MINISTRY OF EDUCATION AND SCIENCE
RUSSIAN FEDERATION
Federal State Autonomous Organization of Higher Education
"Novosibirsk National Research State University"
Faculty of Economics
Chair of Political Economy
MASTER THESIS
Dizhevskiy Stepan Sergeevich
Independent oil companies: analysis and modeling of sustainable development
Supervisor:
Phd, senior lecturer
Mochalov R.A.
Head of the Department
D-r of econ. Sciences, Professor
Filimonova I.V.
Novosibirsk - 2017
2
CONTENT
INTRODUCTION……………………………………………………..………………….….…3
1. CHAPTER 1. THE PLACE AND ROLE OF INDEPENDENT OIL COMPANIES IN THE
OIL INDUSTRY MARKET…………………............................................................................5
1.1. Distinctive features of the independent oil companies……………….…………………....8
1.2. Features of small oil companies in condition of Russian taxation
……………………………………………..…………………………………….…………….16
1.3. Analysis of dynamics IOC sector development ……………………………....…………..19
2. CHAPTER 2. MODEL DEFINITION OF SUSTAINABLE DEVELOPMENT OF
INDEPENDENT RUSSIAN OIL COMPANY…………………………………………….….24
2.1. Approach to assessing the sustainable development of IOC………………...………..…..24
2.2. Methodology for calculating the complex indicator of sustainable development of
independent oil company…………….…..…………………………………………………….29
3. CHAPTER 3. MODELING THE COMPLEX INDICATOR OF SUSTAINABLE
DEVELOPMENT OF MARKET OIC…………………………………………..…………….36
3.1. Modeling of the distribution companies in the group sustainability and trend
analysis…………………………………………………………………...……………………38
3.2. Recommendations for improving the level sustainable development IOC …………..…...47
CONCLUSION,,………………………………..……………………………………………..51
BIBLIOGRAPHY………………………………………………………………………....…..52
3
INTRODUCTION
The current situation in the oil and gas complex of Russia is characterized by a
reduction in large oil deposits, the growth of hard inventory, increasing the number of
fields in the late stages of development and damped. Under such circumstances, given the
economic and social role of the oil and gas industry in Russia, the sustainable
development of oil and gas companies is of particular importance. Namely sustainable
development can more fully meet the needs of the population in the oil, gas and products
of their processing, to ensure competitive positioning of the country in the world, save
the environment Wednesday. An important segment of the oil and gas business is given
an independent oil companies (IOCs). Due to small volumes of small businesses quickly
adapt to changing environmental conditions and is able to actively explore new
technology. In this case, the prospects for sustainable development of small oil companies
are complicated as the systemic challenges of oil and gas complex and specific problems
of the IOC, such as the absorption of the largest players in the Russian oil market, the
lack of clearly defined tax incentives, financial preferences for small oil companies, the
lack of access to pipelines , problems of access of IOCs to sales market [31].
The problem of all the IOC segment is no basis for evaluation and monitoring to
ensure sustainable development. The presence of a collective evaluation of indicators will
allow a formal analysis of the state, dynamics and a forecast of sustainability subsystem.
Methods of continuous monitoring and integrated assessment, in our view, can perform
monitoring functions and serve as a basis for development and implementation
organizational and economic measures and control actions to ensure the stable
development of the IOC subsystem. Methodological basis for the development of
evaluation and monitoring system can serve as the position of scientific papers E.V.
Korzun, I.A. Kuznetsova, E.V. Gorshenin, N.A Homyachenkova, N.V. Lyasnikova,
M.M. Makov and other researchers adapted for IOC subsystem.
The purpose of the work - the development methods analysis of market
sustainability independent Russian oil companies as a tool for decision-making.
To achieve this goal the following tasks:
4
1. Analyze the current state of the industry independent oil companies and the
conditions of their activities.
2. Identify and summarize the directions of suboptimal development of the sector.
3. Develop a methodological approach to analysis of sustainable development of
independent oil companies.
4. Assess the level of sustainable development of the Russian sector of independent
oil companies.
5. To formulate and provide recommendations for the government stabilization of
companies' sustainability.
The object of research are independent oil company in Russia.
Subject of research it is methodology for constructing a model for assessing the
sustainability of market development of independent oil companies.
The novelty of the research and the personal contribution of the author consists in
a substantiation of theoretical positions, development of a methodology for the
calculation of an integrated sustainability assessment of independent oil companies, and
to classify them into groups of resistance, contributing to the timely development and
acceptance of effective administrative decisions, issuing recommendations to the state.
The work consists of an introduction, 3 chapters, conclusion, bibliography. The
main text of the work is set out on 46 pages.
In the first chapter of this paper describes the place and role of independent oil
companies in the oil industry, their classification, characteristics and distinctive features
of the activities. The reasons of limiting the capacity of the sector development.
The second chapter of the algorithm of estimation of stability IOC, which describes
the methodology for calculating the proposed generalized index for evaluating stability
of the IOC.
The third chapter is testing the model by 10 companies, IOC sector distribution
companies in the stability of classes with generalization all market participants. The
tendency of change of the generalized indicator sustainable development for 2011-2015
and recommendations based on the results obtained.
5
Chapter 1: The place and role of independent oil companies in the oil industry
market
Along with the large vertically integrated oil companies in the oil sector of the
country there are small independent oil companies (IOCs). This type of companies has
attracted much less attention than the oil giants. However, it IOCs in their work especially
actively use new technologies.
Vertically integrated oil companies are developing the most efficient large deposits,
to lead to the production of small, marginal and depleted fields, develop hard-to-extract
reserves it is not profitable. While these fields are just the source of income for
independent small and medium-sized oil companies. We are talking about that small
businesses do not need the oil industry to compete with the major oil companies, because
of their different objectives.
The emergence and development along with the largest vertically integrated oil
companies, independent oil companies in Russia began to occur because of objective
processes in the oil industry in the country and in the structure of its mineral resource
base. Difference data of the domestic oil sector is defined fundamentally different strategy
for the activities of both groups of companies.
Russian oil industry is a sector of the fuel and energy complex, which includes
exploration, development, exploitation of oil and gas fields, oil preparation, its
transportation and delivery to consumers, and the collection and processing of gas.
Branch is a set of industrial companies, the combined consumption of raw material
uniformity, commonality of processes, production and technical and mineral resource
base, rigid technological relationship.
The process of transformation of Russian oil companies in the highly competitive
modern enterprise is becoming more active. They are engaged in a joint development
project in Russia and abroad and attract significant foreign investment Russia, issue
securities that traded on foreign stock markets. However, the oil business in Russia many
people associate only with large vertically integrated companies.
The industry structure consists of three subsystems of industrial enterprises:
6
The first structure consists of vertically integrated companies: OJSC "Rosneft",
"Lukoil", OJSC "TNK-BP", OJSC "Surgutneftegaz", OJSC "Gazpromneft", OJSC
"Tatneft", OJSC "Bashneft", OJSC "RussNeft" OJSC "Slavneft".
The second is represented by a system of transport monopoly OJSC "Transneft",
OJSC "Transnefteprodukt" and their affiliated regional companies. The subsystem
performs the functions of the transport of oil and petroleum products and pipeline
services. All transport subsystem of the enterprise are under state control.1
The third subsystem includes a set of independent oil companies, which make up a
large dale small oil companies (SOCs). Small independent oil companies highlighted in
IOC sector because the most vulnerable due to the fact that the current government
regulation of the industry is set to the specifics of large companies. According to the
approved Deputy Energy Minister Kirill Molodtsov Protocol of 05.08.2015, the meeting
of representatives of the Ministry of Energy, the Federal Antimonopoly Service, Federal
state budgetary institution "Central Dispatch Office of the Fuel and Energy Complex"
(CDO FEC) and association of independent oil companies "Assoneft" about the
classification criteria of independent oil and gas companies:
1. Is not affiliated with the vertically integrated oil companies.
2. Do not have in their authorized capital share (contribution) of the Russian
Federation for more than 50%.
3. Does not have its own refineries belonging to the Russian Ministry of Energy
refinery registry.
4. Do not belong to the number of organizations conducting their activities in the
conditions of the production sharing agreement.
Small independent oil companies appeared in Russia in the mid-90s, but still the
concept of a small oil company at the legislative level is not defined. The lack of a clear
legal status greatly complicates the work of small oil companies. Russian association of
small and medium-sized oil companies "AssoNeft" defines small and medium-sized oil
OJSC
"Transneft"
/
Access:
http://www.transneft.ru/company/101/;
http://transnefteproduct.ru/company/filials/dochernie.php
OJSC
"Transnefteprodukt"
/
Access:
7
companies as companies with an annual output of not less than 0.5 million tons and 0.52.0 million tons, or 0.5-1 million tons, respectively [38]. According to expert estimates to
include small oil companies with an annual production up to 1 million tons of oil in one
year, to the average - from 1 to 15 million tons [20].
Schematically sector structure is show in Figure1.1.
Figure 1.1 - Subsystems oil industry Russia
The vertically integrated companies subsystem includes the largest export-oriented
corporation with assets, which is calculated by hundreds of billion dollars. In their
financial and economic basis of the combined functions of exploration, extraction,
processing, export, sales and marketing of crude oil and petroleum products. In fact,
vertically integrated companies provides the whole range of functions "from the well to
the gas station". Vertical integration of the companies due to the operational and
organizational integration under the form of property and functions. The main advantages
of such an organization are: the ability to market the final product; provision of benefits
due to the concentration of capital and maneuvering, manufacturing facilities, flow of raw
materials and finished products; improved handling of technologically interrelated
processes; gaining access to raw materials sources. Vertically integrated companies
vertical integration is performed by the processing chain of oil production to its
processing, marketing, and marketing of petroleum products (Table 1.1).
