Table of Contents
Table of Contents 2
List of Tables 4
List of Figures 5
OJSC Rosneft Oil Company, Valuation and Financial Data 7
OJSC Rosneft Oil Company, Share Price Performance 7
Share Price Performance, Q2, 2010-Q2, 2011 7
OJSC Rosneft Oil Company, Key Valuation Metrics 8
Key Valuation Metrics, Q2, 2010-Q2, 2011 8
OJSC Rosneft Oil Company, Quarterly Results of Oil & Gas Operations Per boe Produced 9
Results of Oil & Gas Operations Per boe Produced, Q2, 2010-Q2, 2011 9
Results of Oil & Gas Operations Per boe Growth Rates, Q2, 2010-Q2, 2011 10
OJSC Rosneft Oil Company, Quarterly E&P Costs Trends 11
Upstream Capital Expenditure, Q2, 2010-Q2, 2011 11
OJSC Rosneft Oil Company, Quarterly Production Trends 12
OJSC Rosneft Oil Company, Total Oil and Gas Production 12
Total Crude Oil and Natural Gas Production Trend, Q2, 2010-Q2, 2011 12
Total Crude Oil & Natural Gas Production, By Country/Region, Q2, 2010-Q2, 2011 13
OJSC Rosneft Oil Company, Crude Oil Production 14
Total Crude Oil Production Trend, Q2, 2010-Q2, 2011 14
Crude Oil Production, By Country/Region, Q2, 2010-Q2, 2011 15
OJSC Rosneft Oil Company, Natural Gas Production 16
Total Natural Gas Production Trend, Q2, 2010-Q2, 2011 16
Natural Gas Production, By Country/Region, Q2, 2010-Q2, 2011 17
OJSC Rosneft Oil Company, Valuation and Financial Data 18
Share Price Performance, 2006-2010 18
Key Valuation Metrics, 2006-2010 19
OJSC Rosneft Oil Company, Production and Reserves Trends 20
Total Oil and Gas, Reserves and Production 20
Total Crude Oil and Natural Gas Production and Reserves Trend, 2006-2010 20
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2006-2010 22
Total Crude Oil and Natural Gas Reserve Changes, 2006-2010 24
Crude Oil/Liquids Production and Reserve 25
Crude Oil/Liquids Production and Reserve Trend, 2006-2010 25
Crude Oil Production and Reserves By Country/Region, 2006-2010 26
Crude Oil/Liquids Reserve Changes, 2006-2010 27
Natural Gas Production and Reserve 28
Natural Gas Production and Reserve Trend, 2006-2010 28
Natural Gas Production and Reserves, By Country/Region, 2006-2010 29
Natural Gas Reserve Changes, 2006-2010 30
Total Crude Oil and Natural Gas Reserves Life Index 31
Total Crude Oil and Natural Gas Reserves Life Index, 2006-2010 31
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2006-2010 32
OJSC Rosneft Oil Company, E&P Costs Trends 33
Allocation of the Upstream Capital Expenditure 33
Upstream Capital Expenditure, 2006-2010 33
Acquisition Costs By Country/Region, 2006-2010 34
Exploration and Development Costs, By Country/Region, 2006-2010 36
Oil and Gas Cost Per boe, $/boe 38
Oil and Gas Cost Per boe, $/boe, 2006-2010 38
Oil and Gas Cost Per boe, $/boe, By Country/Region, 2006-2010 40
OJSC Rosneft Oil Company, Reserve Replacement Ratio 43
Oil and Gas Production Replacement Ratio 43
Oil and Gas Production Replacement Ratio, 2006-2010 43
Oil and Gas Production Replacement Ratio, By Country/Region, 2006-2010 44
OJSC Rosneft Oil Company, Results of Oil & Gas Operations Trend 46
Oil and Gas Revenue and Expenses 46
Oil and Gas Revenue and Expenses, 2006-2010 46
Oil and Gas Revenue and Expenses, By Country/Region, 2006-2010 47
Oil and Gas Revenue and Expenses, Per boe 52
Oil and Gas Revenue and Expenses, By boe, 2006-2010 52
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2006-2010 53
Oil and Gas Performance Metrics 57
Recent Developments 58
Aug 30, 2011: Rosneft And ExxonMobil Sign Strategic Cooperation Agreement To Undertake Joint Exploration And Development Of Hydrocarbon Resources 58
