Russia's Oil Sector in 2014
Russia’s Oil Sector in 2014" market survey, 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 assessement 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.
The 107 page report, followed by 71 tables and 31 charts, is available English.
The 107 page report, followed by 71 tables and 31 charts, is available English.
RUSSIA’S OIL PRODUCTION: MAJOR TRENDS IN 2014
Russia’s oil industry: reserves and output trends
Oil reserves
Exploration and production drilling
Oil wells
Trends in oil production
Russia's oil companies: oil output
Gas production by oil sector
RUSSIA’S OIL REFINING INDUSTRY IN 2014
Russia’s oil refining industry: drivers and trends
Key drivers
Trends in oil refining
Russia’s petroleum products output: major trends
Gasoline
Diesel fuel
Fuel oil
Jet fuel
Gasoline and diesel fuel quality requirements
RUSSIA’S EXPORTS OF OIL AND PETROLEUM PRODUCTS IN 2014
Oil sector’s export performance
Crude oil: major trends
Key transportation routes
Exports of petroleum products
Oil export: transportation issues
RUSSIA’S OIL SECTOR: TAX MANOEUVRE ISSUES
Russia’s oil sector tax manoeuvre: adjustments in 2014
Russia’s oil sector tax manoeuvre: impact on oil companies and the federal budget
The Eurasian Economic Union: the tax manoeuvre issues
RUSSIA’S OIL HOLDINGS: COMPARATIVE FINANCIALS
RUSSIAN OIL MAJORS IN 2014
LUKOIL
Lukoil: structure
Lukoil: operations summary
Lukoil: key financials and ratios
Rosneft
Rosneft: structure
Rosneft: operations summary
Rosneft: key financials and ratios
Surgutneftegas
Surgutneftegas: structure
Surgutneftegas: operations summary
Surgutneftegas: key financials and ratios
Gazprom Neft
Gazprom Neft: structure
Gazprom Neft: operations summary
Gazprom Neft: key financials and ratios
Tatneft
Tatneft: structure
Tatneft: operations summary
Tatneft: key financials and ratios
Bashneft
Bashneft: structure
Bashneft: operations summary
Bashneft: key financials and ratios
Slavneft
Slavneft: structure
Slavneft: operations summary
Slavneft: key financials and ratios
Russneft
Russneft: structure
Russneft: operations summary
Russneft: key financials and ratios
Russia’s oil industry: reserves and output trends
Oil reserves
Exploration and production drilling
Oil wells
Trends in oil production
Russia's oil companies: oil output
Gas production by oil sector
RUSSIA’S OIL REFINING INDUSTRY IN 2014
Russia’s oil refining industry: drivers and trends
Key drivers
Trends in oil refining
Russia’s petroleum products output: major trends
Gasoline
Diesel fuel
Fuel oil
Jet fuel
Gasoline and diesel fuel quality requirements
RUSSIA’S EXPORTS OF OIL AND PETROLEUM PRODUCTS IN 2014
Oil sector’s export performance
Crude oil: major trends
Key transportation routes
Exports of petroleum products
Oil export: transportation issues
RUSSIA’S OIL SECTOR: TAX MANOEUVRE ISSUES
Russia’s oil sector tax manoeuvre: adjustments in 2014
Russia’s oil sector tax manoeuvre: impact on oil companies and the federal budget
The Eurasian Economic Union: the tax manoeuvre issues
RUSSIA’S OIL HOLDINGS: COMPARATIVE FINANCIALS
RUSSIAN OIL MAJORS IN 2014
LUKOIL
Lukoil: structure
Lukoil: operations summary
Lukoil: key financials and ratios
Rosneft
Rosneft: structure
Rosneft: operations summary
Rosneft: key financials and ratios