8
Table 1.1 - Structure and production capacities of the leading Russian vertically integrated
companies
Function
Exploration and
production of oil
Oil refining
Marketing and retail sales
OJSC "Lukoil"
49 subsidiaries
7 refineries
77 marketing companies,
4678 petrol stations
OJSC "TNK-BP"
21 subsidiaries
6 refineries
19 marketing companies,
2356 petrol stations
OJSC "Rosneft"
18 subsidiaries
7 refineries
23 marketing companies,
1800 petrol stations
Vertically
integrated companies
1.1.
Distinctive features of the independent oil companies
The share of Russian IOCs in all-Russian production since 2003 did not
exceed 4.0%. Moreover, the continuously ongoing process of consolidation
reduces competition and leads to a reduction in the sector. By comparing the
position of the Russian IOCs to IOCs of developed competition countries (IOC
share in US oil production, for example, in 2012 was 46%), we can conclude that
Russian IOCs sector lacks incentives for development [5].
Unlike the United States IOC, who receive a number of tax benefits, the
Russian IOC not use virtually any advantages. Federal Law №209-FL "On the
development of small and medium enterprises in the Russian Federation" is not
applicable to the IOC. Specific to the oil industry tax breaks are usually targeted
and are taken in the interest of vertically integrated oil companies. As a result,
IOC today have far fewer tax benefits than vertically integrated oil companies.
IOC sector in 2012 included 250 companies, of which 52% were oil and 38%
did not produce oil, but were exploratory drilling. Extraction IOC sector in 2012
amounted to 14.4 million tons, or 2.8% of the oil of Russia.
Share IOCs stocks distributed subsurface fund - about 6%. IOCs are active
in prospecting and exploration activities, which account for 17% of exploratory
9
drilling. About 90% of the work falls on the traditional regions - the Urals-Volga
region and Western Siberia.
45% of the inventory IOCs have small (less than 15 million tons) and 80%
to newer (with less than 5% depletion) field. The majority IOCs operate on one
or two license areas, respectively, they have a minimum level of diversification
of assets (unlike vertically integrated companies), and there is no economies of
scale.
Two main directions of the Russian IOC on the growth of production
capacities can be identified:
1. "Organic growth" - production growth in the licenses owned by IOCs,
including developed deposits, non-developed sites, as well as promising
areas.
2. "Inorganic growth" - it includes the acquisition of new license areas and
residual of vertically integrated company’s assets.
The large number of players in the oil and gas industry provides a
significant multiplier effect for its development - the development and
introduction of new technologies, broader scope and accelerate the
development of inventories, increased efficiency in the context of rational
subsoil use, and reduce costs.
Consider the structure of oil production in Russia. The main share in the
Russian mining occupy 6 largest vertically integrated oil companies – "Rosneft",
"Lukoil", "Surgutneftegaz", "Gazprom Neft", "Tatneft", "Bashneft". Major
vertically integrated companies mined 480.6 million tons from 518 million tons
- more than 92% of the production (Fig. 1.2). About 20 million tons of mining
companies, which, although not included in the structure of the largest vertically
integrated oil companies, but we are not related to the sector of the IOC in
accordance with the proposed criteria.
10
Figure 1.2 - Oil (million tons) and gas condensate in Russia2
The IOC sector includes 250 companies, including small holdings (Fig.
1.3). All in the sector, there are 280 legal entities - subsoil users. In this case,
a little more than half of the IOC (125 companies) produced oil in 2016.
Another 28 companies did not produce, but conducted exploratory drilling.
Other companies do not engage in any mining or prospecting and exploration
drilling.
Figure 1.3 - Subsoil structure
In the Russian reality the most important factor in high yield vertically
integrated companies business is the availability of oil refining, which receives
2
"Central Dispatch Office of the Fuel and Energy Complex", company data, the Energy Center of the Moscow School of
Management SKOLKOVO
11
government "subsidy" because of the difference in the rates of export duties on
oil and oil products [1].
You can see four main groups of factors reducing competitiveness IOC
compared with vertically integrated companies related infrastructure limitations:
1.
Regional monopoly vertically integrated oil companies.
Vertically integrated oil companies are reluctant to provide access to
the IOC to its infrastructure preparation, storage and transport of oil and
associated gas utilization.
Access to the infrastructure vertically integrated companies is often
used as a strong lever absorption IOC (usually vertically integrated
companies is due only buyer IOC monopoly power).
Regional monopolies vertically integrated companies is a factor in
reducing the competitiveness of the IOC at auction. As a result in most
cases the IOC gets unpromising, remote areas - thus have higher geological
risks and the cost of improvement.
2.
Infrastructure planning.
Interests IOCs in the planning of transport infrastructure is not fully
taken into account (no power, no route, no time-bound) due to their small
reserves and production. Regional arrangement often tied to job vertically
integrated companies.
3.
Economies of scale.

Specific costs for preparation and transportation of crude oil and
associated gas on the IOC fields significantly higher than the average for the
vertically integrated companies portfolio assets.

The possibility of providing additional loading capacities for the
preparation and transportation, released from result of lower production of
hydrocarbons, lower compared to the vertically integrated oil companies,
which have a larger asset portfolio (including new fields).

Process co multiple IOC (both among themselves and with the
vertically integrated companies) long and complicated - extra high
12
transaction costs.
4.
More limited ability to raise financing.
Availability of financial resources and their cost are critical for such a
capital-intensive industry, as oil production.

The weak development of the Russian banking sector, high
market rates because of inflation expectations and risk borrowers
significantly increase the cost of borrowed money. At vertically integrated
companies conditions much better. With, as a rule, high international credit
rating, vertically integrated oil companies has access to syndicated loans and
borrowing in international markets, where rates are significantly lower.
Despite these factors reduce the competitiveness of the IOC, it is worth noting that
production growth dynamics of independent oil companies ahead of vertically integrated
oil companies. In 2016, according to the Central Supervisory Control Fuel and Energy
Complex (CDO FEC), at the end of the year, the sector of small companies to increase
production by 19% compared to the same period last year, to 10.425 million tons. At the
same time, vertically integrated oil companies managed to improve their performance by
only 0.18%.
Also, it is worth recalling that the production growth during the crisis was made
possible including due to the fact that IOC did not affect the financial sanctions on their
part, since most of them are credited inside the country. According to the analyst IFC
Markets Dmitry Lukashov for independent oil companies are unlikely to impose a strict
obligation to reduce production [37].
On the other hand, the paucity of financial markets virtually eliminates two
raised source / leveraged. Before the crisis, when the Russian stock market
showed impressive growth, there have been quite a lot of small oil companies'
offerings. However, in the post-crisis period, investors have become not so
interested in high-risk investments (Figure 1.4).
The market of bonded loans is also inaccessible to small independent
companies. Organization of public offering - it is time-consuming and
expensive, moreover, it requires a fairly high degree of financial transparency
13
from the issuing company (Fig. 1.5).
Figure 1.4 - The ratio of the market value of the company to reserves3
Currently, the share of recoverable reserves IOC categories ABC1 + C2
in the structure of the Russian stocks distributed subsurface fund is 6.0%,
which is significantly higher than 2.8% interest in the extraction. Half IOCs
reserves are concentrated in Western Siberia, 21% - in the Ural-Volga region
(Fig. 1.6).
Figure 1.5 - The average rate on ruble bonds and Fitch rating
3
Thomson Reuters, companies' data, the Energy Center of the Moscow School of Management SKOLKOVO
14
At the same time, the share of the IOCs in the stocks of most subjects of
Russian Federation is relatively small, and they do not play a significant role
in the oil industry in these regions.
Figure 1.6 - Structure of IOCs reserves of oil sector
The region with the largest stock (Khanty-Mansi Autonomous Area) IOC
proportion is 4%. The stocks of most other regions of the proportion of the IOC
as insignificant. However, in some regions of the independent companies still
play a significant role in the oil industry. This is due to historical peculiarities,
access to infrastructure, the ability to develop smaller fields, and other factors.
The highest share of the IOC in the reserves of the Ural-Volga region. In the
Saratov region, this proportion is 30% in Tatarstan - 19% (Fig. 1.7). Also
significant stocks of IOCs in the Tomsk region of 20% stocks, in the south of the
Tyumen region - 18%, in the Komi Republic - 16%.
15
Figure 1.7 - Share of IOCs in stocks of individual regions (*the size of the circle - the scale of
the region in the total volume of stocks of the IOC sector)
The most noticeable difference observed in the older areas of development,
such as the Ural-Volga region and the south of Russia, in these regions, the largest
and most high-yield deposits owned by large vertically integrated oil companies.
Thus, it is possible to identify the main distinctive characteristics IOC:
1. IOCs more technological than vertically integrated companies.
2. Working with hard to recover reserves.
3. Have a minimum level of diversification of assets.
4. Show production growth is considerably higher than the
vertically integrated companies.
5. Low level of availability of financing.
6. Lack of lobbying opportunities.
The absence of the concept of IOC at the legislative level, unfair taxation
in relation to the IOC, the absence of income from oil refining, low level of
differentiation of the assets and the lack of economies of scale, dominance in
the portfolio of assets at an early stage, the problem of utilization of associated
16
petroleum gas, restrictions on competition in relation to acquisitions and
development of new assets, higher borrowing costs, the lack of administrative
resources and lobbying power have a negative impact on the capitalization of
IOC and Limit the opportunities for development of the sector.
1.2. Features of small oil companies in conditions of Russian taxation
In modern Russia, the first attempt to develop the oil industry tax system was
undertaken in late 1992 by a person who participated in the preparation of the bill "On
taxation in the oil and gas industry" and to develop Chapter 5 of the Law "on the field",
called "payment for the use of deposits of mineral resources".
