In the USSR, the accuracy of oil and gas reserves were established and confirmed by examination of the State Commission on reserves (GKZ), experts Vygon Consulting to review “Inventory count: the need for systemic changes,” but then the economy deposits have played a secondary role, focused on geological exploration and development.
Market relations has demanded the valuation of assets in mergers and acquisitions, debt financing, placing of shares on the stock markets, participation in the auctions, the expert continues, now that the economy development and valuation of oil and gas reserves came to the fore.
the Oil companies were looking for debt capital mainly abroad, it took the international reporting standards and the disclosure of information about the inventory in accordance with the requirements of local regulators and had to hire a foreign consulting company. Audit of reserves of “Rosneft” and “Gazprom oil” makes DeGolyer & MacNaughton, and “LUKOIL” – Miller & Lents, these consultants have actually become monopolists in the market of audit of hydrocarbon reserves, the report says: they conduct an annual audit of reserves Western classification of PRMS and the SEC.
But Russia has its own classification. Up to 2016 it did not consider the profitability of the stocks. The discrepancy in the Russian and international assessments used twice 30 billion and 14.6 billion tons, respectively, indicated in the survey. Stock exchanges and banks still do not accept the Russian assessment. In 2019, when it was inventoried 60% of recoverable reserves, it became clear that cost-effective, only 64% (11.2 billion tons).
Foreign consultants know about stocks in Russia than the government, says Vygon. “The oil rent, the state geological and hydrodynamic model, aggregated economic standards. This information is not actualizarea annually, its quality is often questionable,” says managing Director Vygon Consulting Grigory Vygon (from 2008 to 2011 he headed the Department of economy and Finance Ministry of natural resources). Foreign auditors exactly annually receive the most complete information on Russian mineral resources in detailed breakdowns, including engineering data on wells, economy and so on. And this risks – US impose new sanctions. In Russia it is necessary to create a system of national audit, concluded the experts Vygon Consulting, its task is to form a transparent Institute experts and competent persons go through each well on an annual calculation of reserves, to create conditions for the financial audit of reserves.
“GKZ Rosnedra through organize state expertise of reserves. Auditors have a different function: they are needed for business valuation and capital raising, says the Pasture. – Auditors can help to improve the quality of state examination and to take part of the work on calculation of operating reserves without changing technology solutions for small fields”.
we are not Talking about some special company, a new system of calculation of reserves based on the institution of experts in the mineral resources and competent persons, Pasture continues: “the National auditors can be private or public, they should be sufficient to ensure normal competition. It is important that it was the Russian legal entities”.
Russia needs its own classification of reserves that will be perceived by the state, banks, exchange companies when making investment decisions, agrees the interlocutor of “sheets” close to the Ministry of natural resources: “It may take about two years, and the system – to be called the “national audit” or something different.”
most of the largest Russian oil companies public joint stock companies in their capital – Inostrange strategic and portfolio investors, and for them to have confidence in the position of the companies need data on reserves, audited by international consultants with a proven track record and experience in the market, says a senior analyst “BKS the Prime Minister” Sergey Suverov: “the national auditor is also desirable, but its evaluation will be complementary, supplementing the findings of the international auditors”.
Audit – this activity, especially where reputation is important, to create from scratch a national player that will be trusted all difficult points senior Director of the division of corporations, Fitch Dmitry marinchenko: “It’s like the financial audit – despite the deterioration of relations with the West, with rare exceptions, the reporting of the largest Russian companies audiret big four. If we exclude further autarkical the Russian economy, the need to create a national player, but it can occur if all will go the way of further deterioration of international relations, new serious sanctions, etc.” Not the fact that the oil companies will welcome the establishment of a national player: if his services would be required, this can increase the costs of audit will have to undergo two companies, he concludes.
as replacement of foreign auditors of Russian expenses of subsoil users will be reduced to Pasture.
the representatives of the Ministry of natural resources, “Rosneft”, “Gazprom Neft”, “LUKOIL”, DeGolyer & MacNaughton did not respond to requests of “Vedomosti”. Contact Miller & Lents has failed.