Surgutneftegas
Surgutneftegas: structure
Surgutneftegas: operations summary
Surgutneftegas: key financials and ratios
Gazprom Neft
Gazprom Neft: structure
Gazprom Neft: operations summary
Gazprom Neft: key financials and ratios
Tatneft
Tatneft: structure
Tatneft: operations summary
Tatneft: key financials and ratios
Bashneft
Bashneft: structure
Bashneft: operations summary
Bashneft: key financials and ratios
Slavneft
Slavneft: structure
Slavneft: operations summary
Slavneft: key financials and ratios
Russneft
Russneft: structure
Russneft: operations summary
Russneft: key financials and ratios
LIST OF TABLES
Table 1 Production and Exploration Drilling in Russia in 2010-2014
Table 2 Exploration Drilling by Russia's Oil Companies 2012-2014, '000 meters
Table 3 Exploration Drilling by Russian Companies in 2012-2014, '000 meters
Table 4 Production Drilling by Russia's Oil Companies 2012-2014, '000 meters
Table 5 Production Drilling by Russian Companies in 2012-2014, '000 meters
Table 6 Russian Oil Wells Fund in 2014
Table 7 Ranking of Russian Holdings by Oil Output in 2012-2014, ‘000 barrels
Table 8 Oil Production of Downstream Units of Russian Oil Companies and Medium Oil Producers in 2012-2014, ‘000 barrels
Table 9 Ranking of Russian Producers by Natural Gas Output in 2012-2014, mln cub m
Table 10 Natural Gas Production of Downstream Units of Russian Oil Companies in 2012-2014, mln cub m
Table 11 Share of Export of Key Petroleum Products in Output in 2009- January-November 2014
Table 12 Breakdown of Gasoline Shipments by Federal Districts in January-September 2014
Table 13 Breakdown of Diesel Fuel Shipments by Federal Districts in January-September 2014
Table 14 Primary Oil Refining of Russian Holdings in 2010-2014, ‘000 barrels
Table 15 Primary Oil Refining at Oil Refineries in 2012-2014, ‘000 barrels
Table 16 Russia’s Output of Key Petroleum Products in 2009-2014, ‘000 barrels
Table 17 Average Monthly Growth in Output of Key Petroleum Products in Russia in 2014
Table 18 Gasoline Output of Russian Oil VICs in 2012-2014, ‘000 barrels
Table 19 Gasoline Output of Russian Oil Refineries in 2012-2014, ‘000 barrels
Table 20 Diesel Fuel Output of Russian Oil VICs in 2012-2014, ‘000 barrels
Table 21 Diesel Fuel Output of Russian Oil Refineries in 2012-2014, ‘000 barrels
Table 22 Fuel Oil Output of Russian Oil VICs in 2012-2014, ‘000 barrels
Table 23 Fuel Oil Output of Russian Oil Refineries in 2012-2014, ‘000 barrels
Table 24 Jet Fuel Output of Russian Oil VICs in 2012-2014, ‘000 barrels
Table 25 Jet Fuel Output of Russian Oil Refineries in 2012-2014, ‘000 barrels
Table 26 Russia’s Crude Oil Exports to Outside the CIS in 2009-2014, million barrels
Table 27 Oil Exports by Russia’s Companies to Outside the CIS in 2010-2014, '000 barrels
Table 28 Breakdown of Oil Exports by Russian Companies to Outside the CIS by Main Routes in 2010-2014
Table 29 Russia’s Oil Products Exports in 2009- Jan.-Nov. 2014, 000' barrels
Table 30 Major Russian Refineries Which Could Become Unprofitable Under the June 2014 Version of the Tax Manoeuvre
Table 31 Breakdown of Russia’s Petroleum Products Exports by Key Items in Jan.-Nov.2014, 000' barrels
Table 32 Operating Margin and ROS of Selected Russia's Oil Producing Companies in Jan.-Sept. 2014