Despite the unstable market environment, development of alternative energy sources
and volatile oil prices (more than 3 times their downfall during the last 5 years), the
hydrocarbon feedstock, according to leading experts, will remain the main source of
energy in the long run. In this regard, the global oil industry in the near future will
continue to play an important role in economic development, as the oil-producing
countries and consumer countries. Oil industry significant impact on the federal and
regional budget revenues, investment environment, exchange rate and other key
parameters of economic development in different countries. Thus, in the oil industry and
petrochemical production, excluding export duties in 2014 accounted for about 23%
(2.581 trillion. Rub.) Russian budget revenues4.
Tax on oil production, as one of the natural rent of components, forms its basis.
According to many contemporary scholars5, the mechanism of withdrawal of natural rent
by the tax on oil production and the export duty is defective by definition. This gross
payment collection tools that are not derived from the best rents. At the border of their
interaction it is not possible to distinguish what the oil field, old or rich, is a source of oil.
4
BP statistical review of world energy. June 2015. 2016. Available from: http://www.bp.com/statisticalreview.
Volynskaya N, Gazeev M, Yezhov S. Is efficient taxation of oil rents possible in Russia? Global Energy Politics. 2003; 3:.
62-5, Perchik AI. Taxation in oil and gas industry. Moscow: Nestor Academic Publishers; 2004.
5
17
Consequently, the system (Figure.1.8) must be transformed into a system of rents that are
well known throughout the world: a bonus, rents and taxes on subsoil use right - three
standard payment, and plus the excess profits tax in the case of sudden price spikes.
trends in the development of the tax
system of the oil industry
the
introduction of the tax
excess profit
the
introduction of tax
incentives
Figure 1.8 - Development of the system of taxation of the oil industry
While the effectiveness of any changes in the field is largely dependent on graphics
design, geological features, size, distance to transport routes and other natural settings,
extraction tax of a general nature and does not account for all of these conditions. Thus,
the extraction tax that does not take into account the details of the functioning of the
deposit in the first place strikes fields with poor working climate, so that many of them
become unprofitable and derelict. Of course, the tax on extraction of mineral resources is
pushing developers towards the best deposits and does not stimulate the growth of oil
production through the use of proven and suitable for use of hydrocarbon reserves.
If you disassemble the details of what constitutes a total tax burden of IOC, it is as
follows (see Table 2):
Table 1.2 - Structure taxes of IOC
Type of tax
% in the structure IOC taxes
Export duty
44
Mineral extraction tax (MET)
40
Value-added tax VAT
9
Tax on profits
3
Unified social tax
1
Property tax
1
Other taxes
2
In total
100
Source: compiled by the author on the material [12]
18
It is obvious that the current tax system does not encourage the development of fields
in reality. In addition, the averages do not provide a comprehensive transfer of all of the
natural rent of high-oil companies in state revenues. [28] Thus, the modern Russian state
suffers from the following shortcomings of the system of taxation of the oil sector IOC:
- Non-optimal distribution of the tax burden on the processing chain.
- The tax system does not take into account the Russian specificity, which, basically,
is the complexity of the restoration of natural resources.
- Imperfection of the existing system of tax incentives for development are difficult,
inefficient and old fields.
- The need to replace the tax on oil extraction tax on excess profits, payable on the
oil phase.
Most of the tax burden on IOC is it MET. Changes in the calculation thereof
summarized in table 1.3.
MET is calculated according to the price of oil on the world market. However, most
IOCs just do not have the capacity to export its oil (only 30% of the oil produced by them
is exported) and sell it on the domestic market, where the price is much less than the world
price. But those IOCs who have managed to export its raw materials during the crisis
experienced all the imperfection of the tax system.
Table 1.3 - Changes in the calculation of the mineral extraction tax.
Validity
01.01.2002
31.12.2003
01.01.2004
31.12.2004
01.01.2005
31.12.2006
01.01.2007
31.12.2011
01.01.2012
31.12.2012
01.01.2013
22.08.2013
01.09.2013
31.12.2013
Calculation formula MET
Base
-
340*Кц
-
347*Кц
-
419*Кц
-
419*Кц*Кв
The federal law of 27.07.2006 №151-ФЗ
-
446*Кц*Кв*Кз
The federal law of 21.07.2011 №258-ФЗ
-
470*Кц*Кв*Кз
The federal law of 23.07.2013 №213-ФЗ
-
470*Кц*Кв*Кз*Кд*Кдв
The federal law of 30.09.2013 №263-ФЗ
The federal law of 08.08.2001 №126-ФЗ
The federal law of 08.08.2001 №126-ФЗ (As
amended on 07.07.2003 №117-ФЗ)
The federal law of 08.08.2001 №126-ФЗ (As
amended on 18.08.2004 №102-ФЗ)
19
End of the table 1.3
01.01.2014
31.12.2014
01.01.2015
31.12.2015
since
01.01.2016
-
493*Кц*Кв*Кз*Кд*Кдв
-
530*Кц*Кв*Кз*Кд*Кдв
865*Кц*Кв*Кз*Кд*Кдв
Source: compiled by the author on the material [22]
It is good practice for the Russian government is providing tax breaks to oil
companies, implementing new technologies of oil production on the hard, low-rate, and
old fields, as well as introducing the work of the old wells. This is especially true for the
IOCs that do not have such provisions like the vertically integrated oil companies that
buy the field and do not use them for a long time. Based on recent government decisions,
tax incentives are expected in the long term for IOCs in the field of oil production in
complex fields. This will greatly improve the efficiency of field development, including
the old ones.
Thus, to stimulate the activity of the IOC expedient following proposals:
Providing a delay in the payment and / or a decrease in the size of a single
payment on the fact of the discovery.
Introduction deductions for exploration of mineral extraction tax.
Using the IOC as a pilot project on the taxation of the financial result.
Creating a system of state stimulation of IOC sector, as well as improving the quality
of the portfolio management systems assets of the largest vertically integrated oil
companies, would significantly increase the potential of the market of mergers and
acquisitions in the oil and gas industry of Russia. Consequently, the development of IOC
sector as profitable and vertically integrated companies.
1.3. Analysis of dynamics IOC sector development
Mining IOC sector in 2016 increased by 3.7 million tons. In comparison with 2015
exceeded 22 million tons (Table1.4).
20
By comparison, growth in production of vertically integrated oil companies in
Russia in the same period is comparable with the sector and the IOC was approximately
3.9 million tons (vertically integrated companies volume production in 2015, according
to statistics «Central Dispatch Office of the Fuel and Energy Complex» - 442,784,000
tons; in 2016 - 446 685 000 tons).
Production growth, according to the State Organization "Central Dispatch Office of
the Fuel and Energy Complex" has made the sector average IOC - 19%.
In the "A" group are leaders in the sector of PLC "INC" and JSC "Rus-Oil."
PLC "INC" company increased its production from 5000 tons in 2015 to 7,500 tons
in 2016. JSC "Rus-Oil" showed production growth from 2700 tons in 2015 to 3140 tons
in 2016.
Table 1.4 - Production IOC sector in 2015-2016
IOC groups
"A" (the big
IOCs)
"B" - 500th.t - 1
million tons
"C" - 100 tons 500 tons
"D" - 50 tons 100 tons
"E" - 10 tons - 50
tons
"F" - 0 tons - 10
tons
in total
Height
(tonnes)
The
The growth
growth
rate
of
rate
of 20152016%
2016%
2015
Number
of NOCs
2016
Number
of IOCs
8132
2
10958
2
2826
135
35
513
1
1106
2
592
215
115
7510
36
7697
34
187
102
2
1370
19
1481
20
111
108
8
691
27
694
27
3
100
0
121
37
130
40
9
107
7
18336
122
22049
125
3712
Source: compiled by the author on the material [39]
In the group "B" has stabilized - Oil company JSC "Kara-Altyn" (Tatarstan) showed
production of 513 tons and 508 tons in 2015 and in 2016 respectively.
In one of the biggest groups of the IOC - the "C" group observed production level
of volatility (see Figure 1.9): 36 companies have increased production from 7510 tons in
2015 to 7697 tons in 2016.
21
Figure 1.9 - Production level of the group "C" in 2015-2016
Following the results of 2016 in this group, 14 IOCs was the production decline and
one company has ceased production of oil.
In the "D" group also during 2015 - 2016 there is relative stability - 19 companies
have increased production from 1370 tons to 1481 tons (Figure 1.10). At the same time
the number of participants in this group increased by 1.
Figure 1.10 - Production level of the group "D" in 2015-2016
22
Group "E" can be formally considered sector reserve - 27 participants showed a
virtually unchanged level of production - 691 thousand tons and 694 thousand tons in
2015 and 2016 respectively (see. Figure 1.11). Thus extraction of 13 companies fell.
Figure 1.11 - The production level of the "E" in 2015-2016
"F" group has potential for growth, in 2016 there appeared a new company (PJSC
"Yumoyl"), has made significant progress, PLC "Ruslanoyl", but the activities of 16
companies (PLC "Komsomolskneft", JSCs "Volnovsneft", PLC "DonNeft", etc.) marked
decline in production.
Factors provide a stable sector job in 2016:
1) A balanced supply structure (60% - domestic market, 40% - export),
mono-production, focus on their own and / or domestic service companies,
mobility management decision-making, the ability to borrow funds.
2) The basis of sector - 2 oil companies (Eastern Siberia) and 33 oil
companies (Republic of Tatarstan), which give 80% of independent production
companies.
The main results of the analysis of the dynamics of development of the sector in the
2015-2016 become:
- The volume of production in the sector in 2016 amounted to 22049
billion tons of oil. Performance IOC is about 430 thousand barrel / day.
- The rate of growth of IOCs production was 5% versus 2% in the industry.
23
- Most remained Ltd. "INC" major players in terms of mining and oil
companies under trust management of JSC "Rus-Oil." Since 2016 production
of Ltd. "NOC" in sector statistics are not taken into account.