Aug 08, 2011: Vankor Field Cumulative Output Reaches 25 Million Tons: Rosneft 58
Jul 06, 2011: Rosneft Increases APG Utilization To 95% At Sakhalinmorneftegaz 59
Jun 27, 2011: Rosneft Discovers New Deposit In Krasnodar Region 59
May 17, 2011: BP And AAR Reaffirm Commitment To Growth And Success Of TNK-BP As Talks Continue With Rosneft Following Expiry Of Agreement 60
Apr 28, 2011: Rosneft Reports Net Income Of $3.9 Billion In Q1 2011 60
Apr 21, 2011: Lukoil And Rosneft Sign Deal On Long-Term Cooperation 61
Apr 20, 2011: Bulgarian Parliament Rejects Petition To Scrap Burgas-Alexandroupolis Pipeline Project 61
Apr 14, 2011: BP And Rosneft Extend Share Swap Deadline 62
Apr 13, 2011: Rosneft Appoints Vladimir Milovidov As Vice President 62
Appendix 63
Methodology 63
Coverage 63
Secondary Research 63
Primary Research 63
Data Information Sources 64
Company Source 64
SEC/Other Regulatory Filings 64
Other Sources 64
Expert Panel Validation 64
Data Definition 64
Oil and Gas Reserves 64
Units of Measure 64
About GlobalData 65
Disclosure 65
Disclaimer 65
Note: The report is based on the information disclosed by the company in their annual report and regulatory filings. Information that is not disclosed by the company may not be available in the report.
List of Tables
Table 1: OJSC Rosneft Oil Company, Share Price Performance, Q2, 2010-Q2, 2011 7
Table 2: OJSC Rosneft Oil Company, Key Valuation Metrics, Q2, 2010-Q2, 2011 8
Table 3: OJSC Rosneft Oil Company, Results of Oil & Gas Operations Per boe Produced, $/boe, Q2, 2010-Q2, 2011 9
Table 4: OJSC Rosneft Oil Company, Results of Oil & Gas Operations Per boe Growth Rates, %, Q2, 2010-Q2, 2011 10
Table 5: OJSC Rosneft Oil Company, Upstream Capital Expenditure, Q2, 2010-Q2, 2011 11
Table 6: OJSC Rosneft Oil Company, Total Crude Oil and Natural Gas, Production, Q2, 2010-Q2, 2011 12
Table 7: OJSC Rosneft Oil Company, Total Oil & Gas Production, By Country/Region, MMboe, Q2, 2010-Q2, 2011 13
Table 8: OJSC Rosneft Oil Company, Total Crude Oil Production, MMbbl, Q2, 2010-Q2, 2011 14
Table 9: OJSC Rosneft Oil Company, Crude Oil Production, By Country/Region, MMbbl, Q2, 2010-Q2, 2011 15
Table 10: OJSC Rosneft Oil Company, Total Natural Gas Production, Bcf, Q2, 2010-Q2, 2011 16
Table 11: OJSC Rosneft Oil Company, Natural Gas Production, By Country/Region, Bcf, Q2, 2010-Q2, 2011 17
Table 12: OJSC Rosneft Oil Company, Share Price Performance, 2006-2010 18
Table 13: OJSC Rosneft Oil Company, Key Valuation Metrics, 2006-2010 19
Table 14: OJSC Rosneft Oil Company, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010 21
Table 15: OJSC Rosneft Oil Company, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2006-2010 23
Table 16: OJSC Rosneft Oil Company, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2006-2010 24
Table 17: OJSC Rosneft Oil Company, Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010 25
Table 18: OJSC Rosneft Oil Company, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2006-2010 26
Table 19: OJSC Rosneft Oil Company, Crude Oil Reserve Changes, MMbbl, 2006-2010 27
Table 20: OJSC Rosneft Oil Company, Natural Gas Production and Reserves Metrics, Bcf, 2006-2010 28
Table 21: OJSC Rosneft Oil Company, Natural Gas Production and Reserves, By Country/Region, Bcf, 2006-2010 29
Table 22: OJSC Rosneft Oil Company, Natural Gas Reserve Changes, Bcf, 2006-2010 30
