俄罗斯石油公司将目光聚焦于Vostok oil项目

    中国石化新闻网讯 据今日油价12月21日报道，俄罗斯石油公司Rosneft正推动其Vostok oil项目成为聚光灯下的焦点。Vostok Oil项目是俄罗斯石油公司最新的大型项目，位于泰米尔半岛附近。该国总储量的大部分来自已经在生产的西伯利亚东部地区，包括38亿欧元的Vankorskoye油田、18亿欧元的Tagulskoye油田和4亿欧元的Suzunskoye油田。迄今为止，这些油田的生产出通常被输送到主要管道系统中。尽管自2009年投产第一天起，Vankorskoye油田的原油产量就免征关税和出口税，但俄罗斯石油公司将其纳入了Vostok Oil项目，表示如果俄罗斯政府为该项目提供价值400亿美元的税收优惠，那么该国多年来的收入将是这个数字的三倍。

    长期以来，俄罗斯石油公司一直希望将Vankorskoye油田纳入进一步的税收减免范围。尽管俄罗斯石油公司将该油田与Vostok Oil投资组合中的其他资产捆绑在一起，但在为Vankorskoye争取另一套减税措施之后，似乎是时候抓住该地区最大的未开发石油资产Payakha了。与此同时，俄罗斯议会已于12月初批准对来自泰米尔半岛的原油免征出口关税，这意味着，这批资产也将快速增产。

    Nezavisimaya Neftyanaya Kompaniya (NNK)成立之时，正值Khudaynatov于2013年离开俄罗斯石油公司之时。据称，NNK的目的是整合一些较小的资产。很少有人真正相信这家分拆公司会对与俄罗斯石油公司产生竞争，人们普遍认为NNK只是一家临时公司，将来某个时候会重新并入俄罗斯石油公司。Khudaynatov作为谢钦的密友来到俄罗斯石油公司，离开公司时没有出现任何个人或情感上的隔阂。要知道，NNK经常亏损，尽管债务数字高达9位数，但它一直是俄罗斯石油公司的关注焦点，尽管有零星报道称，西方或中东的大型石油公司将与NNK合作，创建一个新实体。

    考虑到俄罗斯自2016年Erginskoye油田投产以来就没有出现过大型油田投产的情况，Payakha油田的未来似乎真的令人垂涎。尽管俄罗斯石油公司在颇具争议的竞标中赢得了Erginskoye油田的竞标，但其周边的油田也是在2016年从NNK手中购得(俄罗斯石油公司以400亿卢布收购了NNK的子公司Kondaneft，即6亿美元)。从地图上看，或许就可以理解为什么俄罗斯石油公司一定会在某个时候接管Payakha。因为，几乎Vostok oil的整个投资组合包括Baykalovskoye、Verkhnekubinskoye、Suzunskoye、Vankorskoye以及Tagulskoye油田都围绕着Payakha，位于Yenisey河口。

    俄罗斯石油公司希望沿着北海航线运输所有已开采的石油，这将使Payakha成为俄罗斯首个北极巨型油田，而Prirazlomnaya平台等所有目前正在开采的资产相比之下都相形见绌。仅Payakha的产量估计就高达每年5000万吨，然而，回想一下俄罗斯石油生产商在临近的Vankor油田所经历的困难，考虑到当地的地质特性，这样的产量高峰可能是非常短暂的。Payakha似乎与Vankor有许多相似的地质特征，都含有轻质和低硫原油(含硫量约为0.1%)。市场猜测，作为对Payakha资产的回报，Neftegazholding可能会购买俄罗斯石油公司在Volga-Urals地区的部分成熟区块。现在唯一剩下的事就是为这次特殊的交易找到一个合适的价格。