- In 2016, commercial production of hydrocarbons have started 4 new
companies
(LLC
"Pacific
Terminal",
PLC
"Yalykskoe",
LLC
"Vysokovskoye", PJSC "Yumoyl"), stopped production 3 companies (PLC
"vumnye", PLC "Kungurskaya" oil company PLC "RegionSirius").
Studies conducted in the study of the current state of the IOC on the background
of the oil industry in Russia, have allowed us to draw the following conclusions: over
the last 10 years in Russia there is a tendency to increase the number of state-owned
companies and reducing the number of independent players in the oil market. Economic
concentration continually increases. Current conditions of the oil sector are characterized
by a fairly small number of independent members of underground deposits.
Despite the current economic difficulties associated with the fall in oil prices and the
weakened ruble, almost all vertically integrated oil companies have completed the
investment and the introduction of innovative programs, increased production of crude
and refined oil, improved resource base and have reached optimal financial results. The
reason for this ability to maintain the planned performance indicators is the fact that large
companies are trying to avoid the development of hard deposits and prefer, as a rule, to
restore a selective sampling of oil from the "standard" fields, so this niche is occupied
and will occupy later independent oil companies. Recent trends in the dynamics of growth
of IOC production indicates adequate results in order to pay special attention to the stable
development of the IOC system in Russia.
24
Chapter 2. Model of definition sustainable development of independent
Russian oil company
2.1. Approach to assessing the sustainable development of IOC
In this paper the estimation approach sustainable of independent oil companies using
generalized indicator of sustainable development. For the analysis of an algorithm
estimating the sustainability of independent oil companies, allowing to determine the
level of sustainability of the enterprise and assess the direction of the selection of
activities relating to sustainability of development.
The method of determining sustainable development of small oil companies
development of a comprehensive indicator of the sustainable development offered to
determine the arithmetic mean using the formula simple and considering the same values
the sustainability of economic, social and environmental. To ensure comparability with
different dimensions, in the method involving the growth rate of these indicators. The
transfer performance of the blocks of economic, social and environmental sustainability
of a single integral component made by determining the weighted arithmetic mean values
of weight and accounting parameters.
The economic sustainability of the block addresses such categories of indicators,
which include financial, tax, investment, business, and industrial and technological sub
categories. Ranging conditions made on the basis of set priorities, taking into account the
value of their impact on sustainable development of small oil companies.
When developing the system of indicators, various methodological approaches to
assessing the sustainable development of industrial enterprises and small independent oil
companies were used. The scientific works of the following authors, who devoted their
works to theoretical and methodological issues of enterprise development sustainability,
25
were considered: N.A. Homyachenkova6, M.M. Makov7, E.V. Korzun, I.A. Kuznetsova,
E.V. Gorshenina, N.V. Lyasnikova, M.N. Dudina.
The study of literature sources and the practical experience of the functioning of
Russian and foreign independent oil companies shows that to date the issue of sustainable
development of IOCs is new regarding the development of such tools in an industrial
enterprise, a number of issues of IOC sustainability management have not been fully
investigated.
The table 2.1 provides a brief description of the developed methodologies for
assessing sustainable development for the identification of strengths and weaknesses:
Table 2.1 - Overview of methodologies for assessing the sustainable development
Author
Feature
Limitations
Advantages of the method
O.N.
Homyachenkova
An integral component of
sustainable development
Sustainable development is seen
from the side of stability rather
than by the developing process
They use both absolute and relative
performance; stability is considered
risky
N.V. Lyasnikov
Management of industrial
enterprise,
consumer
behavior is regarded as an
essential condition for
ensuring the company's
strategic sustainability
Lack of social and environmental
factors
The study of industrial enterprises of
strategic stability based on longterm consumer behavior
M.M. Makov
Socio-ecologicaleconomic system of
sustainable development
indicators
A variety of indicators that are not
related to the economy
Use the aspect ratio of the average
wage leader with an average salary
of an employee
E.V. Korzun
Expert
method
to
determine the level of
influence of each factor
on the economic stability
of the enterprise, and
checking the consistency
of expert opinion
Expert method requires
optimum number of experts
Regulation of business processes
based on social, environmental and
economic indicators
I.A. Kuznetsova
Presented
information
approach to monitoring
the status of sustainable
development of industrial
enterprise
6
It considers
indicators
only
an
financial
The approach is based on a
calculation of information entropy
of the complex financial indicators
characterizing the basic parameters
of the state of the enterprise
Homjachenkova N.A. Multicriteria classification of industrial enterprises by groups of sustainable development // Bulletin
of Tver State University. Series: Applied Mathematics, No. 37, 2010, page 86-96.
7
Makova M.M. Evaluation of Sustainable Development of Industrial Enterprises // Economics and Management, Scientific
and Practical Journal, 2012, No. 6, page 54-59.
26
End of the table 2.1
E.V. Gorshenin
An integral component of
sustainable development
Indicators
are
significantly
different from other authors;
sustainable development is viewed
from the side of stability rather
than by the developing process
M.N. Dudin
Conceptual
matrix
management
model
sustainable
economic
development
of
the
industrial enterprise
Lack of environmental factors
They use both absolute and relative
performance;
Start
routine
operational activities
Dynamic monitoring model of
sustainable economic development
of the industrial enterprise
Source: compiled by the author on the material [1], [3],[5].
To ensure the development of the IOC, should prepare a clear methodology for
estimating sustainable development [1]. In our paper, we propose the algorithm of
estimation of sustainable development IOC (Fig. 2.1).
Evaluation of sustainable development of the IOC should begin with the formation
of the main goals of evaluation of sustainable development of the IOC and the designation
of functional areas for the analysis of sustainable development. Then, a system of
indicators for evaluating sustainable development. When designing the system of
indicators used different methodological approaches to the sustainable development.
The proposed model in this chapter evaluation of the sustainable development of a
specification for the IOC due account of the following indicators specific to the activities
of the sector in question:
1)
The ratio of the rate of change in the world price of oil (urls) and
return on sales (Cp/s)
In studying the various indicators of market sustainability indicator has been taken
into account, designed to take into account the relationship between the oil on the
international and national markets (using the rate of change of attitude of the international
price of oil and the profitability of its sales) prices. Adding index due to the fact that the
higher the price of oil on the international market, the lower the profitability of the IOC.
This can be explained by the fact that every year about 65% of the products released by
the IOC, will go to the domestic market, and the taxes are determined by the rate of the
international oil prices.
27
1. Statement of the purpose of assessing the level of sustainable development of IOCs
2. Allocation of functional areas for the analysis of sustainable development
3. Formation of a system of indicators to evaluate the sustainable development of IOCs
4. Formation of information base for indicators
5. Selection of appropriate indicators to assess the IOC level of sustainable
development in the context of the economic, social and environmental sustainability
6. Determination of weighting coefficients subspecies importance of economic
sustainable for the IOCs based on hierarchy analysis method
7. Calculation of the integral index of IOCs of economic sustainability, taking into
account the financial, investment, production, business and tax components
8. Calculation of the integral index of IOC social sustainability
9. Calculation of the integral index of IOC environmental sustainability
10. The calculation of the generalized indicator of sustainable development of IOCs
11. The class definition of sustainable development of IOCs
Developing corrective action to
strengthen sustainability of the
IOC
No
12. The assignment
of the group
sufficiently stable
company
Yes
13. Maintaining sustainable development of IOCs
Figure 2.1 - The algorithm of evaluation of the sustainability of the IOC
In addition, it is well known that the major oil companies can increase the
profitability of their business through sales of petroleum products, while the IOCs often
do not have their own processing factories and oil are not able to buy them or build.
2)
Rate of change of oil obtained through the application of new
methods of enhanced oil recovery (Cnm)
28
The coefficient of sub production and processing sustainability - the volume of oil
that is obtained by using new methods of enhanced oil recovery. IOCs engaged in the
development wells generally with greater efficiency than large firms, because they have
to deal with the introduction of more advanced technologies.
3)
Rate of change in production cost of 1 ton of oil (Rpc)
The coefficient shows the development cost of production of 1 ton of oil. For small
and medium-sized firms will be higher than the cost price (per 1 unit of production) than
the vertically integrated companies, which is due to a greater share of tax payments, as
IOC for tax purposes are mainly higher (market) in comparison to rates underestimates
(transfer) rates commonly used within the vertically integrated companies.
4)
Rate of change in percentage of hard oil (Rho)
Basically IOCs are working in areas where stocks are hard-to-recover and
unattractive for the vertically integrated companies.
The current relationship between the economic performance of IOCs and are
selected by the state tax policy leads to the necessity of taking into account the
sustainability of the tax in the form of the enterprise element of economic sustainability.
Tax component unit based on the account:
- Coefficient of sales tax.
- Coefficient of asset tax ratio.
- Coefficient of capital intensity of capital.
- Total ratio of the company's tax burden.
- Rate of income tax.
- Rate of tax expenses.
- Tax rate of profit before tax.
- Tax rate of net profit.
- Coefficient of extraction of 1 ton of oil.
When studying the factors that are included in the integral component of social
sustainability, we added labor intensity factor production dynamics.
29
When studying the factors included in the integrated indicator of environmental
sustainability factor added application associated gas dynamics factor penalties for
environmental pollution.
The proposed algorithm helps to assess the level of sustainable development of
IOCs, to clarify the class of sustainable development and to prepare recommendations
aimed at increasing the level of sustainable development of the company.
2.2. Methodology for calculating the complex indicator of sustainable
development of an independent oil company
Schematically calculating the complex index of sustainable development (Icsd), a
dependence on the calculated indicators blocks shown in Figure 2.2.
