 37‑42)

 

ORGANIZATION AND MANAGEMENT

 

Litvin Yu.V., Kulik V.S., Fisenko D.G., Shchekalev R.V., Habibullin D.Ya., Idiatullina L.H. A methodical approach to the problem of setting-up the optimal portfolio of exploration projects by an oil and gas company (p. 43‑49)

 

Papadmitrieva L.V. Integration of oil and gas corporations and production construction companies as a basis for EPC model application (p. 50‑58)

 

 

Information on the articles

 

UDC 338.9          DOI: 10.33285/1999-6942-2019-10(178)-5-14

 

ENERGY TRANSITION:
WHAT SHOULD THE OIL AND GASWORLD GET READY FOR (p. 5)

 

Alexey Mikhailovich Mastepanov, Dr. of economic sci., academician of the Russian Academy of Economic Sciences, Head of the Analytical Center of the Energy policy and Security of IPNG RAS, a member of the Directorate Council of the Institute of Energy Strategy

 

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

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

e-mail: amastepanov@mail.ru

 

The paper considers the problems of the mankind transition to the energy of the future, called the "energy transition" – Energy Transition (or energy transformation – Global Energy Transformation). The reasons for the transition necessity, the possibilities and conditions of its implementation, including the required investments, are analyzed. It is shown that the energy transition became possible as a result of a number of technological innovations achieved at the beginning of the XXI century in the energy industry of the world economy. The basic concepts, postulates, scenarios and roadmaps aimed at ensuring such a transition on a global scale, the necessary breakthrough innovations both in the production of electricity and energy production and in other sectors of the economy are considered.

The role and nature of oil and gas companies in the context of the energy transition, its possible results such as volumes and structure of global energy consumption, dynamics of demand for oil and natural gas are shown. It is concluded that in the coming decades the world will unfoldfierce competition between companies and states in the field of developing and possessing the innovations and technologies, necessary for the transition. So, the above-considered trends and innovations must be taken into account in the Russian Federation.

 

Keywords: energy transition; technologies; innovation; power consumption; energy efficiency; renewable energy sources (RES); oil; natural gas; coal; electric power industry.

 

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UDC 330.15+553.048+665.7          DOI: 10.33285/1999-6942-2019-10(178)-15-19

 

DETERMINATION OF OIL AND GAS COMPANIES COST BASED
ON THE CONCEPT OF ECONOMIC ADDED VALUE (p. 15)

 

Valentina Dmitrievna Zubareva, Dr. of economic sci., Professor,

Alina Khamzatovna Ozdoeva, Cand. of economic sci., Associate Professor

 

National University of Oil and Gas "Gubkin University"

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

e-mail: 4305@bk.ru

 

To determine the weighted average costs of capital attraction, a Russian company should, firstly, find the costs for own capital attraction. This problem is one of the most important in the theory of finance and requires a separate study. The paper considers the possible mechanisms for determining the costs of a company’s own capital attraction with account for the specifics of the countries with developed capital markets, which include Russia.

An important specific feature of the concept of the economic value added is the fact that it can create an incentive for the effective work of not only the senior management, but also heads of a company’s departments. It follows that a company with several separate business units can benefit more from using the system than a rigidly centralized company.

 

Keywords: development strategy; oil and gas industry; key performance indicators; implementation strategies; economic value added (EVA); business valuation; investment projects; return on invested capital (ROIC); capital asset pricing model (CAPM); arbitrage pricing model (APT); weighted average cost of capital product (WACC).

 

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UDC 657.1          DOI: 10.33285/1999-6942-2019-10(178)-20-24

 

SOME SPECIFIC FEATURES OF NON-FINANCIAL REPORT PREPARATION
IN ACCORDANCE WITH THE INTERNATIONAL "GRI STANDARDS" (p. 20)

 

Svetlana Vasilyevna Kibovskaya, Cand. of economic sci., Associate Professor

 

National University of Oil and Gas "Gubkin University"

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

e-mail: kibsv@mail.ru

 

Sustainable development reporting is an instrument for Russian oil and gas companies that provides the company's activities systematize in the non-financial sector and improvement of the corporate management quality, thus contributing to the company's overall sustainability. The paper presents the main specific features of the non-financial reporting preparation in accordance with the new international "GRI Standards" standard. A systematic analysis of the content and new requirements of this Standard, in the author’s opinion, will improve the efficiency of writing a non-financial report by Russian oil and gas companies.

