ISSN 1999-6942

Scientific-economic journal

PROBLEMS OF ECONOMICS

AND MANAGEMENT OF OIL AND GAS COMPLEX

December 2019                        ¹ 12(180)                     12 issues per year

 

CONTENÒS

 

STRATEGY

 

Zhukov I.F., Korovin E.V. Economic security of the Russian oil and gas complex in modern situation: an analysis of risks (p. 5‑10)

 

ECONOMICS

 

Trufanov A.V., Kirilenko S.O., Nefedova K.V. Problems of pricing in construction, reconstruction and overhaul of wells in oil and gas industry of the RF. Possible solutions (p. 11‑13)

 

Naruzhny V.E., Nasonov S.V., Pakhomov V.I. Substitution of import: nature and global practice (p. 14‑21)

 

Andreev A.F., Daudova A.A., Biketova A.A. Problems and prospects of development of small fields in Russia (p. 22‑30)

 

Metelskaya V.V. Cost management of a shareholder state unitary enterprise in the Russian oil and gas industry (p. 31‑39)

 

ORGANIZATION AND MANAGEMENT

 

Zubakin V.A. Managing the development of the electricity (p. 40‑45)

 

Khalidov I.A., Milovidov K.N. Some problems of abandonment fund establishment in Russia during oil and gas decommissioning (p. 46‑53)

 

Devlikamova G.V. The industry specificity of forming the petroleum service industry (p. 54‑59)

 

WORLD OIL AND GAS BUSINESS

 

Golubchik A.M., Katyukha P.B. Unobvious problems in case of using accredited form of payment on foreign trade transactions of oil products buying and selling (p. 60‑65)

 

 

Information on the articles

 

UDC 338.14          DOI: 10.33285/1999-6942-2019-12(180)-5-10

 

ECONOMIC SECURITY OF THE RUSSIAN OIL AND GAS COMPLEX
IN MODERN SITUATION: AN ANALYSIS OF RISKS (p. 5)

 

Ivan Fedorovich Zhukov, postgraduate in a military college,

Eduard Viktorovich Korovin, Dr. of economic sci., associate professor, Head of the Department of Economics and Law

 

St. Petersburg University of the State Fire-Fighting Service of the Russian Federation for Civil Defense, Emergencies and Elimination of Consequences of Natural Disasters

149, Moskovsky prosp., St. Petersburg, 196105, Russian Federation,

e-mail: ivan-zhukov-1995@mail.ru, korovin69@list.ru

 

The paper considers the problems of economic security of the Russian oil and gas complex. A typology of risks is proposed. A detailed description of each type of risks is given. Factors that create each type of risks are described. It is demonstrated that these risks are supranational. The strategy of these risks’ elimination should be proposed on the national and supranational levels, not on corporate or industrial ones.

 

Keywords: economic security; oil and gas complex; international sanctions.

 

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UDC 338.5:622.323.013          DOI: 10.33285/1999-6942-2019-12(180)-11-13

 

PROBLEMS OF PRICING IN CONSTRUCTION, RECONSTRUCTION
AND OVERHAUL OF WELLS IN OIL AND GAS INDUSTRY OF THE RF.
POSSIBLE SOLUTIONS (p. 11)

 

Andrey Vladimirovich Trufanov, Head of the Department of Cost Engineering,

Sergey Olegovich Kirilenko, Chief Manager of the Project of the Department of Cost Engineering,

Kseniya Vladimirovna Nefedova, Chief Specialist of the Department of Cost Engineering

 

Specialized Institute for pricing in the field of construction/reconstruction of wells and facilities of oil and gas fields development, established on the basis of LLC "Samara NIPIneft"

18, Vilonovskaya str., Samara, 443096, Russian Federation,

e-mail: NefedovaKV@samnipi.rosneft.ru

 

The paper analyzes the experience of budget-regulatory base (1984) and its impact on the formation of wells construction cost in modern conditions of scientific-technological progress. The existing problems in the field of wells construction pricing, that prevent the correct determination of costs, are considered. The conclusions about the necessity of improving and optimizing the pricing structure are made. The proposal to develop an updated budget-regulatory base, which will provide better customer's control over the cost formation process of wells construction/reconstruction, is presented.

