OJSC TNK-BP Holding, Company Intelligence Report


#43107

98pages

GlobalData

$ 1000

In Stock


TNK-BP is an integrated energy company engaged in the exploration and production of crude oil and natural gas, refining and transportation and manufacturing of petroleum products primarily in Russia and Ukraine. The company was established in 2003 through the merger of BP and Alfa, Access/ Renova group. Each company owns 50% of TNK-BP. The company mainly produces crude oil and natural gas from West Siberia, East Siberia and Volga-Urals (Orenburg Region). The company headquartered in Moscow, Russia from where it manages business operations including trading, legal, finance and other business functions.

Scope

  • Key Highlights: This section provides detailed analysis on the companys overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations.
  • Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
  • SWOT: The reports SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
  • Key Events for 2011: This section provides the companys expected operational and financial activities in 2011. This section maps the companys focus for 2011 in nut shell.
  • Production and Development Overview: This section highlights the companys crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the companys producing and development assets.
  • Exploration: This section includes detailed explanation and analysis on the companys exploration assets resulted due to new discoveries, new drilling and other activities.
  • M&A trends: This section mainly provides information and analysis on the companys recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the companys status as a buyer or seller during the analyzed period.
  • Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
  • Peer Group Analysis: This section compares the companys performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
  • Financial and Operational Metrics: This section covers the companys historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.
Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
  • Provide detailed analysis to those who are interested in knowing the companies existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table of Content:

1 Table of contents

1 Table of contents 3
1.1 List of Tables 5
1.2 List of Figures 6

2 OJSC TNK-BP Holding, Company Overview 8

3 OJSC TNK-BP Holding, Key Events for 2011 11

4 OJSC TNK-BP Holding, Key Highlights 12
4.1 Oil Production Back on Track; Greenfield Projects Take Charge 12
4.2 TNK-BP Focusing on Major Projects to Strengthen Its Upstream Portfolio 13
4.2.1 Orenburg Fields 13
4.2.2 Yamal Projects 14
4.3 Russias Third Largest Integrated Oil Company; Strong Competitive Position 14
4.4 TNK-BP Global Acquisitions Will Pave Companys Future Growth 16

5 OJSC TNK-BP Holding, SWOT Analysis 17
5.1 Strengths 17
5.1.1 Consistent Growth in Production 17
5.1.2 Stable Profitability Position Comparing to Peer Group 17
5.1.3 Commendable Reserve Replacement Ratio and F&D Cost 19
5.2 Weaknesses 20
5.2.1 Limited Geographical Reach 20
5.3 Opportunities 20
5.3.1 Acquisitions in Venezuela and Vietnam 20
5.3.2 Rospan - A Gas Growth Opportunity 21
5.4 Threats 22
5.4.1 TNK-BP and Lukoil Comes Under Russian Anti-Monopoly Scanner 22

6 OJSC TNK-BP Holding, Goals and Strategies 23
6.1 Strategic Target; Growth Plan for 2020 23
6.1.1 Reduce Gas Flaring; Attain Utmost Possible Associated Gas Utilization 23
6.1.2 Expanding the Gas Value Chain 23
6.1.3 Broaden Gas Option; Entering into Strategic Alliances Overseas 24
6.1.4 Plans to Bring Upside in Upstream and Downstream Operations 24

7 OJSC TNK-BP Holding, Production Overview 25
7.1 Production Profile 25
7.2 Assets Portfolio 27
7.2.1 Brownfield Projects 27
7.2.2 Greenfield Projects 28
7.2.3 Slavneft 29

8 TNK-BP, Exploration and Development Overview 31

9 OJSC TNK-BP Holding, Refining and Marketing 33

10 OJSC TNK-BP Holding, M&A Highlights 37
10.1 Acquisition of Upstream Assets From BP Plc 37
10.1.1 Deal Highlights 37

11 OJSC TNK-BP Holding, Forecast Production and Financial Statements 38
11.1 Income Statement (20082015) 40
11.2 Balance Sheet (20082015) 41
11.3 Cash Flow Statement (20082015) 42
11.4 Financial Ratios 43

12 OJSC TNK-BP Holding, Valuation 46
12.1 Net Asset Value 46

13 OJSC TNK-BP Holding, Peer Comparision 49
13.1 Share Price Performance 49
13.2 Operational and Financial Performance 51
13.3 Key Financial and Operational Ratio 55