Table 33 Operating Margin and ROS of Selected Russia's Oil Refining Companies in Jan.-Sept. 2014
Table 34 Receipts from Natural Resource Extraction Tax in Russia’s Federal Budget in January-September 2014, RuB bn
Table 35 Receipts from Excises on Gasoline and Diesel Fuel in Russia’s Federal Budget in January- September 2014, RuB bn
Table 36 Belarus Output and Exports of Gasoline in 2013-2017, mln tons
Table 37 Ranking of Russia's Oil Holdings by Sales Revenue in January-September 2014, US$ mln
Table 38 Ranking of Russia's Oil Holdings by EBITDA in January-September 2014, US$ mln
Table 39 Ranking of Russia's Oil Holdings by Net Income in January-September 2014, US$ mln
Table 40 Ranking of Russia's Oil Holdings by EBITDA Margin in January-September 2014
Table 41 Ranking of Russia's Oil Holdings by ROS in January-September 2014
Table 42 Key Indicators of Lukoil Russian Operations in 2012-2014
Table 43 Lukoil SPE Reserves (1 January 2013)
Table 44 Lukoil’s Key Consolidated Financials for January-September 2014, US$ mln
Table 45 Lukoil’s Key Consolidated Financials in 2011-2013, US$ mln
Table 46 Rosneft Key Indicators in 2012-2014
Table 47 Rosneft’s Hydrocarbon Reserves and Resources Audited by DeGolyer & MacNaughton (PRMS classification), as of December 31, 2013
Table 48 Rosneft’s Key Consolidated Financials for January-September 2014, US$ mln
Table 49 Rosneft’s Key Consolidated Financials in 2011-2013, US$ mln
Table 50 Surgutneftegas Key Indicators in 2012-2014
Table 51 Surgutneftegas Key Financials to (Russian Accounting Standards) for January-September 2014, US$ mln
Table 52 Surgutneftegas Consolidated Financials in H1 2014, $ millions
Table 46 Surgutneftegas Consolidated Financials in 2011-2013, $ millions
Table 54 Gazprom Neft’s Key Indicators in 2012-2014
Table 55 Gazprom Neft’s PRMS Reserves as of December 31, 2013
Table 56 Gazprom Neft’s Key Consolidated Financials in January-September 2014, US$ mln
Table 57 Gazprom Neft’s Key Consolidated Financials in 2011-2013, US$ mln
Table 58 Tatneft’s Key Indicators in 2012-2014
Table 59 Tatneft’s Oil and Gas Reserves in 2010-2013
Table 60 Tatneft ‘s Key Consolidated Financials for January-September 2014, US$ mln
Table 61 Tatneft ‘s Key Consolidated Financials in 2011-2012, US$ mln
Table 62 Bashneft’s Key Indicators in 2012-2014
Table 63 Bashneft’s Hydrocarbon Reserves and Resources Audited by Miller and Lents Ltd, as of December 31, 2012
Table 64 Bashneft’s Key Consolidated Financials for January-September 2014, US$ mln
Table 65 Bashneft’s Key Consolidated Financials to IFRS in 2011 -2013, US$ mln
Table 66 Slavneft’s Key Indicators in 2012-2014
Table 67 Slavneft’s SEC LOF Reserves in 2011-2013
Table 68 Slavneft’s Key Consolidated Financials for January-September 2014, US$ mln
Table 69 Slavneft's Key Consolidated Financials for 2011-2013, US$ mln
Table 70 Russneft’s Key Indicators in 2012-2014
Table 71 Russneft’s Financials to RAS for 2012-2013, $ millions
Table 1 Production and Exploration Drilling in Russia in 2010-2014
Table 2 Exploration Drilling by Russia's Oil Companies 2012-2014, '000 meters
Table 3 Exploration Drilling by Russian Companies in 2012-2014, '000 meters
Table 4 Production Drilling by Russia's Oil Companies 2012-2014, '000 meters