Table 23: OJSC Rosneft Oil Company, Oil and Gas Reserves Life Index, Years, 2006-2010 31
Table 24: OJSC Rosneft Oil Company, Oil and Gas Reserves Life Index, By Country/Region, Years, 2006-2010 32
Table 25: OJSC Rosneft Oil Company, Upstream Capital Expenditure, $m, 2006-2010 33
Table 26: OJSC Rosneft Oil Company, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2006-2010 35
Table 27: OJSC Rosneft Oil Company, Exploration and Development Costs, By Country/Region, $m, 2006-2010 37
Table 28: OJSC Rosneft Oil Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010 39
Table 29: OJSC Rosneft Oil Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2006-2010 42
Table 30: OJSC Rosneft Oil Company, Oil and Gas Production Replacement Ratio, %, 2006-2010 43
Table 31: OJSC Rosneft Oil Company, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2006-2010 45
Table 32: OJSC Rosneft Oil Company, Revenue and Expenses, $m, 2006-2010 46
Table 33: OJSC Rosneft Oil Company, Revenue and Expenses, By Country/Region, $m, 2006-2010 51
Table 34: OJSC Rosneft Oil Company, Oil and Gas Revenue and Expenses, $/boe, 2006-2010 52
Table 35: OJSC Rosneft Oil Company, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2006-2010 56
Table 36: OJSC Rosneft Oil Company, Oil and Gas Performance Metrics, 2006-2010 57
Note: The report is based on the information disclosed by the company in their annual report and regulatory filings. Information that is not disclosed by the company may not be available in the report.
List of Figures
Figure 1: OJSC Rosneft Oil Company, Share Price Performance, USD/Share, Q2, 2010-Q2, 2011 7
Figure 2: OJSC Rosneft Oil Company, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q2, 2010-Q2, 2011 8
Figure 3: OJSC Rosneft Oil Company, Results of Oil & Gas Operations Per boe Produced, $/boe, Q2, 2010-Q2, 2011 9
Figure 4: OJSC Rosneft Oil Company, Upstream Capital Expenditure, $m, Q2, 2010-Q2, 2011 11
Figure 5: OJSC Rosneft Oil Company, Total Crude Oil and Natural Gas, Production, MMboe, Q2, 2010-Q2, 2011 12
Figure 6: OJSC Rosneft Oil Company, Total Oil & Gas Production, By Country/Region, MMboe, Q2, 2010-Q2, 2011 13
Figure 7: OJSC Rosneft Oil Company, Total Crude Oil Production, MMbbl, Q2, 2010-Q2, 2011 14
Figure 8: OJSC Rosneft Oil Company, Crude Oil Production, By Country/Region, MMbbl, Q2, 2010-Q2, 2011 15
Figure 9: OJSC Rosneft Oil Company, Total Natural Gas Production, Bcf, Q2, 2010-Q2, 2011 16
Figure 10: OJSC Rosneft Oil Company, Natural Gas Production, By Country/Region, Bcf, Q2, 2010-Q2, 2011 17
Figure 11: OJSC Rosneft Oil Company, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), 2006-2010 19
Figure 12: OJSC Rosneft Oil Company, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010 20
Figure 13: OJSC Rosneft Oil Company, Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2006-2010 22
Figure 14: OJSC Rosneft Oil Company, Total Oil & Gas Production, By Country/Region, MMboe, 2006-2010 22
Figure 15: OJSC Rosneft Oil Company, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2010 24
Figure 16: OJSC Rosneft Oil Company, Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010 25
Figure 17: OJSC Rosneft Oil Company, Oil Production, By Country/Region, MMbbl, 2006-2010 26
Figure 18: OJSC Rosneft Oil Company, Crude Oil Reserve Changes, MMbbl, 2010 27
Figure 19: OJSC Rosneft Oil Company, Natural Gas Production and Reserves Metrics, Bcf, 2006-2010 28
Figure 20: OJSC Rosneft Oil Company, Gas Production, By Country/Region, Bcf, 2006-2010 29
