13:08 — REGNUM Iran begins selection foreign companies who plan to take part in large local oil and gas projects. In particular, in the development of hydrocarbon deposits. This became known from a message posted on the website of the National Iranian Oil Company (NIOC).

Acceptance of applications from foreign oil producers began on Monday, October 17, and will last until November 19 current year. NIOC invites investors interested in the exploration and production of black gold to participate in the prequalification selection. The company will publish the final list of selected organizations on December 7. However, Iran has not yet announced a specific list of projects in question.

After the lifting of Western sanctions against Iran in January of this year, imposed for the country's nuclear program, Iran is trying to increase oil production and market share to pre-sanction levels. At first, the Iranian authorities stated that they would increase production to the planned 4 million barrels per day by June of this year, then by September. Now the dates have been postponed to 2019. It became obvious that Iran could not cope on its own without financial investments from foreign companies. Therefore, in order to increase the attractiveness of its oil and gas fields, Tehran approved in August this year new model oil contracts for foreign investors (IPC). According to the Iranian plan, oil and gas industry The country needs about $150 billion in investment to increase production by a million barrels per day by 2020. Thus, over the next two years, Iran intends to sign contracts worth $25 billion with foreign companies.

The IPC provides for more flexible conditions for the activities of foreign companies compared to previous contracts. Details of the contracts have not yet been disclosed. But it is known that now foreign investors will be able to enter into contracts for up to 20 years, which will allow companies to at least recover their costs. The old contracts stipulated lump sum payment, and their validity period was only five years.

The Iranian National Oil Company already signed the first contract for the new model in October, not with a foreign company, but with the local Setad Ejraye Farman Emam. American media call this company part of the Iranian leader’s conglomerate Ali Khamenei. Under the terms of the contract, it is envisaged to improve oil recovery methods and increase oil production at the Kupal field as part of the development of the second phase of the Yaran field.

Previously IA REGNUM reported that Norwegian, Dutch, and British companies had already announced at the end of August this year that they were interested in working together with Tehran in oil industry, and asked to be given the opportunity to study territories in the Caspian Sea. True, Deputy General Director of the National Iranian Oil Company Gholam-Reza Manuchehri did not specify which companies we are talking about. However, according to Manouchehri, Tehran has already invited foreign investors to participate in the exploration and development of four hydrocarbon production projects simultaneously in the Caspian Sea. In particular, the Sardar-e Jangal deposits.

Regarding Russian-Iranian cooperation in the oil industry, in August the Russian Ambassador to Tehran Levan Dzhagaryan said that Russian oil companies are interested in Iranian oil projects. Basically, of course, we are talking about production projects, but participation in the field of oil refining and petrochemicals is also possible. Moreover, the option of creating a consortium of Russian oil companies to work in Iran is also acceptable, Dzhagaryan said.

Lukoil previously announced its desire to work in Iran. According to the Russian ambassador, the company is considering participation in projects to develop two fields in the area of ​​​​the city of Ahwaz in western Iran. It is possible for Lukoil to return to the Anaran project, where the company worked before the imposition of sanctions. Also currently at the approval stage are memorandums of cooperation between Gazprom Neft and Gazprom with the Iranian oil and gas companies NIOC and NIGC in the development of oil and gas fields. Zarubezhneft and Tatneft also expressed interest in participating in Iranian projects.

In accordance with current legislation, the volume of government guarantees issued as collateral for external borrowings must be approved by the federal budget law. Within its framework, the volumes of state guarantees for the implementation of PSA projects, secured by the future state share of oil in these projects, can be summed up and displayed as a separate line.

Today, Russian legislation requires the approval of each draft PSA by a separate federal law. This means that when forming the budget for the next year, it is enough to sum up the volumes of state shares of profitable oil for this year according to the ratified agreements, without subjecting them to separate discussion within the framework of the budget adoption procedure. On the other hand (every cloud has a silver lining), the ratification of individual projects (a requirement introduced into the legislation on PSA, which significantly “complicated” for the investor the procedure for concluding an agreement with the state for each project) provides investors with maximum legal protection in the conditions of high instability of the Russian economy in transition. and thereby significantly reduces the risk and increases the long-term financial rating of government guarantees issued on the basis of the PSA.

True, in our opinion, under one condition - that the state guarantees issued on the basis of a specific PSA project are used for the needs of project financing of this particular project. This approach will make it possible to remove these government guarantees from the sovereign risk zone and significantly reduce the cost of borrowing. If government guarantees issued on the basis of a specific PSA project are used not only within this project, but also in the interests of other projects, that is, they are subject to redistribution through the current budget, they will immediately fall under the influence of sovereign risk, which will significantly increase the cost of borrowing and put doubt the feasibility of applying the proposed scheme as a whole.

This approach will make it possible to break the generally accepted pattern for steadily developing (non-transition) economies, according to which the financial rating of a project cannot be higher than the rating of the company that implements it, which in turn cannot be higher than the financial rating of the parent and/or host country , in which this project is being carried out.

