Independent Oil Producers in Russia: Analysis, Outlook and Assets

Release date: November 2007
Language: Russian, English
Volume: over 300 pages, more than 300 charts and graphs
Price: 5800 EURO (standard package with 40 profiles inclusive)
150 EURO (per additional company profile out of 52 in total)

The segment of independent oil companies (IOCs) accounted in 2006 for 4% of total oil production, for 6% of total proven and probable reserves in Russia, and generated an estimated wellhead value of $4 billion.

The Independent Oil Producers in Russia: Analysis, Outlook and Assets study is designed to provide to oil and gas investors a comprehensive overview of the IOC segment, to the extent made possible by availability of information. The study aims to assist a potential investor in understanding the key historical and current developments in the segment, as well as to collect and analyze information on the companies that account for 90% of the segment's production.

Independent Oil Producers in Russia: Analysis, Outlook and Assets is structured in two parts.

Part one provides an overview of the segment, analyzes its recent developments, key factors shaping operations of IOCs in Russia, and outlook for the segment's development.

The second part showcases detailed profiles of 40 largest IOCs in Russia. Each company profile contains detailed data on its fields (licenses, reserves, reservoir and crude properties), oil production (historical from 2001 and current) and exports (including by destination), as well as information on corporate history and ownership. Profiles of 52 more Russian IOCs, structured in a similar manner, are available as an additional option.

The Independent Oil Producers in Russia: Analysis, Outlook and Assets is an essential source for strategic and private equity investors, investment and financial institutions, professional service companies, and service and equipment suppliers to the Russian oil industry.

CONTENTS

• Introduction
• Part I. Analysis of current stands and general trends affecting the development of IOC segment
• Chapter 1: Russian independent oil producers: Group profile
• 1.1. Composition and boundaries of the IOC segment
• 1.3 Current market status of IOCs
• 1.3.1.Taxation
• 1.3.3. Access to refining facilities
• 1.3.4. Access to oilfield services
• 1.4 Geography of IOC operations
• 1.5 IOC internal differentiation
• 1.6 Ownership structure
• 1.7 Companies with foreign capital
• Chapter 2: Overview of the Russian petroleum industry
• 2.1. Key sector trends
• 2.2 Industry structure and major players
• 2.3. Government policy on the petroleum industry
• 2.4 New rules of the game for foreign investors
• 2.5. Outlook for further consolidation of the petroleum industry and the independent oil production sector
• 2.6 Sale of assets by major holding companies
• 2.7. Internal consolidation in the independent oil production segment
• Chapter 3: Licensing and the independent oil production segment
• 3.1. Auction practices in 2005 and 2006
• 3.2. Bidding in auctions by independent companies
• 3.3. Categories of independent auction bidders
• Chapter 4: Independent company value analysis
• Chapter 6: Independent company asset acquisition risks
• Chapter 7: Outlook for growth of the independent producer segment
• Part II: Company Profiles
• Annex 1: Comparison of Russian and international reserve classification
• West Siberian Resources (WSR)
• Lundin Petroleum
• Imperial Energy
• Irkutsk Oil Company
• Aloil
• Bogorodskneft
• Bulgarneft
• anBaikal Resources Inc
• Dinelneft
• Dinyu
• Geologiya
• Geotekh
• Ideloil
• Ingushneftegazprom
• Kalmneft
• Predpriyatie Kara Altyn
• Kolvaneft
• Magma
• Mellyaneft
• NeftUS
• Negusneft
• Pechoraneftegaz
• Pechoraneft
• Petrosakh
• Preobrazhenskneft
• Samara Naftas
• Saneco
• Severnoe Siyanie
• Sheshmaoil
• SMP Neftegaz
• Tatex
• Tatnefteotdacha
• Tatnefteprom
• Tatnefteprom Zyuzeevneft
• Tatoilgaz
• TNGK Razvitie
• Troitskneft
• Udmurttorf
• UstKutNeftegaz
• Volganeft
• Vostochnaya Transnatsionalnaya Kompaniya (Eastern
• Transnational Company)
• Yangpur
• Yenisei
• Yuzhuralneftegaz
• Appendix 1: Existing oil transport infrastructure: an overview
• Pipeline infrastructure
• Crude oil transportation by rail
• Marine Terminals
• Appendix 2: Petroleum industry taxation

