The cost price of oil production in Russia and the world
The cost price of oil production in Russia isvital for the country's economy. The state budget is filled by the sale of hydrocarbons. The difference between the cost price and the market price determines the profits of oil exporters. At first glance, the calculation of the total costs of producing black gold seems to be a simple task. But the question of the cost of oil production in Russia is not an unambiguous answer. The difficulty is as follows: it is necessary to justify which expenses should be included in this amount.
Usually, the cost of oil meansquotations of relevant futures contracts. In the course of trading on the world's largest exchanges, the price of black gold is formed, which serves as a benchmark for all sellers and buyers of hydrocarbons. The unit of measurement for this product is a barrel (158 liters).
The qualitative indicators of oil vary independing on the deposit, where it is mined. Different grades differ in density and level of sulfur content. The geographic location of oil deposits on the planet and the existence of a large number of its marks make it impossible to create a global market for black gold.
The price currently considereda reliable guide, is formed on the Intercontinental futures exchange in London. The organization of trades on it differs openness and transparency. However, it should be noted that this exchange site accounts for only about 1% of world oil turnover. The rest of the volume goes from sellers to buyers through the conclusion of off-market contracts.
Types of oil, futures contracts for whichare traded on the world's largest stock exchanges, are basic or reference in relation to other brands of black gold. Their quotes serve as the basis for determining the global price. In the United States, marker light varieties are Texan light oil called WTI. It contains about 0.24% sulfur. Futures on WTI is traded on the New York Mercantile Exchange. In the North American continent, the quotes of this contract are the most important indicator of the energy market.
In Europe, a marker is usedwidely known mixture Brent. It consists of several types of oil produced in the North Sea by Norwegian and British companies. The density of the mixture Brent surpasses the American brand WTI. To date, prices for 70% of all types of oil in the world are calculated on the basis of futures quotes Brent on the London Stock Exchange. This brand has become a benchmark in the hydrocarbon market due to its high liquidity and the availability of reliable suppliers.
Oil producers bear the costs associated withextraction, processing and transportation of black gold. The sum of all these costs is called the cost. It is calculated in monetary terms per unit of measure of the final product. For example, the cost of oil production in Russia in 2014, according to the Federal State Statistics Service, averaged $ 11 per barrel. It is important to note that there are many components that can be taken into account in this figure. In addition to the costs of extraction and processing, producers must pay taxes and invest in exploring new deposits. The methods of evaluation may vary. For this reason, official information on the cost of oil production in Russia in 2014 sometimes differs from the data of international analytical agencies. According to the experts of the influential bank Morgan Stanley, the breakeven point in this period was at the level of $ 50. Compared to the information published by Rosstat on the cost of oil production in Russia in 2014, this figure may cause confusion if you do not take into account the high level of taxation in this industry.
As you know, prices for hydrocarbons are differentextreme instability. However, the total costs for their recovery are not subject to significant fluctuations. The reason for the change in the cost of oil production in Russia by years is mainly related to the overall level of inflation. Throughout the world, commodities and processing operations tend to increase in price.
Statistics confirms the comparativesustainability of the average level of energy production costs. The cost price of oil production in Russia in 2013 at a number of fields was $ 14 per barrel. The short-term turmoil in the hydrocarbon market and the catastrophic drop in the price of black gold did not cause any serious changes in the amount of producer costs.
In a period of stably high energy pricesThe level of financial investments necessary for their extraction and transportation did not differ from the usual one. The cost price of oil production in Russia in 2012 was kept within the usual range. It should be noted that at that time the mark of $ 100 per barrel seemed indestructible. At a constant level of costs, companies received a high profit from the sale of hydrocarbons. Unlike the sharp jumps in stock quotes, the schedule of the cost of oil production in Russia does not present surprises.
Costs for the production of energy independ significantly on the characteristics of the deposit. An important role is played by its geographical location, climatic conditions and depth of occurrence of black gold. The cheapest way is to extract oil in the countries of the Persian Gulf. For example, Saudi Arabia, where the cost of a barrel is estimated at $ 8. Deposits are located on the continental shelf. A small depth of their occurrence facilitates extraction. Neighboring fields with large seaports reduce transportation costs.
Due to climatic conditions, production costsOil in Russia is higher than in the countries of the Persian Gulf. Despite the huge distances, a well-developed infrastructure and a network of pipelines solve the delivery problem. In Russia, the cost of oil production per barrel is significantly different in different fields. On old and long developed this figure reaches $ 28. The reason for these relatively high costs is that the reserves of black gold there are difficult to recover. At new fields, the cost of oil production in Russia is $ 16 per barrel.
A significant part of the hydrocarbon deposits in thisthe country is located in places remote from the existing infrastructure and potential consumers. This leads to an increase in the cost of operating wells and delivering oil. Deposits in this region began to develop relatively recently, and hydrocarbon reserves in them are still high. The cost price of a barrel of oil in Norway is $ 21.
This country is the largest exporterenergy in Africa. However, frequent cases of sabotage and abduction of oil hinder the development of the extractive industry. At present, for safety reasons, Nigeria has to develop new deposits in the sea. These projects reduce the risk faced by extractive companies in a socially and politically unstable country, but inevitably increase production costs. The average cost of a barrel in Nigeria is $ 29.
The main growth in the production of energy in thisthe country accounts for a non-traditional type of oil extracted from bituminous sands. Their deposits are in the northern forests of the province of Alberta. The development of such deposits requires a record high investment and takes a long time. Due to the remote location of the deposits and the insufficient number of pipelines, transportation costs are among the largest in the industry. Due to the bituminous sands, Canada is the third largest country in terms of hydrocarbon reserves after Saudi Arabia and Venezuela. The main disadvantage of unconventional oil lies in the fact that it requires a huge amount of fresh water to produce it. In the foreseeable future, energy sources derived from bituminous sands will be able to meet only a few percent of global demand. The cost of a barrel in Canada is $ 27.
At present, the Islamic Republic ofTo revive its oil-producing industry, which has been under pressure from international economic sanctions for three decades. After the resumption of exports of Iranian black gold to the European Union, its daily output jumped by 300,000 barrels. The main advantage of the Islamic Republic is the extremely low cost of oil production. It is about $ 9 per barrel.
This country is the second largest oil produceramong the states that are members of OPEC. Theoretically, the production of hydrocarbons in Iraq is one of the cheapest in the world. The cost price of a barrel there is estimated at $ 10. But there are difficulties associated with the political situation and security issues, which significantly increase the real costs of extractive companies. The country is fighting against armed groups that have seized part of its oil fields. Despite this, Iraq is able to increase the volume of energy production.