Over the past 20 years, RPI has carried out hundreds of studies on all major segments of the oil and gas industry of Russia, CIS and Eastern Europe.
RPI specialists are permanently in close connect with the industry and monitor its developments closely to provide best-in-class analytics and information support for industry players.
RPI specialists are permanently in close connect with the industry and monitor its developments closely to provide best-in-class analytics and information support for industry players.
M&A Opportunities in the Oil & Gas Sector of Russia report examines the history, current status and outlook for mergers, acquisitions, divestitures and strategic alliances in Russian oil and gas industry, as well as approaches to valuing assets and assessing risks.
Executive Summary
Chapter 1. Introduction
Russian M&A activity and global background
Outlook and practical implications for investors
Chapter 2. The Russian Petroleum Industry as the Target of Mergers and Acquisitions
Trends
Chapter 3. Russian Companies: Drivers of Industry Consolidation
Overview of key deals
Gas industry transactions
Major privatization deals
Mergers and acquisitions in the downstream sector
Chapter 4. Mega-mergers: New Stage of Oil Industry Consolidation
Case Study: The BP-TNK transaction
Case Study: YUKOS-Sibneft
Outlook for new M&A
Chapter 5. Foreign Investors: Mixed Record
The pioneer deals
Foreign interest in Russia re-emerges
Chapter 6. Accessing Russia’s Reserves
M&A Mega-deals: unlikely, for the time being
Small and mid-size M&A: most viable option
Other options
Service sector opportunities
Chapter 7. Russian Asset Valuations
Valuing Russian upstream assets
Reserve classification systems
Factors affecting asset valuations
Valuation trends
Chapter 8. Foreign Acquisitions by Russian Companies
Background
Overview of major deals
Mazeikiu Nafta acquisition: case study
Outlook for future M&As
Appendix 1. Definitions for Oil and Gas Reserves in Accordance with SPE Rules
Definitions
Proved reserves
Unproved reserves
Appendix 2. Proved Reserves Definitions In Accordance With Securities and Exchange Commission (SEC) Regulation
Proved oil and gas reserves
Proved developed oil and gas reserves
Proved undeveloped oil and gas reserves
Appendix 3. Categories of Reserves as Defined by the Russian-Standard ABC1
Category A
Category B
Category C
Chapter 1. Introduction
Russian M&A activity and global background
Outlook and practical implications for investors
Chapter 2. The Russian Petroleum Industry as the Target of Mergers and Acquisitions
Trends
Chapter 3. Russian Companies: Drivers of Industry Consolidation
Overview of key deals
Gas industry transactions
Major privatization deals
Mergers and acquisitions in the downstream sector
Chapter 4. Mega-mergers: New Stage of Oil Industry Consolidation
Case Study: The BP-TNK transaction
Case Study: YUKOS-Sibneft
Outlook for new M&A
Chapter 5. Foreign Investors: Mixed Record
The pioneer deals
Foreign interest in Russia re-emerges
Chapter 6. Accessing Russia’s Reserves
M&A Mega-deals: unlikely, for the time being
Small and mid-size M&A: most viable option
Other options
Service sector opportunities
Chapter 7. Russian Asset Valuations
Valuing Russian upstream assets
Reserve classification systems
Factors affecting asset valuations
Valuation trends
Chapter 8. Foreign Acquisitions by Russian Companies
Background
Overview of major deals
Mazeikiu Nafta acquisition: case study
Outlook for future M&As
Appendix 1. Definitions for Oil and Gas Reserves in Accordance with SPE Rules
Definitions
Proved reserves
Unproved reserves
Appendix 2. Proved Reserves Definitions In Accordance With Securities and Exchange Commission (SEC) Regulation
