The Russian oil industry: general overview, cont.
- Today, there are three types of large oil companies in Russia. Companies of the first type form the basis of financial and industrial groups. These are YUKOS, TNK, SIDANKO, Sibneft’. Management of these VINCs have originated from the financial and bank sphere. Correspondingly, their strategy is mainly profit-oriented
- Companies of the second type are leaded by managers from the oil and gas industry. These are LUKOIL and Surgutneftegas. In their operations, these companies look for the industry priorities: increased efficiency of oil extraction and oil well utilization, resource preservation, social protection of employees
- Companies of the third type are largely influenced by the state via central (e.g. 100% state-owned Rosneft’ as well as Russian-Byelorussian Slavneft’) or regional authorities (Tatneft’ and Bashneft’). From the experts’ point of view, these VINCs yield a lot to oil companies of the first two types in terms of financial efficiency as well as industrial indices
- Apart from large vertically integrated companies, there are more than 130 independent oil extractors in Russia. Their share of “black gold” extraction amounts to about 20%. These companies are exploiting mainly small oil-fields with low quality of oil
- The majority of oil-fields is distributed among large VINCs. According to international audit results, LUKOIL and YUKOS control 2.0 and 1.7 billion tons of profitable oil resources respectively. TNK’s resources are estimated at 1 billion tons. In 2001, LUKOIL increased their oil resources by 11.7%. All categories of company’s resources amount to about 4 billion tons (29.2 billion barrels)