Complex index of sustainable development (Icsd)
Economic
sustainability (Iecon)
Financial
factors (Ifin) [4]
Tax factors
(Ifisc) [9]
Social
sustainability (Isoc)
Investment
factors (Iinvest) [6]
Environmental
sustainability
(Ienv)
Business
factors
(Ib) [3]
Production and
technological
factors (Ifisc) [6]
Figure 2.2 - Complex blocks of the sustainable development of IOC
30
Thus, the complete list of categories and subcategories of indicators needed to
calculate the complex indicator of sustainable development (Icsd) in the following (Table
2.2):
Table 2.2 - The coefficients included in the calculation of the complex index of sustainable
development
Index
Designation
1. Economic sustainability (Iecon)
1.1 Financial sustainability (Ifin)
The coefficient of variation of the concentration of equity
Rate of change in long-term borrowing
Rate of change in accounts payable and other liabilities (short-term debt ratio)
Rate of change in ratio attracted Equity
Cce
Rlb
Rsd
Rae
1.2 Investment sustainability (Iinvest)
Rate of change in investment activity
Rate of change in the volume of investment in R&D
Ria
Rifa
Rr&d
Rate of change in expiry of fixed assets
Rexfa
Rate of change in capital renewal
Rren
Rate of change in growth of fixed assets
Rgr
Rate of change in investment in fixed assets
1.3 Production and technological sustainability (Ipt)
Rate of change in return on sales
Rate of change in labor productivity
Rate of change in capital productivity
Rate of change in production cost of 1 ton of oil
Rate of change in oil production obtained through the use of new methods of increasing
oil recovery
Rate of change in the share of hard-to-recover oil reserves
ROS
Rlprod
Rcprod
Rcost
Rnr
Rsh
1.4 Business sustainability (Ib)
Rate of change in inventory turnover
Rate of change in sales
The ratio of the rate of change in the world price of oil (urls) and return on sales
Rinvt
Rs
Rpr
1.5 Fiscal sustainability (Ifisc)
Coefficient of sales tax
Coefficient of asset tax ratio
Coefficient of capital intensity of capital
Total ratio of the company's tax burden
Rate of income tax
Cst
Cat
Ccapin
Ctotal
Rit
31
End of the table 2.2
Rate of tax expenses
Rtex
Rtpbt
Rnet
Cex/t
Tax rate of profit before tax
Tax rate of net profit
Coefficient of crude oil extraction 1 ton of oil
2 Social sustainability (Isoc)
Rate of change in ratio of growth of labor productivity and wages
Rlp
Rate of change in number of employees
Re
Cw
Coefficient of variation of the ratio of average wages in the company to the average wage
for the industry
Rate of change in the proportion of employees with higher education
Red
Rate of change in labor-intensive products
Rintp
3 Environmental sustainability (Ienv)
Coefficient of change in costs for environmental protection
Coefficient of utilization of associated petroleum gas
Coefficient of change in penalties for pollution of the environment
Cpr
Cut
Cpen
Source: compiled by the author based [2], [3], [5], [6].
The complex indicator of the sustainable development is calculated by the formula
of the arithmetic mean with the equal importance of the economic, social and ecological
parts of stable development:
Icsd = (Iecon + Isoc + Ienv) / 3
(1)
where Iecon, Isoc, Ienv - integral indicators of economic, social and environmental
components of sustainable development.
Integral indicator of the economic components of sustainable development is
defined by:
Iecon = K1* Ifin + K2* Iinvest + K3* Ipt + K4*Ib + K5*Ifisc
(2)
where: K1, K2, K3, K4, K5 - weights the importance of financial, investment,
production, business and tax types sustainability.
Ifin, Iinvest, Ipt, Ib, Ifisc - generalized indicators of financial, investment, production
and technology, business and tax types sustainability.
32
Calculation of the values of weighting coefficients financial, investment, production
and processing, business and tax sustainability through pairwise comparison. For the
evaluation of the economic significance level subspecies stable component of hierarchies
can be used analysis with analytic hierarchy process (AHP) prepared by Thomas L. Saaty
[29]. Preferably, the coefficient values at the time of estimating the level of significance
of the subspecies of economic sustainable development have been taken equal to:
aij = 1/5 - evaluation index having the least significance.
aij = 1.0 - equal significance index.
aij = 5 - evaluation index having the highest significance. Absolute priorities are
calculated by multiplying each row of the matrix to a column vector by the formulas:
P1 = a11∑a1i + a12∑a2i + … + a1n∑ani,
P2 = a21∑a1i + a22∑a2i + … + a2n∑ani,
(3)
…
Pn = an1∑a1i + an2∑a2i + … + ann∑ani,
Where P1, P2…Pn – Absolute priorities;
∑ain – Column vector.
Relative priorities Pi calculated by normalizing (expressed as a decimal) by the
formula (4):
Pi = P1 / ∑Pi
(4)
Where P1, P2…Pn - absolute priorities.
∑ 𝑃𝑖 - sum of absolute priorities for all factors.
Table 2.3 shows the results of determining the weighting factors of significance
subspecies IOC economic sustainability.
Table 2.3 - Calculation of the weighting factors of significance subspecies IOC economic
sustainability
Subspecies of
economic
Ifin Iinvest
Ipt
Ib
Ifisc Amount Absolute priority
The relative
sustainability
priority
Ifin
1
1
1
1
1
5
1
5
1
5
17
110,00
0,373
33
Iinvest
Ipt
Ib
Ifisc
In total
End of the table 2.3
1
1
1
5
5
1
1
1
5
5
13
1
1
1
1
5
1/5
1
1
1
5
8,5
1
1
1
1
1
1/5
1/5
1
1
1
4
1
1
1
1
1
1/5
1/5
1/5
1
1
3,5
-
1
76,00
0,257
8
51,50
0,174
4
31,00
0,105
3
26,75
0,091
-
295,25
1,000
According to the results of the calculations it can be concluded that the greatest
impact on the stable development of the IOC provides financial and investment terms.
Integral indicators of economic, social and environmental sustainability is also
determined by taking into account the weight of their constituent indicators.
Thus, calculating the required weights, we can calculate all the necessary integral
indicators:
1. Integral indicator of economic dimension of sustainable development:
Iecon = 0,37*Ifin + 0,26*Iinvest + 0,17*Ipt + 0,1*Ib + 0,1*Ifisc
(5)
1.1 . Composite index of financial sustainability:
Ifin = 0,2*Cce + 0,1* Rlb + 0,1* Rsd + 0,3* Rae
(6)
where; 0.1, 0.2, 0.3 - relevance weighting coefficients.
1.2 . Composite index of investment sustainability:
Iinvest = 0,15*Ria + 0,3* Rifa + 0,1*Rr&d + 0,15*Rexfa +
(7)
+ 0,1* Rren + 0,2*Rgr
1.3 . Composite index of production and technological sustainability:
Ipt = 0,2*ROS + 0,1*Rlprod +0,1*Rcprod + 0,25*Rcost +
+ 0,1*Rnr + 0,25*Rsh
(8)
34
1.4 . Composite index of business sustainability:
Ib = 0,3*Rinvt +0,3*Rs +0,4*Rpr
(9)
1.5 . Generalized indicator of sustainability of the tax:
Ifisc = 0,1*Cst + 0,1*Cat + 0,05*Ccapin + 0,15*Ctotal + 0,1*Rit + 0,1*Rtex + 0,1*Rtpbt +
0,1*Rnet + 0,2*Cex/t
(10)
2. Integral indicator of the social dimension of sustainable development:
Isoc = 0,2*Rlp + 0,2*Re + 0,2*Cw +0,2*Red + 0,2*Rintp (11)
3. Integral indicator of the environmental dimension of sustainable development:
Ienv = 0,3*Cpr + 0,5*Cut + 0,2*Cpen
(12)
Since the different units of measurement indicators, the methodology used to take
the growth in unit shares:
𝑖/(𝑖 − 1) - if the index has a positive influence growth sustainable development;
(𝑖 − 1)/𝑖 - if the growth rate is adversely affected.
i - value of the indicator of the current i-th year.
i-1 - value of the index for the previous year.
Class of sustainable development can be determined by the data in Table 2.4.
Table 2.4 - Classes of sustainable development of small oil companies
Sustainability class
The value of the
complex index
Recommendations
Absolute sustainability
>1
Adjustments are not required
High sustainability
0,8-0.9
It is necessary to hold steady at this level of development
Average sustainable
development
weak-stable development
0,7-0,79
Require minor adjustments to improve performance
0,5-0,59
Necessary corrective actions to improve performance, to
develop measures to strengthen the pillars of sustainable
development
unsustainable
<0.4
It is necessary to take action to improve cardiac performance,
development of measures for the sustainable development of
the enterprise
35
Thus, the described method of calculating the degree of sustainability of independent
oil companies takes into account many specific to this class of performance of the
company and gives an accurate estimate for the appropriation of the company in question
to one or another category.
Guided by the values of a generalized indicator of the sustainable development the
state and management companies can accurately determine the direction in which it is
necessary to improve the functioning of the company, to find solutions that could meet
the interests of the state and business.
36
3. Modeling the complex indicator of sustainable development
of market IOC
The results described methodology allows the IOC to distribute the market for
companies classes in order to identify trends in sustainable development, and to clarify a
number of provisions:
At first, the concept of ensuring a stable development of the IOC is a set of scientific
and methodological provision of analytical tools, evaluation framework and monitoring
methods, ways and means of implementation, to ensure its sustainable development.
Secondly, institutional framework of the concept constitute conditions, principles,
objectives, functions and methods of organization. Conditions for the formation and
implementation of the mechanism are:
-
An objective view of the objectives and attributes to ensure the stable
development of the IOC.
-
Understanding that provision mechanism is an open process, characterized by
the ability to adapt to external and internal factors.
- Forming groups stable development factors IOC.
-
The availability of a (set of methods, techniques and tools) the implementation
of a mechanism to ensure the sustainable development of the system.
-
The presence of targets framework for assessing and monitoring to ensure the
stable development of the system.
