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Rosneft Posts 2014 Figures
March 4, 2015 23:11

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Rosneft has published controversial performance data for its 2014 operations. According to the press release, the Russian oil giant produced 251.6 mt of hydrocarbons in 2014, 14.5% up from 2013. In 2014, the average daily hydrocarbon production increased up to 5.1 mboed, 4.8% up from 2013 while the average daily production of crude oil and liquid hydrocarbons remained at 4.2 mbpd.
“In accordance with independent audit report by Degolyer&MacNaughton proved reserves under the SEC classification stand at 34 bboe (4.6 btoe), reserve replacement ratio – 154%. Increase of 1 bboe was due to growth of effective involvement of reserves (including hard to recover reserves) in production process by means of exploration drilling. Development system optimization and successful employment of new oil recovery technologies on oil fields led to extra 1.8 bboe,” reads the statement.
“In 2014, the Company successfully completed its exploration drilling within the Universitetskaya structure in the Kara Sea petroleum and gas province, unique in the scale of its resources. Drilling the Universitetskaya-1 well helped discover Pobeda, the world's northernmost field, with 130 mmt of recoverable light oil reserves and 396 bcm of gas. In 2015, the Company will continue building its coastal support bases and surveying the soils in some areas of the Barents and Okhotsk Seas to prepare for drilling in 2016. The Company will also continue to develop the Sakhalin-1 and Northern Chayvo projects with planned production totaling 10.3 mmt of crude oil (3.3 mmt of Rosneft's share) in 2015,” runs the release.
“Maximum production levels since the start of development were achieved in the continental projects of the Vankorneft (22.0 mmt) and Verchnechonskneftegas (8.2 mmt) fields, as well as in Uvat Group of Fields in West Siberia (10.0 mmt),” says the statement.
The Company claims the lead in gas production among Russian oil companies, with 56.7 bcm produced in 2014, up 49 percent on 2013.
In 2014, the Company maintained low operating costs at $3.9/boe, down by 9.3% from 2013, and unit capital expenses at $5.3/boe.
In 2014, the Company's Russian and foreign refineries processed 99.83 mmt of crude oil, 10.8% more than in 2013. This growth in the Company's refinery throughput in Russia is largely a result of a program to upgrade its plants and develop its productive facilities, including new complex production units built at its Russian refineries and due to effective integration of new refineries.
The Company’s retail network in Russia has approximately 2,400 petroleum stations with the market share over 20%. The Company pursues overheads control policy to keep price level in retail network within the inflation rate.
As to the company’s financial performance, sales revenue amounted to RUB 5,503 billion, up 17.2 percent on the 2013 figures. “This revenue growth is mostly due to sales volumes upturn as a result of effective management of sales structure and increase in sales under long-term contracts and rouble devaluation partially compensated negative effect from oil price decrease. In spite of a significant reduction of world oil prices by 46.5% (starting from June 2014), revenue in dollar terms equaled $146.7 billion, comparable with that of 2013,” according to the statement.

“EBITDA grew by 11.6% and reached RUB 1,057 billion. As a result of a constant control over the operating and administrative costs and positive operational synergy of RUB 31.8 billion ($0.84 billion) the Company maintained EBITDA on a high level of 2013 – $29 billion despite of tax burden (including a negative effect of export duties lag and a mineral extraction tax rate increase) effect and higher tariffs imposed by natural monopolies,” runs the release. 

Author: Mikhail Vesely

Tags: Russian oil     

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