In world practice, there is the only example known to us when the financial rating of a project exceeds the financial rating of the country in which it is implemented - the Qatargas project in Qatar (natural gas production at the Severnoye field, located on the Persian Gulf border with Iran, and its liquefaction at an LNG plant located at the northern tip of the peninsula). The proposed approach will ensure high financial ratings of those exposed within Russian projects PSA of state guarantees of a new type, regardless of the financial rating of Russia itself, will expand opportunities Russian companies to attract project financing for oil and gas projects developed under PSA terms and to reduce the price of the borrowed capital required for them.

CONCLUSION

Today, the state of affairs in global oil production is somewhat different than a decade ago. More advanced technologies for exploration and production of hydrocarbons have made it possible to open new areas in the world. For example, a deep-sea mining area off the west coast of Africa. Regions such as Saudi Arabia, where a barrel of quality oil can be produced for one or two dollars and can be easily transported to export markets, are becoming more open to international companies. For producing countries, the oil and gas world is much more competitive in 2001 than it was in 1991. Moreover, the experience of foreign companies in Russia also did not meet their expectations in the early 1990s.

Although many joint ventures that began 10 years ago have been technically successful, very few have generated a sufficient return on investment, if any at all.

The main problems that foreign investors have had to face in Russia are well known. These are, first of all, an imperfect legislative framework, the unpredictability of the tax regime and excessive bureaucratic control.

Can the Russian oil and gas complex count on large-scale foreign investments in the future? In my opinion, if large investments from foreign companies are directed into the Russian fuel and energy industry, this will happen only on the basis of production sharing legislation.

This does not mean that the PSA is a panacea. And the reason is not that production sharing supposedly implies “tax breaks” or other privileges: experts are well aware that when oil prices are high, oil companies can earn a lot more under the licensing system. The real reason for the commitment of foreign companies to work under PSA terms is that production sharing can add to their projects that essential component that was missing in Russia in last years, - stability and predictability of conditions for investment.

This is not the same as predictability of earnings. When sharing production, the investor takes on geological, technical and financial risks. Under these conditions, there is, of course, no need to talk about guaranteed profits.

However, with the legal and tax stability that production sharing can provide, companies are able to make long-term plans. This means that the profitability of a particular project depends more on the efficiency of the company (and, of course, on one external factor which none of us can control - oil prices) than from good relations with government officials.

Very often the product section is associated with foreign companies. In fact, of the 22 fields approved for development under production sharing conditions, only 9 have foreign investors. All these 9 fields also have Russian investors.

Therefore, we can confidently say that Russian companies will receive real benefits from the production sharing regime. There are both direct and indirect benefits here.

The most direct benefit is the access to financing that production sharing will bring. The predictability, stability and openness of production sharing regimes is what makes them attractive not only to foreign companies, but also to foreign banks and other financial institutions that can provide the majority of capital for projects. Let me remind you: many of the PSA projects will require between $10 billion and $15 billion of investment.

Banks are no less interested in an attractive and competitive production sharing regime than oil companies. Bankers usually want to be sure that they will recoup their investments and make a profit.

If the Russian production sharing regime is not competitive, then not only will foreign companies not invest, but also banks will not finance projects of both foreign and Russian companies.

One of the characteristics of world oil gas industry is the fact that companies that are usually competitors work on large projects together. Companies benefit from pooling resources in several ways: risk is shared, and partners can learn from each other. Russian companies will also benefit from the exchange of technology and management skills that will come from working together with foreign companies on PSA projects. And vice versa. There are no obstacles to joint work becoming a widespread practice in Russia. A successful partnership in Russia could lead to joint work in other countries.

Another indirect benefit of product division transparency is in the area of ​​impressions. If we look at the market value of shares of Russian oil companies in relation to the reserves they have, we will see that they are valued significantly lower than shares of foreign companies

Why is this happening? One of the main reasons is the lack of transparency and good corporate governance in Russia. At the same time, the market reacts positively to changes for the better in this area. This is confirmed by the example of the Yukos company, which over the past 4 years has managed to achieve a 40-fold increase in the market price of its shares.

The market can react equally positively to steps taken by the government, which has decided to show that Russia is moving towards creating a more transparent investment regime.

One of the immediate consequences of the completion of the production sharing regime would be greater investment confidence that Russia is on the right track and that large untapped fields can eventually be developed - either through cooperation between Russian and foreign companies, or by Russian companies with foreign financing. These factors would increase the market value of Russian companies.

So production sharing is an important issue not only for foreign companies in Russia. This is the best and, for the foreseeable future, the only way to attract capital and technology necessary to develop large new fields in Russia.

It is clear that production sharing is an issue on which Russian and foreign companies can work together. Creating a clear, stable, predictable, open, favorable and competitive investment regime in Russia is in our common interests. Currently, such conditions do not exist. Therefore, in Russia there were no investments on production sharing terms, except for PSA projects concluded before the Federal Law “On PSA”.