14 OJSC TNK-BP Holding, Detailed Operational and Financial Metrics 57
14.1 OJSC TNK-BP Holding, Total Oil and Gas, Reserves and Production 57
14.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2006-2010 57
14.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2006-2010 58
14.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2006-2010 59
14.2 OJSC TNK-BP Holding, Crude Oil/Liquids Production and Reserve 61
14.2.1 Crude Oil/Liquids Production and Reserve Trend, 2006-2010 61
14.2.2 Crude Oil Production and Reserves By Country/Region, 2006-2010 62
14.2.3 Crude Oil/Liquids Reserve Changes, 2006-2010 63
14.3 OJSC TNK-BP Holding, Natural Gas Production and Reserve 64
14.3.1 Natural Gas Production and Reserve Trend, 2006-2010 64
14.3.2 Natural Gas Production and Reserves, By Country/Region, 2006-2010 65
14.3.3 Natural Gas Reserve Changes, 2006-2010 66
14.4 OJSC TNK-BP Holding, Total Crude Oil and Natural Gas Reserves Life Index 67
14.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2006-2010 67
14.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2006-2010 68
14.5 OJSC TNK-BP Holding, E&P Costs Trends 70
14.5.1 Upstream Capital Expenditure, 2006-2010 70
14.5.2 Acquisition Costs By Country/Region, 2006-2010 71
14.5.3 Exploration and Development Costs, By Country/Region, 2006-2010 72
14.6 OJSC TNK-BP Holding, Oil and Gas Cost Per boe, $/boe 74
14.6.1 Oil and Gas Cost Per boe, $/boe, 2006-2010 74
14.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2006-2010 75
14.7 OJSC TNK-BP Holding, Reserve Replacement Ratio 78
14.7.1 Oil and Gas Production Replacement Ratio, 2006-2010 78
14.7.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2006-2010 79
14.8 OJSC TNK-BP Holding, Results of Oil & Gas Operations Trend 83
14.8.1 Oil and Gas Revenue and Expenses, 2006-2010 83
14.8.2 Oil and Gas Revenue and Expenses, By Country/Region, 2006-2010 85
14.9 OJSC TNK-BP Holding, Oil and Gas Revenue and Expenses, Per boe 90
14.9.1 Oil and Gas Revenue and Expenses, By boe, 2006-2010 90
14.9.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2006-2010 91
14.10 OJSC TNK-BP Holding, Oil and Gas Performance Metrics 95

