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Russia’s Oil Sector 2014

  • January 2015
  • -
  • Interfax
  • -
  • 107 pages

Interfax is pleased to offer you “Russia’s Oil Sector 2014” a market survey published in January 2015, providing an insight providing an insight in major trends in Russia’s oil industry in 2014 (oil reserves, wells fund, oil and gas production, primary oil refining by holdings, independent producers, refineries within oil majors, output of gasoline, diesel oil, fuel oil, lubricants by refineries, exports of oil and oil products, transportation issues, regulation). The survey studies the tax manoeuvre launched in the Russian oil sector as well as makes assessment of its impact on the oil companies and the federal budget. The survey also covers recent performance, financials, ratings, loans, business structure of 8 top holdings (Lukoil, Rosneft, Gazprom Neft, Surgutneftegaz, Tatneft, Slavneft, Russneft, Bashneft) in 2014.

Russia’s Oil Sector 2014 – some highlights

• Oil priced at $50 per barrel is not a painful situation for Russia's oil companies. Rosneft, the biggest oil producer, can withstand oil prices at $30 per barrel, Lukoil - $25 per barrel.
• The Russian Natural Resources and Environment Ministry has drastically lowered its growth forecast to 2020 for annual oil and gas reserves in Russia.
• A halt in joint shelf and shale projects between Russian and foreign companies will not have a significant impact on the Russian economy in the medium-term perspective.
• As of January 1, 2015 Russia raised the tax on the extraction of subsoil resources and reduced export duties on oil and oil products. In conditions of low oil prices the tax manoeuvre may lead to a sharp increase in export deliveries and a shortage on the domestic fuel market.

Table Of Contents

Russia’s Oil Sector 2014
RUSSIA'S OIL PRODUCTION: MAJOR TRENDS IN 2014 6
Russia's oil industry: reserves and output trends 6
Oil reserves 6
Exploration and production drilling 9
Oil wells 13
Trends in oil production 15
Russia's oil companies: oil output 18
Gas production by oil sector 23
RUSSIA'S OIL REFINING INDUSTRY IN 2014 27
Russia's oil refining industry: drivers and trends 27
Key drivers 27
Trends in oil refining 30
Russia's petroleum products output: major trends 34
Gasoline 35
Diesel fuel 37
Fuel oil 40
Jet fuel 42
Gasoline and diesel fuel quality requirements 44
RUSSIA'S EXPORTS OF OIL AND PETROLEUM PRODUCTS IN 2014 46
Oil sector's export performance 46
Crude oil: major trends 46
Key transportation routes 48
Exports of petroleum products 51
Oil export: transportation issues 52
RUSSIA'S OIL SECTOR: TAX MANOEUVRE ISSUES 58
Russia's oil sector tax manoeuvre: adjustments in 2014 58
Russia's oil sector tax manoeuvre: impact on oil companies and the federal budget 62
The Eurasian Economic Union: the tax manoeuvre issues 65
RUSSIA'S OIL HOLDINGS: COMPARATIVE FINANCIALS 67
RUSSIAN OIL MAJORS IN 2014 69
LUKOIL 69
Lukoil: structure 69
Lukoil: operations summary 70
Lukoil: key financials and ratios 74
Rosneft 75
Rosneft: structure 75
Rosneft: operations summary 76
Rosneft: key financials and ratios 82
Surgutneftegas 84
Surgutneftegas: structure 84
Surgutneftegas: operations summary 85
Surgutneftegas: key financials and ratios 86
Gazprom Neft 87
Gazprom Neft: structure 87
Gazprom Neft: operations summary 88
Gazprom Neft: key financials and ratios 91
Tatneft 93
Tatneft: structure 93
Tatneft: operations summary 94
Tatneft: key financials and ratios 96
Bashneft 97
Bashneft: structure 97
Bashneft: operations summary 98
Bashneft: key financials and ratios 101
Slavneft 102
Slavneft: structure 102
Slavneft: operations summary 103
Slavneft: key financials and ratios 104
Russneft 105
Russneft: structure 105
Russneft: operations summary 106
Russneft: key financials and ratios 107