But this block of laws has its advantages even in the current version, which is not the most effective for investors. However, there are also restrictions on its use. The “resource” quota of deposits for development under PSA terms has already been practically exhausted (30% of the country’s proven reserves). The procedure for obtaining the right to use subsoil under the terms of a PSA is overly complex and bureaucratic. Obtaining all the permits and visas required for PSA projects takes a lot of time and is therefore an expensive process. This reduces the competitiveness of all companies operating in Russia. Investors support the efforts of the Russian Government to establish a “single window” for the PSA in order to reduce bureaucratic red tape.

If we talk about other sectors of the economy (manufacturing, services), then PSA cannot be applied here at all. The economic and investment legislation of the country needs progressive development not only through the PSA

To increase the investment attractiveness and competitiveness of the oil and gas industry, it is necessary to:

Direct efforts to increase the resource base of the oil and gas sector of the fuel and energy complex, ensure sufficient transparency regarding the state of this base;

Create a centralized data bank of domestic advanced types of equipment and technologies that can be purchased and used by investors;

Develop a gradual increase program investment attractiveness Russian oil and gas complex, including measures to strengthen the stock market, which should become an effective mechanism for mobilizing investments, channeling them into the most promising oil and gas complex development projects and into the most effective business structures. On regulations Too much time and effort has already been spent. The time has come to finalize them (in a form that would ensure the creation of an attractive investment regime) and move on.

Given the vastness of Russian distances and the discrepancy between domestic and world prices, oil transport will always be an important issue. But no private company will build a pipeline that costs several billion dollars unless it can be confident that it will have easy access to the pipeline to transport its products. Therefore, the draft Law on Trunk Pipelines should provide for pipelines that are laid by private companies and therefore owned and operated by them.

Finally, production sharing agreements require development of a management system.

In conclusion, the following conclusions can be drawn.

Oil and gas complex is and, undoubtedly, will remain the most important part Russian economy, which, even in the current crisis, provides a quarter of the cost of industrial products, a third of budget revenues and about half of all foreign currency export earnings. It remains the life support of the nation, a solid foundation economic security countries, an important source of repayment of external debt.

Solving the problems of the oil and gas complex is closely connected with solving the problems of the entire Russian economy. As the situation in the oil and gas complex worsens, the socio-economic situation of the entire country worsens. Therefore, the problems of oil and gas complexes should be considered as a priority, along with the problems of the agro-industrial complex, military-industrial complex, transport and communications.

The role of oil and gas complexes in the coming years will not only not decrease, it will be consistently increased in order to provide Russia with the opportunity to restore its overall economic potential, to carry out the necessary structural restructuring of the entire economy, to provide Russians with a new quality of life.

NGK will continue to play a critical role in external economic strategy Russia. This will, first of all, relate to the possibilities of obtaining export income, which is so necessary for the implementation of reforms. NGK and its potential capabilities will continue to act as the main guarantor in our policy of obtaining long-term loans and credits in non-CIS countries. No less important is the role of the fuel and energy complex in promoting the development of integration of other CIS countries with Russia on the basis of the continuing interest of these countries in the supply of Russian fuel and energy goods. The “energy factor” can contribute to a more active policy of Russia in its relations with the EU, USA, Japan and other countries.

The problems of oil and gas complexes are not and will not be of a short-term nature; they are long-term and can only be solved in general connection with the problems of the entire economic development of Russia. For this reason, constant coordination in the implementation of the ES 2020 and Strategy 2010 programs is extremely important.

Volumes of investments that need to be attracted to the Russian oil and gas complex to solve priority economic problems Russian strategy, are so large that they make the debate about the priority of certain sources of investment pointless. There is enough space for everyone in this field - private domestic structures, the state, and foreign entrepreneurs. The question is how and where to obtain investment funds.

The mobilization of large investments for the needs of further development of oil and gas complexes can only be carried out in the event of a significant change investment climate for both domestic and foreign capital.

The development prospects for the global oil and gas market are favorable for increasing investment in the Russian oil and gas sector.

Russia has sufficient investment attractiveness, but significant efforts are needed to further increase it

In conclusion, I would like to note that foreign oil companies see enormous potential in Russia. That's why they're still here - despite the challenges that come their way. However, in order to create conditions for attracting long-term investment in the Russian oil and gas complex, much more work needs to be done.

The creation of these conditions is in the common interests of both Russian and foreign oil and gas companies.

BIBLIOGRAPHY:

Lebedeva T.Ya. “The main directions of attracting investment in the Russian agricultural sector.” Moscow 2001

Khvalynsky A.S. "International and regional economic organizations." Moscow 2002

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KRAVETS M.A., “Investment potential 2030”,

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ANALYTICAL DEPARTMENT, “Investment climate 2002” – “Foreign Economic Bulletin”. No. 18, 2002

KIRCHEN A.Yu., “YUKOS is the industry leader” - “Oil. Gas. Business". No. 1, 2003

SHAPRAN V.M., “Oil investments in Russia or vague prospects” “Market valuable papers", No. 16, 2003

DREXLER CLYDE, “PSA is an ineffective mechanism” - “International Affairs”, No. 1, 2001.