Table 5 Production Drilling by Russian Companies in 2012-2014, '000 meters
Table 6 Russian Oil Wells Fund in 2014
Table 7 Ranking of Russian Holdings by Oil Output in 2012-2014, ‘000 barrels
Table 8 Oil Production of Downstream Units of Russian Oil Companies and Medium Oil Producers in 2012-2014, ‘000 barrels
Table 9 Ranking of Russian Producers by Natural Gas Output in 2012-2014, mln cub m
Table 10 Natural Gas Production of Downstream Units of Russian Oil Companies in 2012-2014, mln cub m
Table 11 Share of Export of Key Petroleum Products in Output in 2009- January-November 2014
Table 12 Breakdown of Gasoline Shipments by Federal Districts in January-September 2014
Table 13 Breakdown of Diesel Fuel Shipments by Federal Districts in January-September 2014
Table 14 Primary Oil Refining of Russian Holdings in 2010-2014, ‘000 barrels
Table 15 Primary Oil Refining at Oil Refineries in 2012-2014, ‘000 barrels
Table 16 Russia’s Output of Key Petroleum Products in 2009-2014, ‘000 barrels
Table 17 Average Monthly Growth in Output of Key Petroleum Products in Russia in 2014
Table 18 Gasoline Output of Russian Oil VICs in 2012-2014, ‘000 barrels
Table 19 Gasoline Output of Russian Oil Refineries in 2012-2014, ‘000 barrels
Table 20 Diesel Fuel Output of Russian Oil VICs in 2012-2014, ‘000 barrels
Table 21 Diesel Fuel Output of Russian Oil Refineries in 2012-2014, ‘000 barrels
Table 22 Fuel Oil Output of Russian Oil VICs in 2012-2014, ‘000 barrels
Table 23 Fuel Oil Output of Russian Oil Refineries in 2012-2014, ‘000 barrels
Table 24 Jet Fuel Output of Russian Oil VICs in 2012-2014, ‘000 barrels
Table 25 Jet Fuel Output of Russian Oil Refineries in 2012-2014, ‘000 barrels
Table 26 Russia’s Crude Oil Exports to Outside the CIS in 2009-2014, million barrels
Table 27 Oil Exports by Russia’s Companies to Outside the CIS in 2010-2014, '000 barrels
Table 28 Breakdown of Oil Exports by Russian Companies to Outside the CIS by Main Routes in 2010-2014
Table 29 Russia’s Oil Products Exports in 2009- Jan.-Nov. 2014, 000' barrels
Table 30 Major Russian Refineries Which Could Become Unprofitable Under the June 2014 Version of the Tax Manoeuvre
Table 31 Breakdown of Russia’s Petroleum Products Exports by Key Items in Jan.-Nov.2014, 000' barrels
Table 32 Operating Margin and ROS of Selected Russia's Oil Producing Companies in Jan.-Sept. 2014
Table 33 Operating Margin and ROS of Selected Russia's Oil Refining Companies in Jan.-Sept. 2014
Table 34 Receipts from Natural Resource Extraction Tax in Russia’s Federal Budget in January-September 2014, RuB bn
Table 35 Receipts from Excises on Gasoline and Diesel Fuel in Russia’s Federal Budget in January- September 2014, RuB bn
Table 36 Belarus Output and Exports of Gasoline in 2013-2017, mln tons
Table 37 Ranking of Russia's Oil Holdings by Sales Revenue in January-September 2014, US$ mln
Table 38 Ranking of Russia's Oil Holdings by EBITDA in January-September 2014, US$ mln
Table 39 Ranking of Russia's Oil Holdings by Net Income in January-September 2014, US$ mln
Table 40 Ranking of Russia's Oil Holdings by EBITDA Margin in January-September 2014
Table 41 Ranking of Russia's Oil Holdings by ROS in January-September 2014
Table 42 Key Indicators of Lukoil Russian Operations in 2012-2014
