- •Contents
- •Foreword
- •Industry snapshot
- •Industry snapshot
- •Reserves
- •Oil output
- •Oil output
- •Gas output
- •Gas output
- •Refining
- •Refining
- •Upstream
- •Upstream
- •Oil output
- •Gas output
- •New wells
- •Well-stock management
- •Well productivity
- •Reserves
- •Reserves
- •Oil reserves
- •Gas reserves
- •Reserve replacement
- •Reserve replacement
- •Refining
- •Refining
- •Capacity, throughput, utilisation
- •Light products yield
- •Complexity
- •Complexity
- •Modernisation plans
- •Capex
- •Capex
- •Oil & gas sector capex
- •Crude exports
- •Crude exports
- •Crude exports by market, company and direction
- •Russian crude exports in the FSU context
- •Crude export proceeds
- •Refined products exports
- •Refined products exports
- •Analysis by product
- •Gas balance
- •Gas balance
- •Domestic sales
- •UGSS balance
- •Appendix I: Reserves classifications
- •Appendix I: Reserves classifications
- •Russian reserves definitions
- •Western reserves definitions
- •Appendix II: Pricing
- •Appendix II: Pricing
- •Monthly pricing trends
- •International crude oil pricing
- •Domestic crude oil pricing
- •Domestic product pricing
- •International gas pricing
- •Domestic gas pricing
- •Gas tariffs
- •Appendix III: Regulation and tax
- •Appendix III: Regulation and tax
- •Regulatory overview
- •Licensing
- •Environmental protection
- •Oil and product transportation
- •Transportation costs
- •Typical crude export route costs
- •Volume and price controls for gas
- •Tax regime
- •Mineral Extraction Tax (MET)
- •Crude-export duty
- •Excess profits tax
- •Specific taxes applied to natural gas
- •Taxation of offshore projects – special treatment
- •Appendix IV: Sanctions
- •Appendix IV: Sanctions
- •Summary
- •Appendix V: Who’s Who
- •Appendix V: Who’s Who
- •Key policymakers
- •Company heads
- •Disclosures appendix
vk.com/id446425943
Typical crude export route costs
Figure 131 shows sample netback calculations for a variety of export routes.
Figure 131: Typical export route costs for Russian crude, $/bl
|
|
|
Primorsk |
Ust-Luga |
|
|
|
|
|
|
|
|
|
Urals cif |
60.90 |
60.90 |
|
|
|
Freight |
0.91 |
0.91 |
|
|
|
Insurance |
0.02 |
0.02 |
|
|
|
Demurrage and navigation dues |
0.14 |
0.14 |
|
|
|
Urals fob/daf |
59.83 |
59.83 |
|
-19 |
|
Port loading |
0.32 |
0.38 |
|
|
Export duty |
15.38 |
15.33 |
||
Jun |
|
||||
|
Tariff from West Siberia |
4.73 |
4.59 |
||
|
|
||||
|
|
Tariff from Volga-Urals |
— |
2.33 |
|
|
|
Tariff from Timan Pechora |
— |
— |
|
|
|
Netback – West Siberia |
39.40 |
39.53 |
|
|
|
Netback – Volga-Urals |
— |
41.79 |
|
|
|
Netback – Timan Pechora |
— |
— |
|
|
|
Urals cif |
55.85 |
55.85 |
|
|
|
Freight |