Kokushkina I.V. " Foreign investment and joint ventures in the Russian economy." St. Petersburg State University 1999

Kokushkina I.V., “ The legislative framework investment activity of the Russian Federation" - "Legal Thought". No. 2, 2001

Website of the MPA CIS www.mpa.ru

Konoplyanik A.A. “The global oil market: a return to the era of low prices? (consequences for Russia)" Moscow 2000.

Konoplyanik A.A. “Development of the legislative and investment process in Russia in the context of the Federal Law “On Production Sharing Agreements.” Moscow 1999

Project Finance. The Book of Lists 1999. - A Supplement to “Project Finance”

The Sakhalin-2 Project. Vityaz Production Complex Inaugural. - Sakhalin Energy Investment Company, 1999

Tax and Project Finance. Special Issue. - “International Business Lawyer“, May 1998, (International Bar Association, Section on Business Law).

IEA Oil, Gas and Coal. Supply Outlook. Paris. 1995. P. 63.

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The Russian oil and gas industry has received more foreign investment than any other. Oil and gas industry enterprises not only implement joint projects with foreign partners, but also raise funds by placing their securities in the Western financial market. It can be noted that only a few Russian enterprises and financial institutions succeed in raising funds in this way. The oil and gas industry also attracts foreign government funds and money from international financial institutions in a relatively large volume.

Foreign investors have not been able to place direct control over any of the Russian oil producing companies. This is explained by the fact that all these companies are very large enterprises of “strategic” importance. In addition, there is a direct ban on the sale of shares of a number of Russian oil companies abroad.

Due to the difficult political and economic situation in Russia, the prospects for foreign investment in the oil and gas industry remain unclear. However, international oil companies have experience in developing countries and they are able to overcome specific difficulties associated with the lack of a normal market environment and arbitrary actions of the authorities. However, in any case, it is unlikely that independent development of large fields by foreign companies will be possible, which would create competition for Russian oil-producing giants. Foreign capital is used by oil companies mainly for “import” modern technologies and financing the projects they implement.

The Purneftegaz company plans to attract foreign investment in the amount of $15 million by selling a large block of its shares acquired on the secondary market. The raised funds are planned to be used for the implementation of large investment projects, including joint development of the Komsomolskoye oil field with Shell, development and modernization of the Kharampur oil and gas field.

Societe Generale Vostok bank is lending to two oil producing companies - Tatneft ($280 million) and Chernogorneft ($50 million).

With the help of new technologies, the Komiarktikoil joint venture achieved a threefold increase in oil production from part of the Verkhne-Vozeyskoye field. The foreign founders of the joint venture are the Canadian company Gulf Canada and the English company British Gas. However, Gulf Canada expressed a desire to sell its 25% stake in the joint venture, emphasizing that although the investment was promising from a technical point of view, it was too risky due to constantly changing economic conditions.

The American oil concern ARCO (ARCO) announced on September 29, 1995 the acquisition of convertible bonds of NK LUKoil, which after conversion in April 1996 will amount to 5.7% authorized capital companies. ARCO purchased 241,000 LUKoil bonds worth $250 million. The bonds will be exchanged for voting shares totaling 40.9 million in April 1996, which will turn the American concern into the largest holder of LUKoil bonds.

The Anglo-American-Norwegian consortium consisting of Brown and Root, Smedvig, Petek and Instance won the tender for the right to implement the gas program in the Tomsk region. The program provides for the development of the North Vasyugan, Meldzhinskoye and Kazanskoye gas fields with proven reserves of about 300 billion cubic meters. gas

Kali-Bank GmbH, a subsidiary of the German company Wintershall AG, will provide the Russian joint stock company Gazprom with a loan in the amount of DM1 billion, the Gazprom press service told the Petroleum Information Agency. The loan will be used to implement the Yamal-Western Europe gas pipeline construction project.

RAO Gazprom and the German concern BASF signed an agreement to allocate 1 billion marks for the implementation of a project to supply Yamal gas to Western Europe. Funds from the German side for the development of gas fields in Yamal are allocated under Gazprom guarantees and the project is being carried out without the participation of the Russian government.

The international consortium Timan Pechora Company, consisting of Texaco, Exxon, Amoco, Norsk Hydro and Rosneft, intends to develop the Timan-Pechora field with recoverable reserves of about 400 million tons.

The South Korean financial and industrial group Hyundai is showing interest in the Kovytkinskoye gas field in the Irkutsk region.

US Exim Bank and the Central Bank of the Russian Federation have reached an agreement on issuing licenses from the Central Bank to open collateral accounts, which is actually the final step in the process of preparing for US Exim Bank's participation in lending to Russian enterprises Nizhnevartovskneftegaz, Permneft, Tatneft, Chernogorneft and Tomskneft "

The American fund Tempelton Investment Management intends to invest in Permneft and Komineft through its division, the Tempelton Russia fund.

