The cost price of Russian oil. Structure of the price of Russian oil

Against the backdrop of the current economic situation, the cost of Russian oil interests not only experts, but also ordinary people. Russia belongs to the category of states with a commodity type of economy, and its welfare is directly related to the value of black gold on the international market. It is problematic to answer the question of the tangent of how much the Russian oil is worth, since the concept belongs to the category of multivalued ones. Complicating the situation is the huge number of brands, grades and types of raw materials that are mixed in a certain ratio for obtaining oil (Urals), the most traded on the international market. There is also a category of raw materials that is not used or exported, but is used exclusively in the chemical industry.

What are the costs of oil development included in its cost?

The cost of Russian oil includes industrial costs. This is the cost of lifting the well fluid from the face to the mouth of the operator, the cost of water, which is sent to the reservoir to support pressure, funds for electricity and consumables. You can not lose sight of the payment of labor to the workers. The cost of depreciation of equipment used in the extraction of raw materials is taken into account. Let's pay attention to the fact that in the extraction of raw materials, not all wells at the site are involved in the process. Some of them may be under repair. The difficulty is caused by the fact that the expenditure of funds for maintenance of equipment at different time periods (day, month, year, etc.) may differ significantly, which will directly affect the cost of production. It is precisely the numerous factors that form the final value of black gold that stimulates the perception of the concept of prime cost as a purely objective and rather inaccurate value.

The dynamics of the cost structure of oil

The cost price of Russian oil, excluding taxes and mineral extraction tax, increased threefold between 2005 and 2014, from 1,000 to 3,000 rubles. As for exports, its price has also increased. Earlier it corresponded to 600 rubles, and today it is 1800 rubles. In accordance with the trend, the MET itself, which acts both as a reflection of the cost of oil, and as a reflection of the dollar's exchange rate, has also grown substantially. As for the estimated prime cost of raw material extraction in dollars, in the described period (2005-2014) it also increased. If earlier experts estimated the developed barrel at $ 5, today its price does not drop below $ 14. A significant increase in indicators is due to the fact that in recent years the cost of black gold has included the costs of exploration of new deposits and general investments in the industry. Russian oil reserves, which were discovered during the Soviet era, have exhausted themselves considerably, and we have to look for new deposits of minerals, which is not cheap. In consideration began to take the operating costs of companies.

What is included in the price of oil by the example of Rosneft

A condensed study of the structure of the cost of oil based on the work of Rosneft, based on an assessment of the company's reports for six months, made it possible to conduct a number of calculations. Thus, we managed to find out that the cost of raw materials for 55-57% consists of various taxes and fees that the company pays to the state. This suggests that most of the funds from each sold barrel of oil goes to the payment of mineral extraction tax, customs duties, the payment of income tax, plus specialized contributions for company employees (personal income tax and social insurance).

The detailed percentage of pricing factors

Consider where the profit from oil sales by Rosneft goes:

• 10% of the price covers the costs of developing and exploring new deposits, spending on installing and installing equipment, searching for customers and signing contracts, administering and securing business;
• 8.4% of the price covers the delivery of raw materials to buyers, regardless of whether they are end-users or not;
• 7.6% is amortization and depreciation of tangible assets (buildings and structures, oil pipelines and equipment, etc.);
• 8.6% is the payment for the services of auxiliary companies, in particular for the repair of equipment or for the processing of fuel.

The operating profit accounted for only 13.2%. And it also calculates net interest expense and net profit from non-operating activities. The balance is subject to correction on the exchange rate dynamics and taxation. Regardless of the cost of Russian oil, Rosneft receives only 9% of the price that was generated in the world market.

Oil of the company "Rosneft" in dollar equivalent

Experts who tried to calculate the approximate cost price of Russian oil production, as mentioned earlier, investigated Rosneft. They managed to find out that the company divides all its expenses into three categories. It:

• Production and operating expenses ;
• General economic and administrative;
• Expenses related to the exploration of oil and gas reserves.

The reports show that the company's internal expenses account for 17.5% of the company's revenues. External costs are an additional 17% of profits. Thus, oil production and its delivery cost companies no more than $ 35, but this is provided that the cost of fuel on the market corresponds to $ 100. If the costs can be optimized by reducing duplicate posts and reducing salaries with bonuses, and also in the event of an increase in the period of depreciation of equipment, it turns out to reach the cost of 25-27 dollars. This suggests that when the dollar rises, oil falls in price, but not the oil companies lose, but the state that receives taxes from the full cycle of sales of oil products in excess of the cost of fuel.

What prices can the Russian oil industry withstand in the world market?