Table 43 Lukoil SPE Reserves (1 January 2013)
Table 44 Lukoil’s Key Consolidated Financials for January-September 2014, US$ mln
Table 45 Lukoil’s Key Consolidated Financials in 2011-2013, US$ mln
Table 46 Rosneft Key Indicators in 2012-2014
Table 47 Rosneft’s Hydrocarbon Reserves and Resources Audited by DeGolyer & MacNaughton (PRMS classification), as of December 31, 2013
Table 48 Rosneft’s Key Consolidated Financials for January-September 2014, US$ mln
Table 49 Rosneft’s Key Consolidated Financials in 2011-2013, US$ mln
Table 50 Surgutneftegas Key Indicators in 2012-2014
Table 51 Surgutneftegas Key Financials to (Russian Accounting Standards) for January-September 2014, US$ mln
Table 52 Surgutneftegas Consolidated Financials in H1 2014, $ millions
Table 46 Surgutneftegas Consolidated Financials in 2011-2013, $ millions
Table 54 Gazprom Neft’s Key Indicators in 2012-2014
Table 55 Gazprom Neft’s PRMS Reserves as of December 31, 2013
Table 56 Gazprom Neft’s Key Consolidated Financials in January-September 2014, US$ mln
Table 57 Gazprom Neft’s Key Consolidated Financials in 2011-2013, US$ mln
Table 58 Tatneft’s Key Indicators in 2012-2014
Table 59 Tatneft’s Oil and Gas Reserves in 2010-2013
Table 60 Tatneft ‘s Key Consolidated Financials for January-September 2014, US$ mln
Table 61 Tatneft ‘s Key Consolidated Financials in 2011-2012, US$ mln
Table 62 Bashneft’s Key Indicators in 2012-2014
Table 63 Bashneft’s Hydrocarbon Reserves and Resources Audited by Miller and Lents Ltd, as of December 31, 2012
Table 64 Bashneft’s Key Consolidated Financials for January-September 2014, US$ mln
Table 65 Bashneft’s Key Consolidated Financials to IFRS in 2011 -2013, US$ mln
Table 66 Slavneft’s Key Indicators in 2012-2014
Table 67 Slavneft’s SEC LOF Reserves in 2011-2013
Table 68 Slavneft’s Key Consolidated Financials for January-September 2014, US$ mln
Table 69 Slavneft's Key Consolidated Financials for 2011-2013, US$ mln
Table 70 Russneft’s Key Indicators in 2012-2014
Table 71 Russneft’s Financials to RAS for 2012-2013, $ millions
LIST OF GRAPHS
Graph 1 Replenishment of Russia’s Reserves of Crude Oil and Natural Gas in 2009-2013
Graph 2 Share of Idle Wells in Russia's Oil Sector in 2007- 2014
Graph 3 Ranking Russian Oil Companies by Share of Idle Wells in 2014
Graph 4 Russia’s Oil Output in 2003-2014, mln barrels
Graph 5 Russia's Monthly Growth Rates of Oil Production in 2014
Graph 6 Ranking of Russian Holdings by Oil Output Growth in 2014
Graph 7 Breakdown of Russia's Oil Production by Top Companies in 2012-2014
Graph 8 Ranking of Russian Producers by Natural Gas Output Growth in 2014
Graph 9 Breakdown of Russia's Natural Gas Production by Top Companies in 2012-2014
Graph 10 Russia's Gasoline Market in 2011-2014, ‘000 barrels
Graph 11 Russia's Diesel Fuel Market in 2011-2014, ‘000 barrels
Graph 12 Producers’ Prices for Petroleum Products Via Producers’ Prices for Crude Oil in Russia, Prices for Crude Oil=100
Graph 13 Russia’s Primary Oil Refining in 2004-2014, mln barrels
Graph 14 Russia's Monthly Growth Rates of Primary Oil Refining in 2014, Y-to-Y
Graph 15 Breakdown of Russia's Primary Oil Refining by Top Companies in 2012- 2014
Graph 16 Russia's Monthly Growth Rates of Gasoline Output in 2014, Y-to-Y