The total cost of the project for the development of the Shtokman field in the Murmansk region, which will be carried out by the Russian company Rosshelf, is estimated at approximately $10-12 billion. It is planned to hold an international tender to finance the project. Some Western companies and banks, in particular the American Goldman Sax and Morgan Stanley, showed interest in the tender.

The government of the Russian Federation and a subsidiary of the French company Total, Total Exploration Development Russia, signed an agreement on the development of the Kharyaga oil and gas field on December 20, 1995. Recoverable reserves are estimated at 160.4 million tons. The agreement provides for the development of the field by a French company for 33 years, which will require an investment of $1 billion from Total.

Investment activities of Russian and foreign oil and gas companies

Investment activity of Russian and foreign oil and gas companies

Lazareva Anna Igorevna

Lazareva Anna Igorevna

postgraduate student of the Department of Economics and Management

at an oil and gas industry enterprise",

"Ufa State Petroleum Technical University"

[email protected]

Annotation.This article presents the results of an analysis of the investment activities of Russian oil and gas companies such as"Rosneft", "Lukoil", "Gazpromneft", "Tatneft", "Surgutneftegaz" in comparison with a foreign company"Total". During the study, we can come to the conclusion that,

Annotation.This article presents the results of the analysis of the investment activities of Russian oil and gas companies such as "Rosneft", "Lukoil", "Gazpromneft", "Tatneft", and "Surgutneftegaz" in comparison with the foreign company "Total". In the course of the study, it can be concluded that, despite the active investment policy of Russian oil companies, the leader of the Russian market, PJSC “NK Rosneft” inferior to the foreign company “Total” in total investment by 2-3 times.

Keywords:investment activity, oil and gas company,"Rosneft", "Lukoil", "Gazpromneft", "Tatneft", "Surgutneftegaz","Total".

Keywords:investment activities, oil and gas company, "Rosneft", "Lukoil", "Gazpromneft", "Tatneft", "Surgutneftegaz", "Total".

Introduction

The influence of energy factors on the development of global and national economies, the system of international economic and geopolitical relations is constantly growing as world GDP and increasing energy consumption. According to forecasts, the world economy's needs for energy resources in the next 30 years could increase by almost 60% compared to beginning of the XXI century, which requires further development of the oil and gas industry, both in the world and in Russia. .

Management of the development of oil and gas companies is a set of activities, methods and means related to the targeted regulation of the movement of monetary, property and intellectual values ​​invested in the enterprise in order to achieve selected goals.

The basis for the development of an enterprise is investment. To meet the growing demand for hydrocarbons, the main subjects of the oil and gas industry - international and national oil and gas companies - need to develop a clear, forward-looking investment strategy that involves attracting large-scale capital investments in the exploration, production, transportation and processing of hydrocarbons, and also aimed at increasing the returns from these capital investments. Choice of this object The research is dictated by the role of oil and gas companies in the global market for energy resources and refined petroleum products, the importance of their activities in maintaining the global and domestic fuel balance, and the related need to regulate the investment process and improve the efficiency of investment programs in modern conditions.

Analysis of the investment activities of leading oil and gas companies corresponds to today's need for an in-depth study of the above process, especially in conditions of price instability in world hydrocarbon markets and taking into account political instability in the regions of their production, affecting both the development of the industry and the process of making investment decisions. The need for a thorough study of this issue is also associated with the constant increase in the role of the oil and gas industry in the energy sector of the world economy, the continuation of the process of transnationalization in this industry, and the permanent growth of its influence on the competitiveness of national economies, their energy and economic security.

The purpose of the article is to analyze the investment activities of Russian and foreign oil and gas companies such asRosneft, Lukoil, Gazpromneft, Tatneft, Surgutneftegaz and"Total".

Main section

The investment process is defined as a sequence of stages, actions and operations for the implementation of investment activities. The ultimate goal of investment activity is to make a profit, create added value and increase market value business and company. In relation to the oil and gas sector, the objectives of investment activity are to increase proven oil and gas reserves, increase the volume of sales (production) of hydrocarbons, optimize production indicators (increase the oil recovery factor and the recovery or regeneration coefficient of reserves), maintain and expand the market niche, reduce unit costs for extraction and transportation of raw materials. It must be added to this that the importance of investment activities of oil and gas companies is determined by the need to ensure uninterrupted supplies of energy resources to consumers.

Oil and gas enterprises are multi-purpose systems that combine production, financial and economic, social, marketing high and other goals related to solving problems that lead to strategically important changes yam . To carry out effective investment activities, it is necessary to solve the problem of choice priority areas of investment, those. define a subset number of investment projects that have sufficient investment potential and ensuring the achievement of strategic development goals, and implement investment design selection data for implementing options.