15 Appendix 96
15.1 Abbreviations 96
15.2 Methodology 96
15.2.1 Coverage 96
15.2.2 Secondary Research 97
15.2.3 Primary Research 97
15.2.4 Expert Panel Validation 97
15.3 Methodology for Company Valuation 97
15.4 Contact Us 98
15.5 Disclaimer 98
Table 1: OJSC TNK-BP Holding, Key Events, 2011 10
Table 2: OJSC TNK-BP Holding, Upstream Growth Profile 12
Table 3: OJSC TNK-BP Holding, Orenburg Field Details, 2010 13
Table 4: OJSC TNK-BP Holding, Yamal Projects Details, 2010 14
Table 5: OJSC TNK-BP Holding, Upstream Growth Profile, MMboe, 20102015 26
Table 6: OJSC TNK-BP Holding, Upstream Growth Profile 32
Table 7: OJSC TNK-BP Holding, Recent Transactions as a Buyer, 2010 37
Table 8: OJSC TNK-BP Holding, Forecast Production, 20082015 38
Table 9: GlobalData, Price Forecasts, 20112015 38
Table 10: OJSC TNK-BP Holding, Income Statement ($m), 20082015 40
Table 11: OJSC TNK-BP Holding, Balance Sheet ($m), 20082015 41
Table 12: OJSC TNK-BP Holding, Cash Flow Statement ($m), 20082015 42
Table 13: OJSC TNK-BP Holding, Profitability Ratios, 20082015 43
Table 14: OJSC TNK-BP Holding, Other Financial Ratios, 20082015 44
Table 15: OJSC TNK-BP Holding, Capital Market Ratios, 20092011 45
Table 16: GlobalData, Price Forecasts, 20112015 46
Table 17: OJSC TNK-BP Holding, Net Asset Value, 2011 47
Table 18: OJSC TNK-BP Holding, NPV of Oil/NGL Reserves, $/bbl, 2011 47
Table 19: OJSC TNK-BP Holding, NPV of Natural Gas Reserves, $/Mcf, 2011 48
Table 20: OJSC TNK-BP Holding, NPV OF Total Oil and Natural Gas Reserves , $/boe, 2011 48
Table 21: OJSC TNK-BP Holding, Sensitivity Analysis on Fair Value ($ per share), 2011 48
Table 22: OJSC TNK-BP Holding Vs. Peer Group, Operational and Financial Performance, 2010 51
Table 23: OJSC TNK-BP Holding and its Peer Group Comparison, Financial Ratios, 2010 55
Table 24: OJSC TNK-BP Holding, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010 57
Table 25: OJSC TNK-BP Holding, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2006-2010 59
Table 26: OJSC TNK-BP Holding, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2006-2010 60
Table 27: OJSC TNK-BP Holding, Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010 61
Table 28: OJSC TNK-BP Holding, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2006-2010 63
Table 29: OJSC TNK-BP Holding, Crude Oil Reserve Changes, MMbbl, 2006-2010 63
Table 30: OJSC TNK-BP Holding, Natural Gas Production and Reserves Metrics, Bcf, 2006-2010 64
Table 31: OJSC TNK-BP Holding, Natural Gas Production and Reserves, By Country/Region, Bcf, 2006-2010 66
Table 32: OJSC TNK-BP Holding, Natural Gas Reserve Changes, Bcf, 2006-2010 66
Table 33: OJSC TNK-BP Holding, Oil and Gas Reserves Life Index, Years, 2006-2010 67
Table 34: OJSC TNK-BP Holding, Oil and Gas Reserves Life Index, By Country/Region, Years, 2006-2010 69
Table 35: OJSC TNK-BP Holding, Upstream Capital Expenditure, $m, 2006-2010 70
Table 36: OJSC TNK-BP Holding, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2006-2010 72
Table 37: OJSC TNK-BP Holding, Exploration and Development Costs, By Country/Region, $m, 2006-2010 73
Table 38: OJSC TNK-BP Holding, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010 75
Table 39: OJSC TNK-BP Holding, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2006-2010 77
Table 40: OJSC TNK-BP Holding, Oil and Gas Production Replacement Ratio, %, 2006-2010 78
Table 41: OJSC TNK-BP Holding, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2006-2010 82
Table 42: OJSC TNK-BP Holding, Revenue and Expenses, $m, 2006-2010 84
Table 43: OJSC TNK-BP Holding, Revenue and Expenses, By Country/Region, $m, 2006-2010 89
Table 44: OJSC TNK-BP Holding, Oil and Gas Revenue and Expenses, $/boe, 2006-2010 90
Table 45: OJSC TNK-BP Holding, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2006-2010 94
Table 46: OJSC TNK-BP Holding, Oil and Gas Performance Metrics, 2006-2010 95
Figure 1: OJSC TNK-BP Holding, Operational Map (Russia), 2011 8
Figure 2: OJSC TNK-BP Holding, Financial & Operational Overview, 20072010 9
Figure 3: OJSC TNK-BP Holding, Share Price Movement, June 2010June 2011 10
Figure 4: OJSC TNK-BP Holding, Contribution of Greenfield Assets to Total Production, MMboe, 20082015 13
Figure 5: OJSC TNK-BP Holding, Companys Ranking Among Top Integrated Companies Worldwide 15
Figure 6: OJSC TNK-BP Holding, Net Production, MMboe, 20072010 17
Figure 7: OJSC TNK-BP Holding, Profitability Ratios Comparison With Its Peer Group, 2009 18
Figure 8: OJSC TNK-BP Holding, Return on Equity Comparison With Peer Group, 2009 19
Figure 9: OJSC TNK-BP Holding, F&D Cost and Reserve Replacement Ratio Comparison With Peer Group, 2009 20
Figure 10: OJSC TNK-BP Holding, Rospan International Project, 20062010 21
Figure 11: OJSC TNK-BP Holding, Total Production By Type, MMboe, 20082015 26