 

Keywords: pricing system; budget-regulatory base; state energy policy; formation of wells construction cost.

 

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UDC 339.562.4          DOI: 10.33285/1999-6942-2019-12(180)-14-21

 

SUBSTITUTION OF IMPORT: NATURE AND GLOBAL PRACTICE (p. 14)

 

Vyacheslav Evgenievich Naruzhny, Head of the Department ¹ 249

 

Military Representation of the Ministry of Defense of the Russian Federation

40, Marshal Govorov str., St. Petersburg, 198095, Russian Federation,

e-mail: 4771spb@mail.ru

 

Sergey Veniaminovich Nasonov, Cand. of military sci., Professor, associate professor of Logistic Support Department,

Vyacheslav Ivanovich Pakhomov, Cand. of military sci., Professor, Logistic Support Department

 

Military Academy of Logistics named after Army General A.V. Khrulyov

8, Makarov embankment, St. Petersburg, 199034, Russian Federation,

e-mail: schlafrik@gmail.com

 

The present paper briefly overviews the experience of foreign countries in the field of import substitution within the catching-up development programs. The definition of import substitution is specified. A typology of import substitution models is proposed. It is demonstrated that each model has its specific success factors. It is shown that in modern situation the total import substitution leads to a decrease of the national economy efficiency.

 

Keywords: substitution of import; international sanctions; international production chains.

 

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UDC 622.2          DOI: 10.33285/1999-6942-2019-12(180)-22-30

 

PROBLEMS AND PROSPECTS OF DEVELOPMENT
OF SMALL FIELDS IN RUSSIA (p. 22)

 

Alexander Fedorovich Andreev, Dr. of economic sci., Professor, Head of the Department "Production Management",

Amira Anvarovna Daudova, Cand. of economic sci., associate professor, Department of "Production Management",

Anastasiya Alexseevna Biketova, magistrant

 

National University of Oil and Gas "Gubkin University"

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

e-mail: kafedra.ng@mail.ru, amira.rgu@mail.ru

 

Small fields are considered as a significant reserve for increasing hydrocarbon production. For the period until 2030, the discovery of predominantly small deposits is forecasted in promising territories. The assessment of the current state of small fields development shows, that small hydrocarbon fields account for 747 units or approximately 85 % of the total number of gas and gas condensate fields discovered in Russia. The total gas reserves at these facilities are about 2 trillion m3. According to the resource base assessment, 45 % of the resources are currently not involved in economic activity. The paper considers the main problems that companies face when developing small hydrocarbon deposits and their investment attractiveness.

The problems of competitiveness of deposits with small reserves and the development of methodological recommendations on the selection of the most investment-attractive projects for their implementation are studied and thoroughly analyzed.

When studying the problems of small deposits development in Russia, the methods of logical, statistical analysis as well as a decision tree method and a schematic representation of solution paths, DPL 9 software were used.

The analysis of the main problems associated with the development and account of some specific features made it possible to formulate the main approaches to the selection of a certain complex of small deposits and the adoption of a positive decision on their development. As a result of the analysis, methodological recommendations for choosing the most investment-attractive projects for development are derived.

It is concluded that small deposits are a significant reserve for increasing hydrocarbon production, especially in the developed regions of the country. For the period until 2035, the opening of deposits with predominantly small reserves in promising territories is forecasted [20]. Since large deposits in conditions of the current production volumes and required costs, including those with hard-to-recover reserves (hereinafter referred to as HTRR) are gradually losing their attractiveness.

 

Keywords: small deposits; development; problems; prospects; decision tree; efficiency; investment attractiveness.