 

Keyword: corporate social responsibility; sustainable development; non-financial reporting; non-financial report; global reporting initiative (GRI); "GRI Standards" international standard.

 

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UDC 553.98          DOI: 10.33285/1999-6942-2019-10(178)-25-30

 

EXPERIENCE OF TECHNICAL AND ECONOMIC ASSESSMENT
OF HYDROCARBON RESOURCES DEVELOPMENT ON THE BASIS
OF TYPIFICATION OF GEOLOGICAL-GEOGRAPHIC CONDITIONS (p. 25)

 

Kirill Viktorovich Kazakov, Head of the Department,

Aleksandr Nikolaevich Lunev, Head of the Managerial Department,

Natal'ya Anatol'evna Pimenova, Cand. of economic sci., Scientific secretary,

Anna Viktorovna Schemelinina, 2nd category specialist,

Dmitrij Vladimirovich Nadezhkin, Head of the Department

 

LLC "LUKOIL–Engineering"

3, bld. 1, Pokrovsky Boulevard, Moscow, 109028, Russian Federation,

e-mail: Kirill.Kazakov@lukoil.com

 

The purpose of the paper is the assessment of the minimum cost-effective reserves of hydrocarbons (MEFS) to determine the priority areas of exploration in a vast and poorly studied area of the activities, characterized by harsh climatic conditions. Geological, physical, geographic and climatic characteristics of 10 fields and 125 prospective structures of the area were assessed, becoming the basis for their clustering. In total, 18 clusters of fields and structures with similar characteristics were identified, in each of which there identified averaged typical fields that were subjected to probabilistic resource estimation. The analogy method and the material balance method were used to predict the oil and gas production indicators. To calculate CAPEX and OPEX, statistical pricing models were derived based on the data of "Questor" software. The feasibility study results were used for determination of the minimal cost-effective reserves of hydrocarbons (MEFS) for each cluster. MEFS sensitivity to the changes of the tax regime, drilling and surface construction costs, pipeline transport length, selection of strata and their depths, and other factors were analyzed. The results of the paper can be used as the basis for development of a reasonable strategy of exploration in the region.

 

Keywords: technical and economic assessment; MEFS; express design; assets estimation; method of analogy.

 

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UDC 622.276.6+64.011.44          DOI: 10.33285/1999-6942-2019-10(178)-31-36

 

DETERMINATION OF COST-EFFECTIVE METHODS
TO INTENSIFY OIL PRODUCTION OF THE DYSH FIELD
IN THE KRASNODAR TERRITORY (p. 31)

 

Aleksey Leonidovich Yakovlev, Vice President for Investment Project Development

 

LLC "KNGK-Group"

117/2, Budenny str., Krasnodar, 350004, Russian Federation

 

Olga Vadimovna Savenok, Dr. of tech. sci., Professor,

Larisa Valeryevna Povarova, cand. of chemical sci., associate professor

 

Kuban State Technological University

2, Moskovskaya str., Krasnodar, 350072, Russian Federation,

e-mail: olgasavenok@mail.ru, larispv08@gmail.com

 

Gennady Vladimirovich Kusov, post-graduate student

 

North-Caucasus Federal University

16/1, bld. 16, Kulakov prosp., Stavropol, 355029, Russian Federation

 

The problem, addressed in the paper, is the definition of cost-effective methods to intensify oil production at the Dysh field. Hydrodynamic wave impact is especially urgent for the fields that have been under development for a long time or with geological conditions that cause a rapid decrease of reservoir permeability. These deposits include the Dysh field. A cost-effective technology and the technology that allows to increase the actual level of the oil recovery factor (ORF) to the design one has been developed. To intensify oil production at the field, it is proposed to use the developed method and the device to be used for wellbore zones treatment.

 

Keywords: wellbore zone treatment of a productive formation; well productivity recovery; hydrodynamic wave impact; pulse cavitation treatment; treatment technology using a rotary device; pilot tests; economic efficiency assessment.