    王佳晶 摘译自 今日油价

    原文如下：

    Russia’s Largest Oil Company Is Spinning Off Key Assets

    Proverbs tell us a great deal about how a views the same phenomenon. Brits would say that necessity is the mother of invention whilst many Eastern European nations would contend that it is poverty that is the mother of all arts – and both would mean more or less the same thing. What happens if those at the helm get really creative, perhaps even without an apparent need for it? Rosneft’s push to propel its Vostok Oil project into the limelight might have brought about an illustrative case of how crafty people can get when future prosperity is at stake, defying the centuries-old proverbs (but not the market expectations). Foresight, anticipation, sense of timing – all of it is necessary when one is to reintegrate a company that was spun out just several years ago. Vostok Oil (a rather odd cross-combination of Russian and English meaning “East Oil”) is Rosneft’s latest grand project, centered around the Taimyr peninsula. The bulk of its aggregate reserves comes from the already producing Eastern Siberian assets – the 3.8bn Vankorskoye, the 1.8bn Tagulskoye and the 0.4bn Suzunskoye fields – which up to now were never really considered Arctic, their production is fed into the usual trunk pipeline system. Although crude output from the Vankorskoye field was subject to MET and export duty exemptions since the first day of production in 2009, Rosneft included it into its Vostok Oil, stating that were the Russian government to support the project with 40 billion worth of tax concessions, the state’s income over the years would be triple that amount.

    Rosneft has long fought with Russia’s Finance Ministry, traditionally the only entity standing between state oil companies and further tax concessions, to include the Vankorskoye cluster in any further exemptions. Having wrangled another set of tax breaks for Vankorskoye, albeit with conditions of Rosneft tying the field to other assets within the Vostok Oil portfolio, seemingly the time has come for Rosneft to latch onto the largest untapped oil asset in the area, the Payakha group of fields, owned by an erstwhile colleague and longtime confidante of the Rosneft CEO, Eduard Khudaynatov. In a concurrent development, the Russian parliament has approved early December an export duty exemption for crude from the Taimyr peninsula, meaning that the soon-to-be-bought asset will also come in handy for a quick production ramp-up.

    Nezavisimaya Neftyanaya Kompaniya (NNK) was created just as Khudaynatov left Rosneft in 2013, with the alleged aim of aggregating smaller assets that might have been otherwise overlooked by the megalomaniac strategy tenets of Rosneft. Very rare were those who genuinely believed that this spin-off company would be interested in competing with Rosneft and NNK was generally perceived to be a temporary company that would be at some point in the future reintegrated into the “mother organism” of Rosneft. Khudaynatov came to Rosneft as Sechin’s close confidante and left the company without any personal or emotional estrangement. NNK has been routinely loss-making and despite 9-digit debt tallies has always remained in Rosneft’s headlights, despite sporadic stories about Western or Middle Eastern majors teaming up with it to create a new entity.

    The future of Payakha seems genuinely mouth-watering, considering that Russia has not witnessed a proper giant fields’ commissioning since 2016 when the Erginskoye fields. Although Rosneft has won the bidding for the Erginskoye field in a rather arguable bidding session, the fields surrounding it were also bought from NNK in 2016 (technically speaking, Rosneft bought NNK’s subsidiary called Kondaneft for 40 billion RUB, equivalent to $0.6 billion at the time). A quick glance at the map might suffice to understand why Rosneft was bound to take over Payakha at some point. Almost the entire portfolio of Vostok Oil fields – Baykalovskoye, Verkhnekubinskoye, Suzunskoye, Vankorskoye and to a lesser degree the Tagulskoye field- surround Payakha, located along the Yenisey estuary.

    Rosneft wants to transport all the produced oil along the Northern Sea Route, making Payakha the first Russian Arctic giant field as all other currently producing assets like the Prirazlomnaya platform pale in comparison. From Payakha alone plateau production is assumed at a hefty 50 million tons per year, however one needs to recall the difficulties Russian oilmen experienced with the adjacent Vankor field to recall that such a peak might be quite short-lived considering the local geological peculiarities. Payakha seemingly shares many geological similarities to Vankor, both wielding light and sweet crudes (Sulphur content around 0.1%). Market speculation has it that in return for the golden Payakha assets Neftegazholding might purchase some of Rosneft’s mature Volga-Urals acreage. Now the only thing remaining is to find a suitable price for this peculiar transaction.