 

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UDC 336.64+658.1          DOI: 10.33285/1999-6942-2019-12(180)-31-39

 

COST MANAGEMENT OF A SHAREHOLDER STATE UNITARY ENTERPRISE
IN THE RUSSIAN OIL AND GAS INDUSTRY (p. 31)

 

Valeriya Valerievna Metelskaya, Postgraduate Student, Department of Economic Analysis, Statistics and Finance

 

Kuban State University

149, Stavropolskaya str., Krasnodar, 350040, Russian Federation,

e-mail: lerametelskaya@mail.ru

 

The paper considers reorganization measures aimed at transformation of existing unitary enterprises of various industries and regions into joint-stock companies, applying abstract-logical method, comparative and systematic approaches.

The main goal is to confirm the hypothesis about the effectiveness of the transition process during reorganization from one form of management (unitary enterprise) to another one (joint-stock company) under the influence of many macroeconomic factors, such as globalization, high volatility of the financial market, the introduction of economic restrictions (sanctions), high competition in the industry, etc.

Structural transformations in the form of corporatization require an assessment of their financial and economic feasibility. It is determined that when assessing the value of a joint-stock enterprise, it is advisable to apply a combined approach that includes the following:

– the concept of cost management (VBM) based on the calculation of the economic profit indicator (EVA);

– by applying the method of cash flows discount according to the "as usual" scenario (based on the calculation of the weighted average cost of the invested capital – WACC by means of the financial assets valuation model – (CAPM) as well as based on the scenario approach – according to the negative scenario with account of the specific risks of emerging market companies;

– through a comparative analysis of indicators of financial stability and investment attractiveness (the model of the analog company). The comparative analysis of the results of the cost valuation showed that the corporatization of State Unitary Enterprise (SUE) RC "Chernomorneftegaz" in the proposed amount of 10 % of the company's capital cost is economically profitable and efficient, including in conditions of adverse effects of various macroeconomic factors on the domestic financial market.

 

Keywords: company’s value; corporatization; reorganization; weighted average cost of the invested capital (WACC); Valuation of Financial Assets (CAPM); enterprise value management (VBM); a method of additional capital attraction (IPO); economic profit indicator (EVA).

 

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UDC 621.311          DOI: 10.33285/1999-6942-2019-12(180)-40-45

 

MANAGING THE DEVELOPMENT OF THE ELECTRICITY (p. 40)

 

Vasily Alexandrovich Zubakin, Doctor of Economic Sci., Professor of Department of Renewable Energy Source, Head of the Department of Coordination of Energy Sales and Operations of PJSC "LUKOIL"

 

National University of Oil and Gas "Gubkin University"

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

 

PJSC "LUKOIL"

11, Sretensky Boulevard, Moscow, 101000, Russian Federation,

e-mail: zubakinva@gmail.com

 

The article presents the main directions of the world electric power industry transformations – diversification, decarbonization, decentralization, digitalization, and reveals the manifestation of each of these phenomena in modern Russian energy sector. The prerequisites of these transformations are revealed not only as a result of scientific and technological progress, but also in response to the world challenges associated with social and environmental problems and global climate change. Particular attention is paid to the state regulation of industry transformations; the author’s practical activities in energy supply of the largest vertically integrated oil company "LUKOIL" made it possible to substantiate the conclusions with specific figures and examples. As the most important feature of the current stage of industry transformation the emergence of a special class of energy market participants "prosumers" with the possibility of their own electricity generation (distributed generation, including using renewable energy sources), as well as participation in the newly created market of price-dependent reduction in consumption (realization of negative power) was revealed. For the first time an analysis of price dynamics is given, as well as the ratio of supply and demand for a new product in the energy market negative power. A forecast for this market growth in the Russian energy sector is made. Based on the analysis of the trends in the modern development of electric power markets measures to improve industry regulation mechanisms to harmonize the interests of investors and market participants – consumers, energy producers and infrastructure are proposed. Concrete refinements and additions to the draft of "Energy Strategy of the Russian Federation until 2035" are formulated, including the "legalization" of the rapidly growing highly efficient sector of the electric power industry with the participation of new market participants "prosumers" distributed generation.