Formation of the mechanism based on the following principles:
- Multidimensionality.
- Internal consolidation and coordination.
-
Information transparency.
- Flexibility.
- Adaptability.
-
Focus.
- Environmental responsibility.
- Social responsibility.
- Market motivation.
37
-
Considering the peculiarities of the industry market of independent oil
companies in Russia.
The tasks of the mechanism include:
- Coordinate set of elements and components.
-
Monitoring and evaluation of the Elements.
-
Status monitoring subsystem for clarification and adjustment of the control
actions.
The main features of the mechanism are coordinating, analytical, informational,
warning, distributing, evaluating and monitoring, adaptation, optimization providing
supporting and protective.
Methods of organizing mechanism are: a systemic and integrated approach,
decision-making, planning, development, maintenance, forward and backward linkages.
It must be stressed is specially designed mechanism to ensure stable development
of the IOC. It is the presence of forward and backward linkages, providing the
opportunity to adjust and clarify the content of the stages8. So signs, conditions and
factors of sustainable development of the IOC, form the basis for evaluation and
monitoring. It is held on the indicators associated with them.
If the purpose of the mechanism is not achieved, there is a correction of analytical
tools and refinement analysis criteria that identifies not addressed the problems and
limitations of the system sustainability. Determination of methods for solving the
problems and ways to overcome the constraints, on the one hand, makes it possible to
monitor their elected removal methods. On the other hand, given the choice of the most
effective methods and techniques, and optimization of their recruitment (variability).
The above aspects allow considering a mechanism designed to ensure a stable
development IOC system as an open system with the ability to adapt to external and
internal factors and maximum registration state changes of external and internal
environment.
Thirdly, conditions to ensure the stable development of the IOC system are:
8
Is a fundamental difference from the developed algorithms and methods forming mechanism presented in papers E.V.
Korzun, I.A. Kuznetsova, E.V. Gorshenina, H.A. Homyachenkova, H. B. Lyasnikova, M.N. Dudina
38
-
The presence of certain targets, interconnected with the operation of the
mechanism.
-
Ability to optimize areas of sustainable development and adjustment of
deviations from the path of ensuring sustainable development, arising under the influence
of factors internal and external environment.
-
Maintaining a stable development of the system as a whole at an intensity of
changes or trends in the development of individual groups of companies belonging to it.
Fourth, the main groups to ensure stable development of the IOC factors include:
- Resource (raw material, material-technical, labor, investment).
- Socio-economic (financial and economic relations, economic incentives, social
development, environmental requirements and restrictions, resource saving, goal-setting,
planning).
- Organizational and management (the system of state regulation, management and
control, tax, antitrust, foreign trade, infrastructure policy, scientific and technical,
innovation, industry, regional policy, industrial structure, work organization).
-
Market (competitiveness, market segmentation, innovation and technology, the
degree of market share; the interaction of large and small enterprises, product
performance, price dynamics on it, product differentiation).
Fifthly, the criteria ensure the stable development of the IOC should be not only
quantitative indicators particular IOC, but also the analysis of the distribution group.
5.1.
Modeling of the distribution companies in the group sustainability and trend
analysis
In this section, we will calculate the generalized private, integrated and
comprehensive measures for sustainable development of these IOCs in 2011-2015:
39
Table 3.1 - List of companies included in the sample
1
CJSC "Khanty-Mansiysk NK"
2
CJSC "Nazym NGRE"
3
CJSC "Pechoraneftegaz"
4
CJSC "NC" Dulisma "
5
LTD "Irkutsk Oil Company"
6
LTD "INK NEFTEGAZGEOLOGIYA"
7
LTD "KOSYUNEFT"
8
LTD "NS-OIL"
9
OJSC "INGA"
10
CJSC "Petros"
Guided by a representative sample of the criteria, a set of companies was carried out
on the following principles:
- From the analysis presented in the first chapter, it is clear that all companies are
divided into classes depending on annual production levels: "A", "B", "C", "D", "E", "F".
Thus, we have the following percentage distribution of companies by classes: Class "A"
- 2%; Class "B" - 2%; Class "C" - 26%; Class "D" - 16%; Class "E" - 22%; Class "F" 32%.
In accordance with the current percentage distribution companies in the Group by
the level of production, in our sample were: 1 company of the Class "A"; 1 company in
the class "B"; 2 companies out of class "C"; 1 company of the Class "D"; 2 companies
from the class "E"; 3 companies from class "F".
- Sample size can range from 5% to 10% of the population. In this case, sampling is
8% of the total population.
- Caught in the sample companies carry out their activities throughout the period
under review.
Based on the summary indicators of sustainability in 2011-2015 we construct the
distribution companies by groups, reflecting the trend of the intergroup transfer, and
estimate the trend level of sustainable development as the sustainability control system
development tool IOC.
Identifying trends and generalized to all market participants will formulate
40
recommendations state apparatus and company managers to support and increase
production as a separate company and the IOC market sustainability.
In tables 3.2 to 3.4, we calculate the required parameters according to the described
procedure in Chapter 2:
Table 3.2 - Calculation of the integral index of the economic pillar of sustainable development
Company
year
Generalize
d indicator
of
financial
soundness
(Ifin)
1. CJSC "KhantyMansiysk NK"
2011
2012
2013
2014
2015
1,05
1,02
0,32
0,77
0,05
1,11
1,01
0,79
0,65
0,21
Generalize
d
rates
production
and
processing
sustainabili
ty (Ipt)
1,2
0,98
0,69
0,70
0,85
2011
2012
2013
2014
0,32
0,27
0,18
0,7
0,20
0,24
0,34
0,32
0,53
0,23
0,72
0,61
0,45
0,08
0,69
0,27
0,24
0,59
0,72
0,79
0,33
0,27
0,42
0,55
2015
0,65
1,14
1,54
1,29
0,81
1,01
2011
2012
2013
2014
1,34
1,22
1,17
0,55
1,40
1,99
1,35
0,65
1,08
0,18
1,13
1,34
0,74
0,79
0,65
0,67
1,57
1,24
0,95
1,41
1,27
1,20
1,13
0,81
2015
1,75
1,70
1,34
0,29
1,70
1,52
4. CJSC "NC" Dulisma"
2011
2012
2013
2014
2015
0,69
0,92
0,57
1,02
0,99
0,27
1,40
0,37
1,08
0,68
0,61
0,56
0,35
0,68
0,56
0,07
0,93
0,58
0,24
0,17
0,46
0,61
0,71
0,27
0,87
0,48
0,95
0,49
0,83
0,74
5. LTD "Irkutsk Oil
Company"
2011
2012
2013
2014
2015
1,44
1,32
1,87
1,56
1,34
1,52
1,75
3,30
2,03
1,50
1,26
1,39
1,61
3,49
2,97
1,65
1,14
1,69
2,45
1,48
1,35
1,69
3,78
1,09
0,24
1,44
1,46
2,37
2,05
1,56
6. LTD "INC
NEFTEGAZGEOLOGIY
A"
2011
2012
2013
2014
2015
0,94
0,56
0,91
0,34
0,87
1,10
1,11
0,24
0,33
0,59
0,86
0,23
0,94
0,52
0,76
0,75
1,04
1,11
1,04
0,98
1,34
0,30
0,56
0,35
0,21
0,99
0,67
0,73
0,44
0,72
2. CJSC "Nazym NGRE"
3. CJSC
"Pechoraneftegaz"
Generalize
d index of
investment
sustainabili
ty (Iinvest)
Generalize
d rates of
business
sustainabili
ty (Ib)
Generalize
d rates of
the
tax
sustainabili
ty (Ifisc)
0,93
0,82
0,71
0,6
0,55
0,84
0,76
0,32
0,45
0,20
Integral
indicator of
the
economic
sustainable
developme
nt (Iecon)
1,06
0,96
0,54
0,68
0,29
41
End of the table 3.2
7. LTD
"KOSYUNEFT"
8. LTD «NS-OIL"
9. OJSC "INGA"
10. CJSC "Petros"
2011
2012
2013
2014
0,76
1,1
0,17
1,34
1,05
0,66
0,45
0,70
1,03
1,54
0,90
0,63
1,54
1,10
0,72
1,04
0,36
0,60
0,74
1,00
0,92
1,01
0,48
0,99
2015
1,17
1,10
1,22
1,24
0,18
1,07
2011
2012
2013
2014
0,51
0,34
0,45
1,1
0,95
1,01
0,01
1,40
1,16
0,09
0,36
0,83
1,13
0,87
1,00
1,39
0,74
0,45
0,67
1,33
0,82
0,54
0,40
1,18
2015
0,41
0,10
0,54
0,34
0,84
0,39
2011
2012
2013
2014
1,05
0,42
0,51
1,17
0,69
0,24
0,85
1,42
0,60
0,05
0,09
0,77
0,29
0,10
0,77
0,34
0,29
1,53
0,05
1,53
0,73
0,39
0,51
1,12
2015
0,87
1,32
0,52
0,33
1,49
0,94
2011
2012
2013
2014
1,45
1,18
1,21
0,85
2,48
2,05
1,04
1,04
3,24
0,75
1,51
1,30
3,64
1,21
0,22
0,23
1,81
2,26
1,12
0,81
2,28
1,44
1,11
0,91
2015
1,07
0,61
0,22
1,17
1,33
0,84
Source: compiled by the author based on annual financial statements published by the company [38] and
public records IOC Association [39],[40]
The average value of the integral parameter in 2011-15 reflected in the graph (Figure
3.1).
Figure. 3.1 - The average value of integral indicator of the economic pillar of sustainable
development 2011-2015
The trend of the average integral indicator of the economic pillar of sustainable
development reflects a certain decline and the maximum value of the recession in 2013
42
to 23% in relation to the value of 2011. This is explained by the IOC sensitivity to changes
in world oil prices, which determine the total tax payments to the company.