At the beginning of the twentieth century V. to oil and gas The industry, together with other extractive industries, accounts for the largest share of foreign and domestic direct investment. The renewed interest in the oil and gas industry partly reflects a structural shift that is taking place across virtually all of the world. new commodity markets. It is characterized by growing demand for mineral resources from Asian markets, coupled with high level demand in developed countries, which leads to rising prices for mineral resources. In this context, it is worth noting that the global These mineral markets are characterized by uneven geographical distribution of reserves, production and consumption. For example, some developing countries are countries with transitive economies (Indonesia, Algeria, Malaysia, Nigeria, Russia, Kazakhstan tan, etc.), they are net exporters of hydrocarbons, while other developing countries (China, India, Turkey, Ukraine, etc.), as well as developed countries (Germany, France, Italy, etc.) are net importers . Such imbalances cause Concerns regarding security of supplies on the part of importers and regarding access to markets on the part of exporters. And this is natural, given the importance of hydrocarbon supplies for sustainable economic development countries In such a situation Oil and gas companies can benefit both the host and home countries. For countries that do not have the necessary capabilities to fully transform their natural resources in commercial goods, oil and gas companies and can act as a source required capital, knowledge and entry into markets, and for home countries - a kind of “bridge” to provide access to foreign supplies. It should also be emphasized here that the policies of oil and gas companies and governments TV is being formed in conditions of volatility in commodity markets with a tendency towards rising prices, which supports an increase in the costs of exploiting new hydrocarbon deposits.

In the oil and gas industry, international oil and gas companies remain the largest largest corporations in terms of foreign assets. At the same time, from the point of view of production scale, national oil and gas companies of developing countries and countries with transitive economies have begun to outstrip international ones since 2005. To such corporations owned by Saudi Aramco (Saudi Arabia), Gazprom (Russia), NIOC (Iran), etc. And although in recent years the development of national oil and gas companies is characterized by significant dynamism combined with control over the majority of proven reserves rya and its production, the degree of internationalization compared to international oil and gas companies remains quite low. Meanwhile, some companies from developing countries and countries with transition economy expand their foreign interests and would are becoming global players. These companies include: CNPC, Sinopec (China), Lukoil (Russia), ONGC (India), Petrobras (Brazil), Petronas (Malaysia), etc. CNPC (China) and Petronas (Malaysia) are involved in oil and gas production in more than 10 foreign countries Oh.

Increase investment flows in the global oil and gas industry has been observed over the past decade - after a period of minimal investment in the 1990s. As noted above, the active process of increasing investment volumes from on the part of national oil and gas companies began in 2005 and brought them to leading positions in terms of production levels.

Let's consider the investment activities of vertically integrated companies, such as Rosneft [6], "Lukoil" [5], Gazpromneft [ 2],"Tatneft" [7], "Surgutneftegaz" [ 4].

1. PJSC NK Rosneft is the leader of the Russian oil industry and one of the largest public oil and gas companies in the world. Investment program PJSC NK Rosneft was formed within conservative scenario parameters. In 2016, the total volume of investments amounted to $10,966 million (Table 1).

Table 1 – Volume of investments of PJSC NK Rosneft 2014-2016, million dollars.

Name	2014	2015	2016	Change 2015/2014		Change 2016/2015
Upstream	10 146	7 957	9 266	2 189		1 309
Downstream	4 476	2 026	1 316	2 450
Other
TOTAL:	14 921	10 362	10 966	4 559

Compared to 2015, the volume of investments increased by 6%, mainly due to the Upstream sector. This growthdue to the fulfillment of strategic goals to increase hydrocarbon production volumes by increasing the pace of production drilling and field development, as well as the beginning of the active phase of developing new and large oil and gas production projects.At the same time, investments in the Downstream sector in 2016 decreased by 35%.

According to the structureinvestments of PJSC NK Rosneft for 2016The main share of 85% is occupied by the Upstream sector.

2. PJSC Gazprom Neft and its subsidiaries are a vertically integrated oil company (VIOC), the main activities of which are exploration, development, production and sale of oil and gas, as well as production and marketing of petroleum products.

In 2016, the total volume of investments amounted to $5,973 million. Compared to 2015, the total volume of investments decreased by 2%. As you can see, the main shift in 2016 towards the processing unit was an increase of 15% (Table 2).

Table 2 – Volume of investments of Gazprom Neft PJSC 2014-2016, million dollars.

Name	2014	2015	2016	Change 2015/2014		Change 2016/2015
Upstream	5 819	4 530	3 863	1 289
Downstream	1265
Other	2 022		1 218	1 231
TOTAL:	9 106	6 079	5 973	3 027

The volume of investments in the Upstream segment decreased by $667 million, or by 17%. In 2016, the sector occupied the main share of total investments – 65%.

It should be noted that tocapital costs for mature fields remained at the level previous year and amounted to $1,753 million. Costs on new projects decreased by 5% and amounted to $1,887 million. This was due to a decrease in activity on foreign projects. Refining costs increased by 41% due to the continuation of modernization projects at the Omsk and Moscow refineries.

3. OJSC "Surgutneftegas"– one of the largest enterprises in the Russian oil industry. It accounts for about 13% of the country's oil production and 25% of the gas produced by Russian oil companies.In 2016, the total volume of investments amounted to $3,384 million. Compared to 2015, the total volume of investments decreased by 7%. As you can see, the main shift in 2016 towards the processing unit was an increase of 10% (Table 3).