LIST OF TABLES

Table 1 Production and Exploration Drilling in Russia in 2010-2014 9
Table 2 Exploration Drilling by Russia's Oil Companies 2012-2014, '000 meters 9
Table 3 Exploration Drilling by Russian Companies in 2012-2014, '000 meters 10
Table 4 Production Drilling by Russia's Oil Companies 2012-2014, '000 meters 11
Table 5 Production Drilling by Russian Companies in 2012-2014, '000 meters 12
Table 6 Russian Oil Wells Fund in 2014 14
Table 7 Ranking of Russian Holdings by Oil Output in 2012-2014, ‘000 barrels 18
Table 8 Oil Production of Downstream Units of Russian Oil Companies and Medium Oil Producers in 2012-2014, ‘000 barrels 20
Table 9 Ranking of Russian Producers by Natural Gas Output in 2012-2014, mln cub m 23
Table 10 Natural Gas Production of Downstream Units of Russian Oil Companies in 2012-2014, mln cub m 25
Table 11 Share of Export of Key Petroleum Products in Output in 2009- January-November 2014 27
Table 12 Breakdown of Gasoline Shipments by Federal Districts in January-September 2014 28
Table 13 Breakdown of Diesel Fuel Shipments by Federal Districts in January-September 2014 29
Table 14 Primary Oil Refining of Russian Holdings in 2010-2014, ‘000 barrels 31
Table 15 Primary Oil Refining at Oil Refineries in 2012-2014, ‘000 barrels 33
Table 16 Russia's Output of Key Petroleum Products in 2009-2014, ‘000 barrels 34
Table 17 Average Monthly Growth in Output of Key Petroleum Products in Russia in 2014 34
Table 18 Gasoline Output of Russian Oil VICs in 2012-2014, ‘000 barrels 35
Table 19 Gasoline Output of Russian Oil Refineries in 2012-2014, ‘000 barrels 36
Table 20 Diesel Fuel Output of Russian Oil VICs in 2012-2014, ‘000 barrels 38
Table 21 Diesel Fuel Output of Russian Oil Refineries in 2012-2014, ‘000 barrels 39
Table 22 Fuel Oil Output of Russian Oil VICs in 2012-2014, ‘000 barrels 40
Table 23 Fuel Oil Output of Russian Oil Refineries in 2012-2014, ‘000 barrels 42
Table 24 Jet Fuel Output of Russian Oil VICs in 2012-2014, ‘000 barrels 43
Table 25 Jet Fuel Output of Russian Oil Refineries in 2012-2014, ‘000 barrels 44
Table 26 Russia's Crude Oil Exports to Outside the CIS in 2009-2014, million barrels 46
Table 27 Oil Exports by Russia's Companies to Outside the CIS in 2010-2014, '000 barrels 47
Table 28 Breakdown of Oil Exports by Russian Companies to Outside the CIS by Main Routes in 2010-2014 48
Table 29 Russia's Oil Products Exports in 2009- Jan.-Nov. 2014, 000' barrels 51
Table 30 Major Russian Refineries Which Could Become Unprofitable Under the June 2014 Version of the Tax Manoeuvre 60
Table 31 Breakdown of Russia's Petroleum Products Exports by Key Items in Jan.-Nov.2014, 000' barrels 63
Table 32 Operating Margin and ROS of Selected Russia's Oil Producing Companies in Jan.-Sept. 2014 63
Table 33 Operating Margin and ROS of Selected Russia's Oil Refining Companies in Jan.-Sept. 2014 63
Table 34 Receipts from Natural Resource Extraction Tax in Russia's Federal Budget in January-September 2014, RuB bn 64
Table 35 Receipts from Excises on Gasoline and Diesel Fuel in Russia's Federal Budget in January- September 2014, RuB bn 65
Table 36 Belarus Output and Exports of Gasoline in 2013-2017, mln tons 66
Table 37 Ranking of Russia's Oil Holdings by Sales Revenue in January-September 2014, US$ mln 67
Table 38 Ranking of Russia's Oil Holdings by EBITDA in January-September 2014, US$ mln 67
Table 39 Ranking of Russia's Oil Holdings by Net Income in January-September 2014, US$ mln 67
Table 40 Ranking of Russia's Oil Holdings by EBITDA Margin in January-September 2014 68
Table 41 Ranking of Russia's Oil Holdings by ROS in January-September 2014 68
Table 42 Key Indicators of Lukoil Russian Operations in 2012-2014 70
Table 43 Lukoil SPE Reserves (1 January 2013) 70
Table 44 Lukoil's Key Consolidated Financials for January-September 2014, US$ mln 74
Table 45 Lukoil's Key Consolidated Financials in 2011-2013, US$ mln 74
Table 46 Rosneft Key Indicators in 2012-2014 76
Table 47 Rosneft's Hydrocarbon Reserves and Resources Audited by DeGolyer and MacNaughton (PRMS classification), as of December 31, 2013 76
Table 48 Rosneft's Key Consolidated Financials for January-September 2014, US$ mln 82
Table 49 Rosneft's Key Consolidated Financials in 2011-2013, US$ mln 83
Table 50 Surgutneftegas Key Indicators in 2012-2014 85
Table 51 Surgutneftegas Key Financials to (Russian Accounting Standards) for January-September 2014, US$ mln 86
Table 52 Surgutneftegas Consolidated Financials in H1 2014, $ millions 86
Table 46 Surgutneftegas Consolidated Financials in 2011-2013, $ millions 86
Table 54 Gazprom Neft's Key Indicators in 2012-2014 88
Table 55 Gazprom Neft's PRMS Reserves as of December 31, 2013 88
Table 56 Gazprom Neft's Key Consolidated Financials in January-September 2014, US$ mln 91
Table 57 Gazprom Neft's Key Consolidated Financials in 2011-2013, US$ mln 92
Table 58 Tatneft's Key Indicators in 2012-2014 94
Table 59 Tatneft's Oil and Gas Reserves in 2010-2013 94
Table 60 Tatneft ‘s Key Consolidated Financials for January-September 2014, US$ mln 96
Table 61 Tatneft ‘s Key Consolidated Financials in 2011-2012, US$ mln 96
Table 62 Bashneft's Key Indicators in 2012-2014 98
Table 63 Bashneft's Hydrocarbon Reserves and Resources Audited by Miller and Lents Ltd, as of December 31, 2012 98
Table 64 Bashneft's Key Consolidated Financials for January-September 2014, US$ mln 101
Table 65 Bashneft's Key Consolidated Financials to IFRS in 2011 -2013, US$ mln 101
Table 66 Slavneft's Key Indicators in 2012-2014 103
Table 67 Slavneft's SEC LOF Reserves in 2011-2013 103
Table 68 Slavneft's Key Consolidated Financials for January-September 2014, US$ mln 104
Table 69 Slavneft's Key Consolidated Financials for 2011-2013, US$ mln 104
Table 70 Russneft's Key Indicators in 2012-2014 106
Table 71 Russneft's Financials to RAS for 2012-2013, $ millions 107