Proved oil and gas reserves
Proved developed oil and gas reserves
Proved undeveloped oil and gas reserves
Appendix 3. Categories of Reserves as Defined by the Russian-Standard ABC1
Category A
Category B
Category C
Figure 1.1 Distribution of M&A Transactions by Sectors of the Russian Economy (%), 2002
Figure 1.2 Shares of Various Sectors of the Economy in the Total Number of Major M&A Transactions in the Rest of the World (%), 2002
Figure 4.1 Sheme for Establishment of TNK-BP
Figure 4.2 Comparison of International Energy Majors
Figure 4.3 YUKOS-Sibneft Assets Structure
Figure 6.1 World Resource Potential
Figure 6.2 Main Players in Service Market
Figure 7.1 Average Price Per Barrel of Acquired Reserves in Major Oil Producing Regions, 1996-2002
Figure 7.2 Price Per Barrel of Acquired Reserves in Russia
Figure 7.3 Price Per Barrel of Acquired Production in Russia
Figure 7.4 Relative Lifting Costs for Russian
Figure 1.2 Shares of Various Sectors of the Economy in the Total Number of Major M&A Transactions in the Rest of the World (%), 2002
Figure 4.1 Sheme for Establishment of TNK-BP
Figure 4.2 Comparison of International Energy Majors
Figure 4.3 YUKOS-Sibneft Assets Structure
Figure 6.1 World Resource Potential
Figure 6.2 Main Players in Service Market
Figure 7.1 Average Price Per Barrel of Acquired Reserves in Major Oil Producing Regions, 1996-2002
Figure 7.2 Price Per Barrel of Acquired Reserves in Russia
Figure 7.3 Price Per Barrel of Acquired Production in Russia
Figure 7.4 Relative Lifting Costs for Russian
Table 1.1 M&A Transactions Involving Russian Сompanies vs. the Rest of the World: 1999-2002
Table 1.2 Largest M&A Transactions Involving Russian Companies, 2002
Table 1.3 Mergers and Acquisitions in the Oil and Gas Sector Involving Russian Companies, 1999 – 2003, $ mln
Table 3.1 Largest Equity/M&A Transactions Involving Russian Companies (Excluding Privatization, Gas Assets and Foreign Acquisitions)
Table 3.2 Largest Transactions by Russian Companies Involving Gas Assets
Table 3.3 Largest Privatization Deals Involving Russian Companies
Table 3.4 Largest Equity Transactions in Downstream Involving Russian Oil Companies
Table 4.1 BP-TNK’s Upstream and Downstream Portfolio
Table 4.2 Expected Increase in the Value of the BP-TNK Deal
Table 4.3 Reserves and Production of Russian VICs
Table 5.1 Largest Equity/M&A Transactions Involving Foreign Buyers
Table 7.1 Factors Affecting Reserve Valuations
Table 8.1 Zarubezhneft's Foreign Projects
Table 8.2 Largest M&A Transactions Involving Russian Oil & Gas Companies
Table 8.3 Assets Slated for Privatization Tenders
Table 1.2 Largest M&A Transactions Involving Russian Companies, 2002
Table 1.3 Mergers and Acquisitions in the Oil and Gas Sector Involving Russian Companies, 1999 – 2003, $ mln
Table 3.1 Largest Equity/M&A Transactions Involving Russian Companies (Excluding Privatization, Gas Assets and Foreign Acquisitions)
Table 3.2 Largest Transactions by Russian Companies Involving Gas Assets
Table 3.3 Largest Privatization Deals Involving Russian Companies
Table 3.4 Largest Equity Transactions in Downstream Involving Russian Oil Companies
Table 4.1 BP-TNK’s Upstream and Downstream Portfolio
Table 4.2 Expected Increase in the Value of the BP-TNK Deal
Table 4.3 Reserves and Production of Russian VICs
Table 5.1 Largest Equity/M&A Transactions Involving Foreign Buyers
Table 7.1 Factors Affecting Reserve Valuations
Table 8.1 Zarubezhneft's Foreign Projects
Table 8.2 Largest M&A Transactions Involving Russian Oil & Gas Companies
Table 8.3 Assets Slated for Privatization Tenders
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