 

Keywords: electric power industry; development; regulation; prosumers; distributed generation.

 

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UDC 338.45:622.276         DOI: 10.33285/1999-6942-2019-12(180)-46-53

 

SOME PROBLEMS OF ABANDONMENT FUND ESTABLISHMENT IN RUSSIA
DURING OIL AND GAS DECOMMISSIONING (p. 46)

 

Ibragim Arbievich Khalidov, Cand. of economic sci., Doctorate of Department of International Oil and Gas Business,

Konstantin Nikolaevich Milovidov, Doctor of Economic Sciences, Professor of Department of International Oil and Gas Business

 

National University of Oil and Gas "Gubkin University"

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

e-mail: khalidov.i@mail.ru, milovidov_kn@mail.ru

 

The papers "Abandonment fund. Part 1: Financing schemes, default security mechanism sand decommissioning of oil and gas wells" and "Abandonment fund. Part 2: Impact on the reported information on the reserves of producing fields approaching the time of their abandonment" (see the Journal "Problems of economics and management of oil and gas complex "Nos. 6 and 7, 2019) considered the foreign practice on financing schemes, default security mechanisms and decommissioning of oil and gas wells as well as the Russian practice of establishing abandonment fund and decommissioning of oil and gas wells, as well as its impact on the available reported reserves of producing fields approaching abandonment.

This paper discusses the Russian legislative and regulatory framework, as well as some proposed changes to certain legislative acts of the Russian Federation regarding the establishment of the abandonment funds by subsurface resources users.

 

Keywords: abandonment fund; oil and gas wells decommissioning; the legislative framework; regulations; reserve of funds (guarantees).

 

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UDC 338.45          DOI: 10.33285/1999-6942-2019-12(180)-54-59

 

THE INDUSTRY SPECIFICITY OF FORMING
THE PETROLEUM SERVICE INDUSTRY (p. 54)

 

Galina Vladimirovna Devlikamova, Cand. of economic sci., associate professor of the Department "Economics of Oil and Gas Industry"

 

Ufa State Petroleum Technical University

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

e-mail: devlikamova.g@mail.ru

 

The paper presents the results of the research of the petroleum services problems. The petroleum service is a new branch and a new market. Three sectors such as "upstream", "downstream" and petroleum engineering were identified at the petroleum service market. Each sector has his own specific features of formation, development product and territorial differentiations. The methods of research: review, comparison, analysis and generalization are discussed as well.

 

Keywords: petroleum service; petroleum service industry; petroleum engineering; petroleum markets structure; petroleum service company.

 

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UDC 336.71          DOI: 10.33285/1999-6942-2019-12(180)-60-65

 

UNOBVIOUS PROBLEMS IN CASE OF USING ACCREDITED FORM OF PAYMENT
ON FOREIGN TRADE TRANSACTIONS OF OIL PRODUCTS BUYING AND SELLING
(p. 60)

 

Andrey Moiseevich Golubchik, Cand. of economic sci., assistant professor of the Department of Energy Trading and Logistics

 

National University of Oil and Gas "Gubkin University"

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

 

Pavel Borisovich Katyukha, Cand. of econ. Sci., associate Professor, faculty of Economics and Finance Fuel&Energy complex

 

Financial University under the Government of the Russian Federation

49, Leningradskiy prosp., Moscow, 125993, Russian Federation,

e-mail: pkatioukha@mail.ru

 

The authors, based on their own experience, assured themselves of the statement correctness saying that the overwhelming majority of problems arising during implementation of a foreign trade contract are created by the parties themselves. Often the main source of problems is the fact that an executor lacks the necessary set of knowledge or is inattentive. The authors of the paper discussed some fairly characteristic problems associated with the letter of credit form of settlements that arose during the implementation of foreign trade contracts when trading crude oil and petroleum products (oil trading).

 

Keywords: international sanctions; foreign contract; petroleum markets structure; accredited form of payment; oil trading.

 

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