Further, according to formula 1 (Chapter 2) for calculating the complex index of
sustainable development calculations are made integral index of the social component of
sustainable development 2011-2015 for each of the 10 selected companies (see table 3.3.).
Integral indicator of the social pillar of sustainable development is characterized by
features of work force companies, shows changes in the number and salaries of
employees, their productivity, and others.
Table 3.3 - Calculation of the integral index of the social dimension of sustainable development
in 2011-2015.
Company
1. CJSC "KhantyMansiysk NK"
2. CJSC "Nazym
NGRE"
3. CJSC
"Pechoraneftegaz"
4. CJSC "NC"
Dulisma"
5. LTD "Irkutsk
Oil Company"
1,53
Coefficient
of
variation of the
ratio of average
wages in the
company to the
average wage for
the industry (Cw)
0,96
Rate of change
in
the
proportion of
employees
with
higher
education
(Red)
1,12
1,13
Integral
indicator of the
social
dimension
of
sustainable
development
(Isoc)
1,12
0,97
1,21
0,73
1,07
1,1
1,02
2013
0,89
0,56
0,5
1,02
1,07
0,81
2014
0,94
2015
0,95
0,13
0,27
0,97
1,04
0,67
0,02
0,07
0,23
0,90
0,44
2011
0,25
0,13
0,18
0,53
0,67
0,35
2012
0,09
0,57
0,06
0,10
0,54
0,27
2013
0,30
0,38
0,20
0,61
0,06
0,31
2014
0,71
0,34
0,20
0,15
0,64
0,41
2015
0,75
0,52
0,76
0,44
0,32
0,56
2011
1,24
1,73
0,78
1,38
1,38
1,30
2012
0,55
1,55
1,57
1,63
1,40
1,34
2013
1,27
1,05
1,36
1,67
1,15
1,30
2014
1,90
1,60
1,60
0,46
2,00
1,51
2015
1,57
0,60
1,46
0,57
0,86
1,01
2011
0,38
0,30
0,69
0,50
0,57
0,49
2012
0,12
0,19
0,84
1,12
0,05
0,46
2013
0,44
0,75
0,34
0,18
0,48
0,44
2014
1,39
1,44
0,85
0,54
0,96
1,04
2015
0,94
1,07
0,89
0,64
0,58
0,82
2011
1,81
1,22
1,71
1,88
0,42
1,41
2012
1,43
0,33
1,56
0,95
1,36
1,13
2013
0,32
0,15
2,99
3,01
1,70
1,63
2014
0,11
3,29
2,24
0,13
0,68
1,29
2015
3,74
3,03
3,11
3,75
2,22
3,17
year
Rate of change
in
ratio
of
growth of labor
productivity and
wages (Rlp)
Rate
of
change in
number of
employees
(Re)
2011
0,85
2012
Rate of change
in
laborintensive
products
(Rintp)
43
End of the table 3.3
6.
LTD "INC
NEFTEGAZ
GEOLOGIYA"
7. LTD
"KOSYUNEFT"
8. LTD «NS-OIL"
9. OJSC "INGA"
10. CJSC "Petros"
2011
0,73
0,92
0,93
1,17
0,08
0,76
2012
0,55
0,16
1,04
0,30
1,58
0,73
2013
0,12
0,01
0,40
0,83
0,56
0,38
2014
0,49
0,62
0,47
0,98
0,52
0,61
2015
1,54
1,10
0,57
0,55
0,28
0,81
2011
0,84
0,81
1,01
1,02
0,38
0,81
2012
1,50
0,46
0,98
0,34
0,83
0,82
2013
0,16
0,55
0,29
0,54
0,36
0,38
2014
0,50
0,51
0,72
0,86
1,03
0,72
2015
0,13
0,50
0,79
0,83
1,27
0,70
2011
1,42
0,04
0,87
0,38
0,57
0,66
2012
0,96
0,70
0,84
0,65
0,05
0,64
2013
0,61
0,99
0,86
0,06
0,97
0,70
2014
0,16
0,76
1,10
1,27
1,42
0,94
2015
0,39
0,91
0,66
0,57
1,06
0,72
2011
0,76
1,27
1,05
0,16
0,91
0,83
2012
0,62
1,36
1,55
1,53
0,44
1,10
2013
0,21
0,47
0,45
1,01
0,88
0,60
2014
0,07
1,40
0,97
0,24
1,60
0,85
2015
0,86
1,14
1,04
1,35
0,18
0,91
2011
2,65
1,04
1,11
1,26
1,57
1,53
2012
3,35
0,10
1,38
0,87
1,00
1,34
2013
1,30
0,96
0,73
0,86
1,21
1,01
2014
0,20
1,54
0,55
1,57
0,44
0,86
2015
1,40
0,75
0,44
1,22
1,43
1,05
Compiled by the author based on annual financial statements published by the company [38] and public
records IOC Association [39],[40]
The average value of the integral parameter in 2011-15 reflected in the graph (Figure
3.2).
.
Fig. 3.2 - The average value of the integral index of the social dimension of sustainable
development in 2011-2015
44
The trend of the average index of the social component also reflects the fact that the
fall of the value in 2013 by almost 20% compared to 2011.
The latter figure - integral index environmental sustainability component necessary
for calculating the complex index sustainable development is calculated in Table 3.4:
Table 3.4 - Calculation of the integral index of the of sustainable development in 2011-2015
Company
1. CJSC "KhantyMansiysk NK"
2. CJSC "Nazym NGRE"
3. CJSC
"Pechoraneftegaz"
4. CJSC "NC" Dulisma"
5. LTD "Irkutsk Oil
Company"
6. LTD "INC
NEFTEGAZGEOLOGIY
A"
7. LTD "KOSYUNEFT"
8. LTD «NS-OIL"
year
Coefficient
of
change in costs for
environmental
protection (Cpr)
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
0.86
0.78
0.7
0.62
0.44
0.61
0.09
0.82
0.84
0.96
0.69
1.93
0.17
0.54
1.57
0.64
0.78
0.87
1.39
0.55
0.42
1.98
2.30
3.09
0.79
1.40
0.40
1.30
0.24
1.11
0.57
1.44
0.20
0.58
0.98
1.58
0.47
0.61
0.79
0.56
Coefficient of
utilization
of
associated
petroleum gas
(Cut)
1.17
1.18
1.19
1.2
0.78
0.56
0.65
0.29
0.61
0.85
1.98
1.67
1.83
0.44
1.12
0.32
1.21
0.81
0.72
0.88
1.82
0.49
2.43
2.37
3.55
1.34
1.23
1.21
0.61
0.56
1.32
0.94
0.77
0.75
1.53
0.32
0.38
0.49
0.88
0.38
Coefficient
of
change in penalties
for pollution of the
environment
(Cpen)
0.67
0.43
0.19
0.54
0.46
0.19
0.24
0.81
0.72
0.54
0.13
1.94
1.10
1.04
1.92
0.66
0.68
0.87
1.38
0.91
0.95
0.45
2.01
0.74
0.21
0.69
0.81
1.01
0.08
1.11
1.02
0.56
0.50
0.72
0.73
1.31
0.45
0.75
0.27
0.08
Integral indicator of
the
environmental
dimension
of
sustainable
development (Ienv)
0.98
0.91
0.84
0.89
0.61
0.50
0.40
0.55
0.70
0.82
1.22
1.80
1.19
0.59
1.41
0.49
0.98
0.84
1.05
0.79
1.23
0.93
2.31
2.26
2.06
1.23
0.90
1.20
0.39
0.83
1.03
1.01
0.55
0.69
1.20
0.90
0.42
0.58
0.73
0.37
45
End of the table 3.4
9. OJSC
"INGA"
10. CJSC
"Petros"
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
0.89
1.50
0.26
1.46
0.48
2.14
1.04
0.76
1.08
0.71
1.42
0.23
0.74
0.96
1.48
1.48
2.89
0.90
0.01
1.22
1.25
1.13
0.61
0.26
0.94
0.56
0.99
0.92
1.39
0.67
1.23
0.79
0.57
0.97
1.07
1.49
1.96
0.86
0.60
0.96
Source: compiled by the author based on annual financial statements published by the company [38] and
public records IOC Association [39],[40]
Calculation of the complex index of manufacturing according to the formula of the
arithmetic mean values of the indicators of economic, social and environmental
dimension of sustainable development over the years.
For convenience, we reduce the display calculation results in a table 3.5:
Table 3.5 - Calculation of the complex index sustainable development in 2011-2015 by
companies
Company
1. CJSC "Khanty-Mansiysk
NK"
Complex
indicator
of
sustainability in
2011
1.05
Complex
indicator
of
sustainability in
2012
0.96
Complex
indicator of
sustainability
in 2013
0.73
Complex
indicator
of
sustainability
in 2014
0.75
Complex
indicator
of
sustainability in
2015
0.45
0.39
0.31
0.43
0.55
0.80
1.27
1.45
1.21
0.97
1.31
0.49
0.80
0.59
0.97
0.78
1.36
1.17
2.10
1.87
2.26
0.99
0.76
0.77
0.48
0.79
0.92
0.95
0.47
0.80
0.99
0.79
0.53
0.56
0.95
0.49
0.93
0.76
0.56
0.98
0.97
1.77
1.58
0.99
0.79
0.95
0,996
0.927
0.847
0.911
0.979
2. CJSC "Nazym NGRE"
3. CJSC "Pechoraneftegaz"
4. CJSC "NC" Dulisma"
5. LTD "Irkutsk Oil
Company"
6. LTD "INC
NEFTEGAZGEOLOGIYA"
7. LTD "KOSYUNEFT"
8. LTD «NS-OIL"
9. OJSC "INGA"
10. CJSC "Petros"
The average value of 20112015
Calculation complex index of sustainable development for each company in the
46
sample makes it possible to include every company in class sustainability. The result of
the distribution will be extended to all participants in the sector (Table 3.6).