Oil and the Russian economy are tightly linked, and the catastrophic decline in the cost of raw materials, at first glance, should frighten many domestic companies. According to information from official sources, during the holiday trading on the world oil market (January 7, 2015), the WITI brand traded at a multi-year low, at the level of 47.33 dollars. North Sea Brent crude did not fall below the figure of 50.77 dollars. Experts studying the markets for the sale of resources such as raw materials and oil, the outlook is very positive, indicating that oil companies will be able to live through 2015 with virtually no problems. According to the analytical agency Regnum, the breakeven level of almost all domestic oil companies is at the level of $ 30. Dry oil production, without accompanying costs, costs companies in the amount of 4 to 8 dollars. Despite the deductions of oil companies about 70% of the profits to the state treasury, the industry has a large enough power reserve. The Russian Ministry of Energy plans to maintain the fuel production level at around 525 million tons, despite tough Western sanctions and limited access to both lending and innovative technology to develop offshore raw materials.

Profitability of oil production in Russia

The profitability of oil production in Russia is quite high, and as it turned out, the industry will withstand the load if the cost of fuel falls to $ 30. Today, trade with the Urals brand is at the level of $ 61.77. The fall will only hit the state budget of the country. If the companies work "to zero," they will not be able to make contributions to the state treasury, and a complete closure of the industry will "reward" the state with at least five million unemployed. Today, oil companies are trying to extract oil with minimal expenses due to the economic situation in the country and because the dollar is growing. They stop investing in their companies, stop updating funds, stop geological exploration and maximize the depreciation of equipment. The forecast promises more expensive fuel in the near future, the emergence of free funds and compensation for temporarily blocked items of expenditure. If the low prices on the oil market are kept for a very long time, the problems will not only be faced by the oil industry themselves, but also the state as such. Despite the amount of oil in Russia, its fields need to be developed, since already developed projects are being depleted with time. The industry may face collapse if the percentage of hard-to-recover oil increases. Today it accounts for 70% of the total production. As a result, the cost of raw materials will increase, which will make the work in the industry almost unprofitable.

On import only surpluses

Despite the fact that active Russian oil fields provide a low cost of the latter, do not forget that the export is only surplus, the volume of oil products that the state can not consume. With a reduction in the volume of production for export, there will be nothing to send. There is a possibility that the Russian Federation is very quickly re-qualified from the exporter to the importer. As a result, Russian oil for rubles will be available only within the country, and the cost of fuel will be set by the state itself, without orientation to world markets. A similar situation is in China, which, being the fourth country in the world in terms of oil production, is forced to buy fuel. The situation turned upside down in 2004. Indonesia, which was only recently a member of OPEC, is now actively purchasing raw materials. You can mention Romania, which until recently supplied black gold to Europe and which now itself buys fuel in Kazakhstan and Russia.

The situation on the domestic oil market

Having dealt with the question of how much is Russian oil, it is worth making a digression towards the structure of the domestic market. According to preliminary and generalized estimates, from 60 to 80% of the market in the sphere of oilfield services is occupied by four Western companies. They are Schlumberger and Baker Hughes, Weatherford and Halliburton, the latter currently engaged in active absorption of Baker Hughes. The activities of enterprises are strictly regulated by sanctions imposed by America on Russia. There is a high probability that the participation of companies in the development of the Russian industry is completely stopped, but there is no official confirmation of this fact. The oil industry in Russia is highly dependent on imports. For example, work on the Arctic shelf without the participation of specialists from the US and their equipment is simply impossible. About 30% of the total volume of fuel in the country is provided by means of milling. Drilling of inclined and horizontal wells, high-tech geophysical surveys on the basis of available information were implemented by foreign specialists with the support of structures affiliated with them. The termination of partnership with America promises big losses of volumes of oil extracted and a sharp increase in its cost price. Of course, this is just one of the theories of the likely development of events, which can either be accepted or not taken as truth.

Why can the cost of Russian oil increase?

The cost price of oil is affected by many factors, ranging from the cost of oil production equipment and ending with the cost of developing new deposits of minerals. Experts, systematically studying the factors that affect the price of such a resource, as oil, the forecast is not very comforting. Oil companies have faced difficulties in extracting carbon, as the development of new fields requires significant investment. According to representatives of the Ministry of Natural Resources of the Russian Federation, the era of hard-to-recover resources is on the threshold, their figure has already exceeded 70% today. Exhaustion of oil reserves in traditional fields in the short term may cause a significant increase in the cost of the resource. To implement projects related to the development of oil in hard-to-reach deposits, specialized polygons were formed on the territory of the Tomsk Region, Khanty-Mansi Autonomous District, and Tatarstan. Many leaders of the oil industry emphasize the fact that recently the quality of Russian oil is gradually deteriorating. There is a need to use new technologies for additional fuel cleaning. Despite Russia's desire to invest in the industry and improve the quality of oil produced, all projects are still projects and domestic companies continue to use available resources. At the same time, the companies themselves do not have free resources to invest in the modernization of production and in the filtration of raw materials from impurities that reduce its cost in the market and affect the quality. The industry is in a static state, and oil companies have frozen in anticipation of a rise in price of black gold.