Table 3 – Volume of investments of OJSC “Surgutneftegas” 2014-2016, million dollars.

Name	2014	2015	2016	Change 2015/2014		Change 2016/2015
Upstream	4 926	3 397	3 106	1 529
Downstream
Other
TOTAL:	5 172	3 653	3 384	1 518

In accordance with the structureinvestments of OJSC "Surgutneftegas", investmentsThe Upstream segment annually accounts for more than 90% of the total investment.However, in 2016, the volume of investments in the oil and gas production sector decreased by 9% and amounted to $3,106 million. Of this amount, 89.4% or $2,777 million fell in Western Siberia, 10.2% or 317 million dollars - for Eastern Siberia and 0.4% or 12 million dollars - for the Timan-Pechora oil and gas province.

4. PJSC Lukoil – one of the largest international vertically integrated companies, providing 2.2% of world oil production. PJSC Lukoil implements oil and gas exploration and production projects in 12 countries around the world.In 2016, the total investment amounted to $7,601 million (Table 4).

Table 4 – Volume of investments of PJSC Lukoil 2014-2016, million dollars.

Name	2014	2015	2016	Change 2015/2014		Change 2016/2015
Upstream	12 185	8 041	6 582	4 144		1 459
Downstream	3 071	1 524		1 547
Other
TOTAL:	16 082	10 003	7 601	6 078		2 403

Compared to 2015, the total volume of investments decreased by 24%. This abbreviationcapital expenditures are due to the completion of the main refinery modernization program and a reduction in investments in international projects.

Approximately 80% of annual capital expenditures are spent on production and only 10% on oil refining. This is explained by the fact that Lukoil has almost completed its refinery modernization program and there is a need to maintain the level of oil production, since it has fallen every year since 2009 due to the depletion of fields in Western Siberia.

In the Downstream segment, capital expenditures at the Group's Russian refineries amounted to $416 million in 2016, which is 49% less than the level of 2015. The decrease is due to the end of the main investment cycle for the modernization of oil refining capacities.

5. PJSC Tatneft – one of the largest domestic oil companies operating as a vertically integrated Group. The Company's share accounts for about 8% of oil produced in the Russian Federation and over 80% of oil producedcommon on the territory of Tatarstan.

In 2016, the total investment amounted to $1,445 million (Table 5).

Table 5 – Volume of investments of PJSC TATNEFT 2014-2016, million dollars.

Name	2014	2015	2016	Change 2015/2014		Change 2016/2015
Upstream
Downstream
Other
TOTAL:	1 815	1 601	1 445

As you can see, the main shift in 2016 towards the processing unit was an increase of 12%. However, A significant share of investment funds was directed to exploration and production of oil and gas - about 805 million dollars, as well as to the construction of a complex of oil refineries and petrochemical plants (more than 536 million dollars). At the same timeInvestments in the Upstream segment annually account for about half of the total investment volume.

It is worth noting that investment activity PJSC Tatneft in 2016 was carried out in accordance with strategic development plans and current priorities in solving production problems. Thus, $440 million was invested in exploration and production within the Republic of Tatarstan, $304 million was invested in the development of super-viscous oil fields. The remaining funds, about $61 million, were spent on exploration and production in Russian Federation, as well as foreign projects.

It should be noted that the Russian oil and gas industry is extremely capital-intensive, so the return on invested capital period is longer than in many other industries. This is due to a number of reasons, namely:

- significant expenditures of time and money on negotiations with the owner of potential hydrocarbon deposits on prospecting and exploration work and the conditions for future production;

- direct exploration and exploration may be difficult due to unfavorable climatic, geological, technological, socio-political and other conditions;

- search for highly qualified work force to provide all links in the value chain - from exploration of hydrocarbon deposits to the stage of selling processed products to the end consumer;

- significant costs of time and money at the initial stage of production associated with difficulties in transporting production equipment (drilling platforms, drill strings, etc.), rather lengthy commissioning work (there is always the possibility of a possible partial change in designs or their modification in accordance with modern conditions in the place of extraction);

- solving problems of efficient transportation from the place of production to the place of processing and from the place of processing to the place of sale (construction or modernization of a tanker fleet and a fleet of gas carriers; construction or use of existing oil terminals and terminals for liquefied gas transportation; construction of gas and oil pipelines, pumping stations, as well as the necessary infrastructure);

- construction or modernization of hydrocarbon storage and processing facilities;

- creation of a wholesale, small-scale wholesale and retail trade and purchasing network for the sale of processed products;

- high level of risks characteristic of the oil and gas industry as a whole.

Let's compare the investment activities of Russian oil companies with the activities of foreign ones. For comparison, let’s take one of the leaders in fuel distribution in Western Europe and Africa, TNC Total. This company was chosen for comparison because...It is the fourth largest producer in the world after Royal Dutch Shell, BP and ExxonMobil.

Yes, s and in 2016, the total investment amounted to $20,530 million (Table 6).