Table 3.6 - Distribution of companies by classes of sustainability
Number of companies included in
the group
Sustainability class
Average
number of
companies in
the group
%
Distribution
companies
by groups
2011
4
2012
3
2013
2
2014
1
2015
2
2.4
High sustainability
3
3
1
4
4
3
24
30
Average sustainable development
weak-stable development
unsustainable
The average value of complex
index of sustainable development
1
1
1
2
1
1
2
5
0
3
2
0
2
2
0
2
2.2
0.4
20
22
4
1.00
0.93
0.84
0.91
0.98
Absolute sustainability
Based on our simulation market distribution groups sustainable development can
conclude that most of the companies located in the high zone of resistance (30% IOC),
24% of the participants at the end of 2011-2015 located in an area absolutely sustainable
development. Another 20% of the IOC located in the normal development of the area,
while just over a quarter of all market participants are in a zone of weak-stable and
unstable development.
If you look at the dynamics of the overall index averaged over 2011-2015 (Figure
3.3.), we see the fall of sustainability of the market from 2011 to 2013 by 16% and steady
growth from 2013 to 2015 to 98 per cent level in 2011.
Figure 3.3 - The average value of the complex index of sustainable development in 2011-2015
47
A similar trend confirms our assumptions about the market decline after the 2000s,
with the fall of the peak in 2013, most likely due to the fall in world oil prices and the
large dependence on the financial result of IOC from the tax burden on mining, which
featured snap to world prices. Given the limited capacity of refined oil sales abroad, the
market experienced a drop of resistance. The strengths of the IOC is a high technology
and increased mobility within the framework of administrative decisions, thanks to this
market managed to hold back the fall and resume its growth.
3.2. Recommendations for improving the level
sustainable development IOC
A radical solution of the problems, in our opinion, is the application of a progressive
ad valorem rate of severance tax on oil and change the very principle of state fiscal policy
in relation to IOCs: the tax base should be no profit, and the company's revenue.
Note that in the world by using the production approach to the derivation of rent
payments for oil and accounting characteristics of its production is used as natural (the
location of the field, land or offshore, the depth of the bottom shelf, oil quality, depth of
wells) and anthropogenic aspects (the annual rate of production, the year of entering wells
or fields in development). An important criterion is the well flow rate in foreign tax
systems, which is calculated not by using methods of increasing oil production, and which
is observed by using only traditional technologies and depends solely on the reservoir
parameters and the stage of development of the field. This approach is used in U.S. for
the calculation of royalties IOC. It creates economic conditions for the extension of
exhausted fields due to lower royalty rates down to zero in the extraction of oil from the
low-rate wells. Net income in this case is defined as the difference between the cost of
crude oil output (mouth) wells and operating at its production costs. In this case, the past
is actually equal to the cost of production of goods sold in the industry. This makes it
possible to take into account in the taxation of real conditions of oil production, since all
48
the characteristics of the field reflected in the product during its development income.
This model takes into account both taxation IOC receives the income and expenses for
oil production in the specific area.
Secondly, in foreign practice widely applied reduced rates of tax on the extraction
of heavy oil9. Our country has its considerable resources. Therefore necessary to
introduce the concept of "hard-to-reserves" and the imposition of appropriate tax
incentives.
Furthermore, to solve the problem in the first stage possible using the anti-trust
services and regulatory by accessing existing refinery capacity, providing a stable
proportion (access corridor) for IOC several refinery size in 10-15% of the total volume
of processing.
In the second phase, subject to certain conditions, the support of federal and local
authorities in regions with a high concentration of the NOC there is an objective
possibility of building a refinery for small companies. For example, in 2007 in the
Republic of Tatarstan has been developed a project to build special refineries to process
sour crude oil produced IOCs. Its cost is estimated at 3 billion US dollars. Anticipated
share IOC participation of 10%. To finance the project were brought CJSC
"Neftekonsortsium" and the European Bank for Reconstruction and Development.
However, the project was not implemented during the financial crisis10.
Open to discussion and currently remains unresolved problem of mini-refineries,
construction of which could solve part of the problems of this group of limitations. It
requires the development and implementation of the program of construction, based on
the principles of public-private partnership (PPP).
Note that not fully used for the IOCs are possible tolling refining11.
Third, the use of methods of government subsidies to repay the interest rates on
9
Pepper AI Taxation Oil and Gas: The Economy. Right. - M .: Nestor Academic Publishers, 2004, p. 35-46; Grigoriev M.
N. Tax and other incentives for the development of heavy oil deposits on the Arctic shelf and its coast //
"NeftGazPromyshlennost", 2008, № 3 (31)
10
Break the deadlock // Oil and Capital, 2011, №7
11
Broadly tolling (operation using customer-supplied raw materials) is to transfer one party to the other raw materials for
processing without change of ownership in the finished products to the enterprise-processor. Tolling (tolling) schemes are a
form of organization of oil supplies to the refinery, in which it acts as the owner of the supplier of the final product, the other
part is transferred to the processor as a payment for services actually refining. See: SM Worlds Tolling in the oil industry. K .: Relight 2010
49
commercial loans taken out for the purchase (rental) of the IOC of equipment for the
modernization of plant and equipment and technical equipment fields, contributing to a
sustainable and integrated their development, protection of the environment. Upon
confirmation by the small target leverage possibly 3/4 of the refinancing rate to extinguish
the state directly to commercial banks. In this case, economic benefits to all participants
of the credit process. Banks reduce risk, gain confidence in the IOC, as the guarantor of
the loan is the repayment of the government. IOCs have access to long-term loans. The
state compensates its financial costs the creation of new jobs and produce all kinds of
taxes at all levels of the budget system.
The second direction of solving this problem is to use a group of economic incentives
for increased financial resources and working capital. Firstly, by establishing accelerated
depreciation (or parts thereof) for IOCs. Second, the allocation of costs for implementing
a set of measures for the protection of the environment from anthropogenic impacts on
soil, water pollution, air, oil spill and formation water, collection and utilization of
associated gas during oil production on the part of the development of natural resources.
Third, arguable can be a rate cut on income tax, the introduction of "tax holidays" for the
property tax for a period of 7 years from the date of production on a tax registration.
Third, an effective method of attracting investments for the IOCs can serve as a strategy
of integration of the companies, public offering (IPO) and the consolidation of their
assets. Note that under the current tax system payback period of investment projects IOC
is at least 20 years at the level of profitability of 8%. Thus according to a normal return
"AssoNeft" is about 8 years, with margins not lower than 14%. However, even in such
circumstances, there are examples of stable development of the IOCs. An example is the
fusion of NC "Alliance" and the company West Siberian Resources in April 2008 and the
formation of an integrated IOC. In 2009, the company held IPO (because of restructuring
in Alliance Oil Company LTD.), and already in 2010 has attracted direct investment of $
5 billion. Rub. Its securities are listed and traded on the OMX Nordic Exchange
(Stockholm). Currently, the company OJSC NC "Alliance" is the leader of oil production
oil products market of the Far East region of Russia. She belongs to the Khabarovsk oil
refinery, oil depots and filling stations network in the oil terminal in Vladivostok.
50
However, such a strategy of sustainable development is not applicable to all IOCs on
economic, financial and organizational reasons.
Fourth, the following scheme is proposed as an adaptation of the calculation of the
mineral extraction tax for IOC:
1. Zero MET for deposits with initial depleted reserves of up to 1 million tons for
the entire development period.
2.
Application of a lowering factor for the calculation of MET for deposits with
initial recoverable reserves from 1 to 5 million tons.
3. Interval scale for calculating MET, depending on the price of oil varieties
«Urals».
4. MET should not exceed 16.5% of the company's revenue and decrease gradually.
Such an option is a compromise between the radical transition to a progressive ad
valorem rate of mineral extraction tax and the ad valorem rate of the severance tax, when,
as the tax base in favor net income IOC. However, in the case of a fundamental change,
and in the case of adaptation of tax calculation, there will be a positive impact on the
enterprise subsystems IOC, which will ensure its sustainable development.
The proposed measures and practical recommendations are pragmatic and aimed at
forming a trajectory of stable development of the IOC.
51
Conclusion
In the course of this work it was proposed and applied method of an integrated model
of stability assessment of independent oil companies on the example of 10 representatives
from the sector in the period 2011 - 2015. The above method combines several different
ideas and approaches, and the market reflects development of resistance level of
independent oil companies. The advantages of this technique include its specificity,
through a matched set of indicators and weighting coefficient characteristic of the sector;
balanced account of the three components of sustainability of the enterprise, taking into
account the priorities defined them - financial, social and environmental; ease of
calculation.
In the mechanism developed for monitoring functions operate integral indices and
generalized parameter evaluation of resistance, and the results are the basis for using the
system and direct feedback on the state and management levels established by company
management areas and correcting deviations from assigned trajectories stable
development IOC.
The results of this study allow us to formulate the following conclusions:
1. Sustainable development should be understood IOC system internal changes in it
as improving its adaptability to changing external conditions and factors, the growth of
quantitative indicators of its activity and qualitative changes in its structure.
2. The essence of ensuring a stable development of the IOC is in not only solving
problems and overcoming its limitations, but also to maximize the generalized indicator
of sustainability.
3. Emerging market IOC is not a direct competitor vertically integrated oil
companies and transport monopolies. For the qualitative development of Russia hard-toextract reserves required the attention of the state to regulate the activity of the IOC in the
direction of tax revision and formation of access to finance. The result support the IOCs
can become not only the development of additional sites, but also increase government
revenues in terms of taxes and fees.
The work was the issuing practical recommendations, issued by the government,
aimed at forming a trajectory of stable development of the IOC market.
52
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