Figure 21: OJSC Rosneft Oil Company, Natural Gas Reserve Changes, Bcf, 2010 30
Figure 22: OJSC Rosneft Oil Company, Oil and Gas Reserves Life Index, Years, 2006-2010 31
Figure 23: OJSC Rosneft Oil Company, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2006-2010 32
Figure 24: OJSC Rosneft Oil Company, Upstream Capital Expenditure, $m, 2006-2010 33
Figure 25: OJSC Rosneft Oil Company, Proved Acquisition Costs, By Country/Region, $m, 2006-2010 34
Figure 26: OJSC Rosneft Oil Company, Unproved Acquisition Costs, By Country/Region, $m, 2006-2010 34
Figure 27: OJSC Rosneft Oil Company, Development Costs, By Country/Region, $m, 2006-2010 36
Figure 28: OJSC Rosneft Oil Company, Exploration Costs, By Country/Region, $m, 2006-2010 36
Figure 29: OJSC Rosneft Oil Company, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010 38
Figure 30: OJSC Rosneft Oil Company, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2006-2010 40
Figure 31: OJSC Rosneft Oil Company, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010 40
Figure 32: OJSC Rosneft Oil Company, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010 41
Figure 33: OJSC Rosneft Oil Company, Proved Reserves Acquisition Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010 41
Figure 34: OJSC Rosneft Oil Company, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2006-2010 43
Figure 35: OJSC Rosneft Oil Company, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2006-2010 44
Figure 36: OJSC Rosneft Oil Company, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2006-2010 44
Figure 37: OJSC Rosneft Oil Company, Revenue and Expenses, $m, 2006-2010 46
Figure 38: OJSC Rosneft Oil Company, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010 47
Figure 39: OJSC Rosneft Oil Company, Exploration Expenses, By Country/Region, $m, 2006-2010 47
Figure 40: OJSC Rosneft Oil Company, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010 48
Figure 41: OJSC Rosneft Oil Company, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010 48
Figure 42: OJSC Rosneft Oil Company, Oil & Gas Revenue, By Country/Region, $m, 2006-2010 49
Figure 43: OJSC Rosneft Oil Company, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010 49
Figure 44: OJSC Rosneft Oil Company, Production Costs, By Country/Region, $m, 2006-2010 50
Figure 45: OJSC Rosneft Oil Company, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010 50
Figure 46: OJSC Rosneft Oil Company, Oil and Gas Revenue and Expenses, $/boe, 2006-2010 52
Figure 47: OJSC Rosneft Oil Company, Exploration Expenses per boe, By Country/Region, $/boe, 2006-2010 53
Figure 48: OJSC Rosneft Oil Company, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2006-2010 53
Figure 49: OJSC Rosneft Oil Company, Lifting Cost per boe, By Country/Region, $/boe, 2006-2010 54
Figure 50: OJSC Rosneft Oil Company, Annual Net Income per boe, By Country/Region, $/boe, 2006-2010 54
Figure 51: OJSC Rosneft Oil Company, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2006-2010 55
Figure 52: OJSC Rosneft Oil Company, Total DD&A per boe, By Country/Region, $/boe, 2006-2010 55
Figure 53: OJSC Rosneft Oil Company, Total Revenue per boe, By Country/Region, $/boe, 2006-2010 56
Figure 54: OJSC Rosneft Oil Company, Oil and Gas Performance Metrics, 2006-2010 57
Note: The report is based on the information disclosed by the company in their annual report and regulatory filings. Information that is not disclosed by the company may not be available in the report.