Table 6 – Volume of investments “Total” 2014-2016, million dollars

Name	2014	2015	2016	Change 2015/2014		Change 2016/2015
Upstream	26 520	24 270	16 035	2 250		8 235
Downstream	3 840	3 684	4 355
Other
TOTAL:	30 509	28 033	20 530	2 476		7 503

The 27% reduction in investment compared to 2015 represents the completion and launch of nine major production growth projects in 2015 and five in 2016. The reduction also resulted from a successful capital efficiency program in response to the fall in Brent crude prices.

Investments in the Upstream segment annually, like those of Russian companies, account for more than 80% of the total investment.

Next, we present the indicator (volume of investments) in comparable conditions, since all companies differ in both production and financial indicators. As a comparison, let’s take the volume of oil equivalent production (Table 7).

Table 7 – Amount of investment per 1 ton of oil produced for 2014-2016, dollars/t

From Table 7 we can conclude that in 2016, the leaders among the oil companies considered were Gazprom Neft PJSC and Lukoil PJSC, whose investments amounted to 100 and 92 dollars per 1 ton of oil produced. However, only PJSC NK Rosneft increased this indicator in 2016 by 6%, while other companies showed a decline in this indicator. Based on previously obtained data, the predominant share (more than 50%) is annually occupied by the Upstream sector. Although the amount of investment in the Downstream sector is increasing, the share remains small, no more than 20%.

In the "Downstream" sector The dynamics of petroleum products production for all companies in 2016 changed insignificantly (the percentage change was no more than 3%). At the same time, considering the structure of petroleum products, we can come to the conclusion that the share of motor gasoline among the Russian companies under consideration is 20%, diesel fuel – 32%, fuel oil and vacuum gas oil – 29%. While " Total

Thus, it turns out that oil refineries (refineries)produce more heavy distillates, which are at the lower end of the price range, this is due to the fact that developed countries operate complex refineries that produce mainly gasoline (catalytic cracking) and middle distillates (heat treatment and hydrocracking). At Russian oil refineries, the process of vacuum distillation of fuel oil is usually complemented by catalytic reforming for the production of gasoline and basic hydrotreating for the production of diesel fuel.

Conclusion

After analyzing the investment activities of oil companies in Russia and abroad, the following conclusions can be drawn:

The amount of annual investments of Russian companies per 1 ton of oil produced corresponds to the level of a foreign company " Total" – $59/t. in 2016. However, during the reporting year, the amount of investment from Gazprom Neft PJSC and Lukoil PJSC amounted to 100 and 92 dollars per 1 ton of oil production. At the same time, only PJSC NK Rosneft increased this indicator in 2016 by 6%, while other companies showed a decline.

The predominant share (more than 50%) is annually occupied by the sector Upstream " Although the amount of investment in the sector " Downstream " is increasing, but the share remains small, no more than 20%.

The structure of petroleum product output over the past 3 years was as follows: the share of motor gasoline from the Russian companies under consideration is 20%, diesel fuel – 32%, fuel oil and vacuum gas oil – 29%. While " Total » these figures were: 28%, 45% and less than 5%, respectively.

Average processing depth in reporting year for Russian companies was 77%, “ Total" – 97%. The output of light petroleum products is 66% and 83%, respectively.

Capital investments in the Oil Refining and Petrochemicals segment are characterized by the following features: in Russia, most projects are aimed atreducing the content of sulfur compounds in commercial petroleum products or obtaining a component of high-octane gasoline, light gas oil, etc.

In 2016, Russian refineries completed the construction and commissioning of catalytic cracking, delayed coking, hydrotreating, etc. units. Only at OJSC “Surgutneftegas” in 2016, for the first time in Russia, an automatic control system was introduced technological process. In turn, the company Total » pursues other goals, which significantly distinguishes it from the activities of Russian companies, namely: taking advantage of various types of raw materials - the company plans to launch new programs to develop various technologies for the production of liquid fuels, monomers and intermediate products from gas; maximizing asset value. Company " Total » develops experience and technology to increase the value of assets. Efforts primarily focus on programs aimed at facility flexibility and accessibility. Advanced source material and process modeling helps departments overcome processing constraints and work within those constraints in real time. And new opportunities offered by digital technology are being explored to pave the way for the “factory of the future”, which will provide an even safer working environment and increased productivity, consuming less energy and reducing waste;

Thus, the investment of foreign and Russian oil companies is different. Perhaps the reason for the low efficiency of investment use is that the investment policy of Russian oil companies is aimed at exploiting existing fields and modernizing existing assets. Preference is given to those investment projects that have a short payback period. They do not strive to develop innovative products or renewable energy sources. These circumstances indicate that the enterprises of the domestic oil complex do not pay due attention to the justification investment strategy, assessing the effectiveness of investment projects, increasing the level of investment attractiveness for the implementation of innovative projects .

Based on the results obtained, we can conclude that in the current realities, it is preferable for oil companies to invest in oil refining and petrochemicals.It should also be noted that,regardless of the active investment policy Russian oil companies, leader in total investment volume Russian market PJSC NK Rosneft is 2-3 times inferior to the foreign company Total.

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