Problems of development and economic evaluation of production of natural hydrocarbons on the offshore of the Arctic Seas

Bogatkina, Y.; Eremin, N.; Sardanashvili, O.

Авторы: Bogatkina Y., Eremin N., Sardanashvili O.
Сборник: COTech & OGTech 2021
Серия: IOP Conference Series: Materials Science and Engineering
Том: 1201
Год издания: 2021
Место издания: IOP Publishing November 25– 26, 2021, University of Stavanger, Norway and Russian State Gubkin University of Oil and Gas, Russia
Первая страница: 012061
DOI: 10.1088/1757-899x/1201/1/012061
Аннотация: Bogatkina, Y., Eremin, N. & Sardanashvili, O., 2021. Problems of development and economic evaluation of production of natural hydrocarbons on the offshore of the Arctic Seas. IOP Conference Series: Materials Science and Engineering, 1201(1), p.012061. Available at: http://dx.doi.org/10.1088/1757-899x/1201/1/012061.Abstract. The purpose of this article is to substantiate taxation models that have contributed to an increase in the efficiency of offshore oil and gas fields that are at the stage of maturedevelopment in the harsh Arctic conditions. The development of Arctic fields under the currenttax regime is on the verge of profitability. As an experiment, an economic assessment of the main economic indicators of the option for the development of the Prirazlomnoye field wascarried out, taking into account various tax mechanisms used to assess the effectiveness of thedevelopment of offshore oil and gas fields. The calculation results showed that the applicationof the tax regime in force in Russia makes the development of the Prirazlomnoye field efficient, but with a relatively low profitability for the license holder. As an alternative, the taxmechanisms laid down in the production sharing agreements in China and Russia were used, which showed a high economic effect with a low level of risk. It can be concluded that the use of taxation models, which are similar in nature to a production sharing agreement, significantly increases the efficiency of the Prirazlomnoye field development, and can bring greater financial benefits to the license holder in comparison with the current tax regime in the Russian Federation.ConclusionThe calculation results showed that the application of the current tax regime in Russia makes thedevelopment of the Prirazlomnoye field efficient, but with a relatively low profitability for the licenseholder. As an alternative, PSAs of China and Russia were used, which showed a high economic effectwith a low level of risk. It can be concluded that the use of PSA models to substantiate theeffectiveness of the development of the Prirazlomnoye field provides a greater financial benefit incomparison with the current tax regime in the Russian Federation.AcknowledgmentsThe authors would like to thank management of the Oil and Gas Research Institute of RussianAcademy of Sciences for the permission to present and publish this paper based on the results of theproject "The Fundamental Basis of Innovative Technologies in the Oil and Gas Industry", No.ААА0139-2018-0006.References[1] Federal Law "On Subsoil" 2018 (as amended on August 3, 2018)URL: https://normativ.kontur.ru/document?moduleId=1&documentId=395750(date ofaccess 1.07.2021).[2] Strategy for the development of the mineral resource base of the Russian Federation until 20302016. URL: http://www.rosnedra.gov.ru/article/8743.html (date of access 15.02.18).[3] Methodological recommendations for evaluating the effectiveness of investment projects 2000(Moscow, Economics) 421 p.[4] Zheltov Y, Zolotukhin A and Ponomareva I 1991 Methods for forecasting the development of the oil and gas complex. (Moscow, Nauka) 230 p.[5] Eremin N, Kondratyuk A and Eremin Al 2010 Resource base of oil and gas of the Arctic shelfof Russia Georesursy. Geoenergy. Geopolitics. 1(3) 23. URL: http://oilgasjournal.ru/2009-1/3-rubric/eremin.html (date of access 1.07.2021).[6] Isachenko V 2004 Development of the regulatory framework for substantiating capital investments in the construction of new oil fields, Oil industry 9, 17-20.[7] Dunaev V et al. 2006 Economics of enterprises of the oil and gas industry (Moscow, GubkinUniversity) 352 p.[8] Nedosekin A 2003 Methodological foundations of modeling financial activities using fuzzymultipledescriptions (Moscow, Gubkin University, Dissertation for the degree of Doctor of Economics) 280 p.[9] Bogatkina Y 2008 Intelligent algorithm for evaluating oil and gas investment projects, Oil Ind10, 38-9.[10] Bogatkina Y, Ponomareva I and Eremin N 2016 Application of information technologies for theeconomic assessment of oil and gas investment projects (Moscow, Max-Press) 148 p.
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