1.83 |
1.83 |
|
|
|
Insurance |
0.02 |
0.02 |
|
|
|
Demurrage and navigation dues |
0.16 |
0.16 |
|
|
|
Urals fob/daf |
53.84 |
53.84 |
|
-18 |
|
Port loading |
0.31 |
0.36 |
|
|
Export duty |
18.80 |
18.75 |
||
Dec |
|||||
Tariff from West Siberia |
4.44 |
4.31 |
|||
|
|
||||
|
|
Tariff from Volga-Urals |
— |
2.18 |
|
|
|
Tariff from Timan Pechora |
— |
— |
|
|
|
Netback – West Siberia |
30.29 |
30.42 |
|
|
|
Netback – Volga-Urals |
— |
32.55 |
|
|
|
Netback – Timan Pechora |
— |
— |
|
|
|
Urals cif |
74.44 |
74.44 |
|
|
|
Freight |
0.91 |
0.92 |
|
|
|
Insurance |
0.02 |
0.02 |
|
|
|
Demurrage and navigation dues |
0.13 |
0.13 |
|
|
|
Urals fob/daf |
73.38 |
73.37 |
|
-18 |
|
Port loading |
0.31 |
0.36 |
|
|
Export duty |
18.33 |
18.31 |
||
Jun |
|
||||
|
Tariff from West Siberia |
4.71 |
4.58 |
||
|
|
||||
|
|
Tariff from Volga-Urals |
— |
2.32 |
|
|
|
Tariff from Timan Pechora |
— |
— |
|
|
|
Netback – West Siberia |
50.03 |
50.12 |
|
|
|
Netback – Volga-Urals |
— |
52.38 |
|
|
|
Netback – Timan Pechora |
— |
— |
|
|
|
Urals cif |
63.91 |
63.91 |
|
|
|
Freight |
0.68 |
0.68 |
|
|
|
Insurance |
0.02 |
0.02 |
|
|
|
Demurrage and navigation dues |
0.16 |
0.16 |
|
|
|
Urals fob/daf |
63.05 |
63.05 |
|
-17 |
|
Port loading |
0.31 |
0.36 |
|
|
Export duty |
14.58 |
14.57 |
||
Dec |
|||||
Tariff from West Siberia |
4.85 |
4.72 |
|||
|
|
||||
|
|
Tariff from Volga-Urals |
— |
2.39 |
|
|
|
Tariff from Timan Pechora |
4.15 |
— |
|
|
|
Netback – West Siberia |
43.31 |
43.40 |
|
|
|
Netback – Volga-Urals |
— |
45.73 |
|
|
|
Netback – Timan Pechora |
44.01 |
— |
|
Note: Rosneft, LUKOIL, Surgutneftegas, Gazprom neft and Slavneft principally produce in West Siberia.
Volga-Urals is the base for Tatneft and Bashneft. LUKOIL-Perm (LUKOIL), Samaraneftegaz and Orenburgneft (Rosneft) are based there, too. LUKOIL dominates Timan Pechora.
Renaissance Capital
20 June 2019
Russian oil & gas
Novorossiysk |
Novorossiysk |
(Urals) |
(Siberian Light) |
60.80 |
62.90 |
0.98 |
0.95 |
0.02 |
0.02 |
0.00 |
0.00 |
59.80 |
61.93 |
0.45 |
0.43 |
15.40 |
14.97 |
4.54 |
4.11 |
2.33 |
— |
— |
— |
39.41 |
42.42 |
41.72 |
— |
— |
— |
56.00 |
56.95 |
2.00 |
1.94 |
0.02 |
0.02 |
1.54 |
1.49 |
52.44 |
53.50 |
0.45 |
0.43 |
18.84 |
18.28 |
4.26 |
3.85 |
2.09 |
— |
— |
— |
28.89 |
30.94 |
31.06 |
— |
— |
— |
75.19 |
75.99 |
0.78 |
0.76 |
0.02 |
0.02 |
0.00 |
0.00 |
74.39 |
75.21 |
0.45 |
0.43 |
18.39 |
17.90 |
4.53 |
4.11 |
2.22 |
— |
— |
— |
51.02 |
52.77 |
53.33 |
— |
— |
— |
63.96 |
64.86 |
1.04 |
1.01 |
0.02 |
0.02 |
0.39 |
0.38 |
62.51 |
63.45 |
0.44 |
0.43 |
14.58 |
14.25 |
4.65 |
4.22 |
2.28 |
— |
— |
— |
42.84 |
44.55 |
45.21 |
— |
— |
— |
Source: Argus FSU Energy
139