Charts

• Figure 0 1 Illustrative example: Reserve distribution in the RF
• Figure 0 2 Illustrative example: An independent producer's role in a field life cycle
• Figure 1 1 Number and share of IOCs in total oil production in 1993 2006*
• Figure 1 2 2006 revenue and EBITDA per ton of oil production for VIOCs and independent companies
• Figure 1 3 Oil production growth in the independent producer segment versus total industry, 2001 2006, %
• Figure 1 4 Breakdown of IOCs by production volume in 2001 and 2006
• Figure 2 1 Russian oil production dynamics
• Figure 3 2 Changes in the Urals price ($/ton, right scale) and proportion of the mineral extraction tax (MET) and export duty in the Urals price from 2003 to 2007 (January'03 July'07), (%, left scale)
• Figure 2 3 Production capex of leading Russian VIOCs, $ millions
• Figure 2 4 Oil production forecast for Russia: 2008 2015, million tons
• Figure 2 5 Russian oil production structure in 2000, million tons, %
• Figure 2 6 Russian oil production structure in 2006, million tons, %
• Figure 3 1 Size and value of reserves in auctioned blocks
• Figure 4 1 Reserve sales by region, %
• Figure 4 2 The volume of oil reserves of independent companies and VIOC subsidiaries sold from 2004 to 2006, millions of tons
• Figure 4 3 Average per ton value of reserves sold in 2004 2006, $/ton
• Figure 4 4 Individual transactions in the total volume of reserves sold in 2006, %
• Figure 4 5 Individual transactions in the total volume of reserves sold in 2006, in value terms, %
• Figure 4 6 Average per ton price under different transactions in 2006, $/ton
• WSR reserves growth by company: 2004 2006
• Figure 8 2. WSR production growth: 2004 2006
• Average daily oil production by WSR,
  WSR quarterly and annual production, millions of barrels
• Thousands of barrels/day
• WSR began operations in the Volga Urals region in 2006 after it acquired Samarskaya Neftyanaya Kompaniya (Samara Oil Company, or Saneco). Saneco owns exploration and production licenses for four fields located in the
• Samara region Kochevnenskoye, Zapadn
• Urals Energy oil production by region in 2004 2006, thousands of tons
• Oil production by Urals Energy companies in 2004 2006, thousands of tons
• Urals Energy capital expenditures in 2006 ($ million)
• Lundin Petroleum reserves by region, thousands of tons, %
• Lundin Petroleum production by region, 2006*
• IE production targets, thousands of tons
• Targeted scopes of drilling at IE's three major fields, number of wells
• IE's capital expenditure targets for 2007 2009, $ million
• Production of crude oil and condensate at INK's individual
• fields in 2001 2006, thousands of tons per year

Tables

• Table 1 1 Share of exports via Transneft system in total production by VIOCs and independent companies, %
• Table 1 2. Breakdown of IOCs by major oil and gas producing region
• Table 1 3 Breakdown of independent oil companies by scale of production in 2006
• Table 1 4 Breakdown of independent oil companies by scale of production in 2001 and 2006
• Table 1 5 Production assets owned by companies with foreign ownership (1)
• Table 3 1 Comparison of starting prices to bonuses at 2006 licensing auctions
• Table 3 2 Bidding by independent companies in licensing auctions in 2005
• Table 3 3 Bidding by independent companies in licensing auctions in 2006
• Table 3 4 The most expensive license blocks purchased by independent companies
• Table 4 1 Company acquisition transactions in 2004
• Table 4 2 Company acquisition transactions in 2005
• Table 4 3 Company acquisition transactions in 2006
• Comparison of the Russian and international classifications
• WSR principal shareholders
• WSR oil reserves in Western Siberia
• WSR oil reserves in Timan Pechora
• WSR oil reserves in the Volga Urals region
• Assets acquired by Urals Energy
• Urals Energy shareholders' equity structure
• Urals Energy oil reserves and production
• Peschanoozerskoye field reserves and production
• Reserves and production at the Yuzhno Tebukskoye and Sosnovskoye fields
• Reserves and production at the Dinyu Savinoborskoye and Yuzhno Michayuskoye fields
• Voivozhskaya group oil reserves, thousands of tons (as of 01/01/2006)*
• Chepetskoye NGDU oil reserves and production
• Okruzhnoye field reserves and production
• Lundin Petroleum assets in Russia
• Shareholders' equity distribution among major shareholders
• Imperial Energy oil reserves
• Yaraktinskoye, Markovskoye and Danilovskoye fields' oil and condensate reserves
• Assets acquired by INK and its subsidiaries through auction in 2005 2007

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