 

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UDC 338.45:665.612.2          DOI: 10.33285/1999-6942-2019-10(178)-37-42

 

PLANNING OF THE EFFECTIVE USE OF ASSOCIATED OIL GAS (p. 37)

 

Guzel Zabirovna Mukhametyanova, post-graduate student

 

Ufa State Petroleum Technical University

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

e-mail: muhametyanova-guzel@mail.ru

 

The paper is devoted to solving the problem of the efficient use of associated petroleum gas (APG) by oil companies. The current state of the oil and gas market has been analyzed, that resulted in identifying the main spectrum of the problems relating to APG efficient use, in particular the reasons for its flaring. To solve the identified problems and increase the efficiency of APG use, the author of the paper developed a model that regulates the process of interaction between APG market participants and an algorithm for choosing the method of using APG at a field/group of fields, taking into account both the risks associated with the implementation of the methods and the specific features of the oil fields. The approbation of developments is also presented on the example of JSC ANC "Bashneft".

 

Keywords: associated petroleum gas; methods of using associated petroleum gas; assessment of economic efficiency; design risks.

 

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UDC 338.45:658.5          DOI: 10.33285/1999-6942-2019-10(178)-43-49

 

A METHODICAL APPROACH TO THE PROBLEM OF SETTING-UP
THE OPTIMAL PORTFOLIO OF EXPLORATION PROJECTS
BY AN OIL AND GAS COMPANY (p. 43)

 

Yuri Vasilyevich Litvin, Cand. of economic sci., Head of the Department,

Vasily Sergeevich Kulik, Cand. of technic sci., Deputy Head of the Department,

Dmitry Gennadievich Fisenko, 2nd category specialist

 

LLC "NIIgazekonomika"

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

e-mail: econmg@gazprom.ru

 

Roman Viktorovich Shchekalev, Cand. of biological sci., Head of the Managerial Department,

Damir Yaditovich Habibullin, Deputy Head of the Managerial Department,

Lilia Hamitovna Idiatullina, chief economist

 

PSC "Gazprom"

16, Nametkina str., Moscow, 117997, Russian Federation,

e-mail: gazprom@gazprom.ru

 

The paper considers the problem of setting-up the optimal portfolio of exploration projects taking into account the technological, license, financial and other restrictions. The mathematical programming formalization of the problem is proposed. The variants of the problem set-up and development of the corresponding equations used when obtaining the short- and medium-terms optimal portfolio of the exploration projects have been formulated. The equations for accounting of basic restrictions such as performance targets, reserves growth, budget and license obligations fulfillment, accounting of carry over works and priority of specified exploration projects are presented.

 

Keywords: project portfolio; short-term planning; medium-term planning; geological exploration; optimization; project decisions.

 

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UDC 658.5          DOI: 10.33285/1999-6942-2019-10(178)-50-58

 

INTEGRATION OF OIL AND GAS CORPORATIONS AND
PRODUCTION CONSTRUCTION COMPANIES AS A BASIS
FOR EPC MODEL APPLICATION (p. 50)

 

Larisa Vladimirovna Papadmitrieva, assistant of the Department of Petroleum Industry Economics

 

National University of Oil and Gas "Gubkin University"

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

e-mail: papadmitrieva.l@gubkin.ru

 

This paper analyses foreign practices of management of structural-technological development of transnational oil and gas companies (TNOGC), as well as provision of their economic activities of producing and construction companies (PCC) in terms of the implementation of capital oil and gas projects and the optimal allocation of resources for their implementation. The focus of the work is addressing the main problems faced by Russian oil and gas companies when implementing capital projects of hydrocarbon resources development on the continental shelf of the Russian Federation. The presented study reveals the efficiency factors of TNOGC and PCC in their provision of economic activities. The oil and gas companies are recommended to use the EPC approach (Engineering, Procurement, Construction – design, procurement, construction) as one of the most effective instruments of planning and implementation of capital projects. This model, which has extensive experience of practical application by foreign TNOGC and PCC, allows for high efficiency of economic activity in the harsh conditions of limited financial resources and new technological challenges and may also be of interest for further structural and innovative development of the Russian oil and gas complex.

 

Keywords: structural and technological complex management; project management; project solutions; efficiency; technological development; resource allocation; EPC model; EPC/EPCI/EPCM contract; transnational oil and gas companies; production and construction companies; integration of organizational structures; implementation of capital projects; innovative development; projects of hydrocarbon resources development on the continental shelf.

 

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