Graph 17 Breakdown of Russia's Gasoline Production by Top Companies in 2012-2014
Graph 18 Russia's Monthly Growth Rates of Diesel Fuel Output in 2014, Y-to-Y
Graph 19 Breakdown of Russia's Diesel Fuel Production by Top Companies in 2012-2014
Graph 20 Russia's Monthly Growth Rates of Fuel Oil Output in 2014, Y-to-Y
Graph 21 Breakdown of Russia's Fuel Oil Production by Top Companies in 2012-2014
Graph 22 Breakdown of Russia's Jet Fuel Production by Top Companies in 2012-2014
Graph 23 Breakdown of Russia's Oil Exports to Outside the CIS by Main Routes in 2010-2014
Graph 24 Breakdown of Russia's Oil Exports by Sea Ports in 2010-2014
Graph 25 Breakdown of Russia’s Oil Products Exports by Value in 2010-2014
Graph 26 Breakdown of Russia’s Oil Exports Routes in 2013-2014
Graph 27 Lukoil’s Quarterly Margins in 2013-Q3 2014
Graph 28 Rosneft’s Quarterly Ratios in Q3 2013-Q3 2014
Graph 29 Gazprom Neft’s Quarterly Ratios in 2013-Q3 2014
Graph 30 Tatneft ‘s Quarterly Margins in 2013-Q3 2014
Graph 31 Bashneft’s Quarterly Margins in 2013-Q3 2014
Graph 1 Replenishment of Russia’s Reserves of Crude Oil and Natural Gas in 2009-2013
Graph 2 Share of Idle Wells in Russia's Oil Sector in 2007- 2014
Graph 3 Ranking Russian Oil Companies by Share of Idle Wells in 2014
Graph 4 Russia’s Oil Output in 2003-2014, mln barrels
Graph 5 Russia's Monthly Growth Rates of Oil Production in 2014
Graph 6 Ranking of Russian Holdings by Oil Output Growth in 2014
Graph 7 Breakdown of Russia's Oil Production by Top Companies in 2012-2014
Graph 8 Ranking of Russian Producers by Natural Gas Output Growth in 2014
Graph 9 Breakdown of Russia's Natural Gas Production by Top Companies in 2012-2014
Graph 10 Russia's Gasoline Market in 2011-2014, ‘000 barrels
Graph 11 Russia's Diesel Fuel Market in 2011-2014, ‘000 barrels
Graph 12 Producers’ Prices for Petroleum Products Via Producers’ Prices for Crude Oil in Russia, Prices for Crude Oil=100
Graph 13 Russia’s Primary Oil Refining in 2004-2014, mln barrels
Graph 14 Russia's Monthly Growth Rates of Primary Oil Refining in 2014, Y-to-Y
Graph 15 Breakdown of Russia's Primary Oil Refining by Top Companies in 2012- 2014
Graph 16 Russia's Monthly Growth Rates of Gasoline Output in 2014, Y-to-Y
Graph 17 Breakdown of Russia's Gasoline Production by Top Companies in 2012-2014
Graph 18 Russia's Monthly Growth Rates of Diesel Fuel Output in 2014, Y-to-Y
Graph 19 Breakdown of Russia's Diesel Fuel Production by Top Companies in 2012-2014
Graph 20 Russia's Monthly Growth Rates of Fuel Oil Output in 2014, Y-to-Y
Graph 21 Breakdown of Russia's Fuel Oil Production by Top Companies in 2012-2014
Graph 22 Breakdown of Russia's Jet Fuel Production by Top Companies in 2012-2014
Graph 23 Breakdown of Russia's Oil Exports to Outside the CIS by Main Routes in 2010-2014
Graph 24 Breakdown of Russia's Oil Exports by Sea Ports in 2010-2014
Graph 25 Breakdown of Russia’s Oil Products Exports by Value in 2010-2014
Graph 26 Breakdown of Russia’s Oil Exports Routes in 2013-2014
Graph 27 Lukoil’s Quarterly Margins in 2013-Q3 2014
Graph 28 Rosneft’s Quarterly Ratios in Q3 2013-Q3 2014
Graph 29 Gazprom Neft’s Quarterly Ratios in 2013-Q3 2014
Graph 30 Tatneft ‘s Quarterly Margins in 2013-Q3 2014
Graph 31 Bashneft’s Quarterly Margins in 2013-Q3 2014