LIST OF GRAPHS

Graph 1 Replenishment of Russia's Reserves of Crude Oil and Natural Gas in 2009-2013 6
Graph 2 Share of Idle Wells in Russia's Oil Sector in 2007- 2014 13
Graph 3 Ranking Russian Oil Companies by Share of Idle Wells in 2014 14
Graph 4 Russia's Oil Output in 2003-2014, mln barrels 15
Graph 5 Russia's Monthly Growth Rates of Oil Production in 2014 16
Graph 6 Ranking of Russian Holdings by Oil Output Growth in 2014 18
Graph 7 Breakdown of Russia's Oil Production by Top Companies in 2012-2014 19
Graph 8 Ranking of Russian Producers by Natural Gas Output Growth in 2014 24
Graph 9 Breakdown of Russia's Natural Gas Production by Top Companies in 2012-2014 24
Graph 10 Russia's Gasoline Market in 2011-2014, ‘000 barrels 28
Graph 11 Russia's Diesel Fuel Market in 2011-2014, ‘000 barrels 29
Graph 12 Producers' Prices for Petroleum Products Via Producers' Prices for Crude Oil in Russia, Prices for Crude Oil=100 30
Graph 13 Russia's Primary Oil Refining in 2004-2014, mln barrels 30
Graph 14 Russia's Monthly Growth Rates of Primary Oil Refining in 2014, Y-to-Y 31
Graph 15 Breakdown of Russia's Primary Oil Refining by Top Companies in 2012- 2014 32
Graph 16 Russia's Monthly Growth Rates of Gasoline Output in 2014, Y-to-Y 35
Graph 17 Breakdown of Russia's Gasoline Production by Top Companies in 2012-2014 36
Graph 18 Russia's Monthly Growth Rates of Diesel Fuel Output in 2014, Y-to-Y 37
Graph 19 Breakdown of Russia's Diesel Fuel Production by Top Companies in 2012-2014 38
Graph 20 Russia's Monthly Growth Rates of Fuel Oil Output in 2014, Y-to-Y 40
Graph 21 Breakdown of Russia's Fuel Oil Production by Top Companies in 2012-2014 41
Graph 22 Breakdown of Russia's Jet Fuel Production by Top Companies in 2012-2014 43
Graph 23 Breakdown of Russia's Oil Exports to Outside the CIS by Main Routes in 2010-2014 47
Graph 24 Breakdown of Russia's Oil Exports by Sea Ports in 2010-2014 49
Graph 25 Breakdown of Russia's Oil Products Exports by Value in 2010-2014 51
Graph 26 Breakdown of Russia's Oil Exports Routes in 2013-2014 53
Graph 27 Lukoil's Quarterly Margins in 2013-Q3 2014 74
Graph 28 Rosneft's Quarterly Ratios in Q3 2013-Q3 2014 82
Graph 29 Gazprom Neft's Quarterly Ratios in 2013-Q3 2014 91
Graph 30 Tatneft ‘s Quarterly Margins in 2013-Q3 2014 96
Graph 31 Bashneft's Quarterly Margins in 2013-Q3 2014 101

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