Figure 12: OJSC TNK-BP Holding, Contribution of Brownfield Assets to Total Production, MMboe, 20082015 28
Figure 13: OJSC TNK-BP Holding, Contribution of Slavneft to Total Production, MMboe, 20082015 30
Figure 14: OJSC TNK-BP Holding, TNK-BPs Gas Portfolio, 2011 30
Figure 15: OJSC TNK-BP Holding, Comparison of Exploration Cost and Reserve Addition, 20072009 31
Figure 16: OJSC TNK-BP Holding, Refining Throughputs, 2009-2010 33
Figure 17: OJSC TNK-BP Holding, Refining Throughputs, 2009-2010 34
Figure 18: OJSC TNK-BP Holding, Operational Availability, 2009-2010 35
Figure 19: OJSC TNK-BP Holding, Retail Station Network, 2009-2010 36
Figure 20: OJSC TNK-BP Holding and Peer Group, Relative Share Price Performance Index, June 2010June 2011 49
Figure 21: OJSC TNK-BP Holding and Russian Peer Group, Relative Share Price Performance Index, April 2010April 2011 50
Figure 22: OJSC TNK-BP Holding and its Peers, Per Boe Parameters, 2010 52
Figure 23: OJSC TNK-BP Holding and its Peers, Reserve Life Index, 2010 53
Figure 24: OJSC TNK-BP Holding and its Peers, Total Reserves & Production, MMboe, 2010 54
Figure 25: OJSC TNK-BP Holding and its Peers, Valuation Ratios, 2010 56
Figure 26: OJSC TNK-BP Holding, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2006-2010 57
Figure 27: OJSC TNK-BP Holding, Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2006-2010 58
Figure 28: OJSC TNK-BP Holding, Total Oil & Gas Production, By Country/Region, MMboe, 2006-2010 58
Figure 29: OJSC TNK-BP Holding, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2010 59
Figure 30: OJSC TNK-BP Holding, Crude Oil Production and Reserves Metrics, MMbbl, 2006-2010 61
Figure 31: OJSC TNK-BP Holding, Oil Reserves, End of Period, By Country/Region, MMbbl, 2006-2010 62
Figure 32: OJSC TNK-BP Holding, Oil Production, By Country/Region, MMbbl, 2006-2010 62
Figure 33: OJSC TNK-BP Holding, Crude Oil Reserve Changes, MMbbl, 2010 63
Figure 34: OJSC TNK-BP Holding, Natural Gas Production and Reserves Metrics, Bcf, 2006-2010 64
Figure 35: OJSC TNK-BP Holding, Gas Reserves, End of Period, By Country/Region, Bcf, 2006-2010 65
Figure 36: OJSC TNK-BP Holding, Gas Production, By Country/Region, Bcf, 2006-2010 65
Figure 37: OJSC TNK-BP Holding, Natural Gas Reserve Changes, Bcf, 2010 66
Figure 38: OJSC TNK-BP Holding, Oil and Gas Reserves Life Index, Years, 2006-2010 67
Figure 39: OJSC TNK-BP Holding, Gas Reserve Life Index, By Country/Region, Years, 2006-2010 68
Figure 40: OJSC TNK-BP Holding, Oil & Gas Reserve Life Index, By Country/Region, Years, 2006-2010 68
Figure 41: OJSC TNK-BP Holding, Oil Reserve Life Index, By Country/Region, Years, 2006-2010 69
Figure 42: OJSC TNK-BP Holding, Upstream Capital Expenditure, $m, 2006-2010 70
Figure 43: OJSC TNK-BP Holding, Proved Acquisition Costs, By Country/Region, $m, 2006-2010 71
Figure 44: OJSC TNK-BP Holding, Unproved Acquisition Costs, By Country/Region, $m, 2006-2010 71
Figure 45: OJSC TNK-BP Holding, Development Costs, By Country/Region, $m, 2006-2010 72
Figure 46: OJSC TNK-BP Holding, Exploration Costs, By Country/Region, $m, 2006-2010 73
Figure 47: OJSC TNK-BP Holding, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2006-2010 74
Figure 48: OJSC TNK-BP Holding, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2006-2010 75
Figure 49: OJSC TNK-BP Holding, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010 76
Figure 50: OJSC TNK-BP Holding, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010 76
Figure 51: OJSC TNK-BP Holding, Proved Reserves Acquisition Cost per boe, 3-Year Average, By Country/Region, $/boe, 2006-2010 77
Figure 52: OJSC TNK-BP Holding, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2006-2010 78
Figure 53: OJSC TNK-BP Holding, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2006-2010 79
Figure 54: OJSC TNK-BP Holding, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2006-2010 79
Figure 55: OJSC TNK-BP Holding, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2006-2010 80
Figure 56: OJSC TNK-BP Holding, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2006-2010 80
Figure 57: OJSC TNK-BP Holding, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2006-2010 81
Figure 58: OJSC TNK-BP Holding, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2006-2010 81
Figure 59: OJSC TNK-BP Holding, Revenue and Expenses, $m, 2006-2010 83
Figure 60: OJSC TNK-BP Holding, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010 85
Figure 61: OJSC TNK-BP Holding, Exploration Expenses, By Country/Region, $m, 2006-2010 85
Figure 62: OJSC TNK-BP Holding, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010 86
Figure 63: OJSC TNK-BP Holding, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010 86
Figure 64: OJSC TNK-BP Holding, Oil & Gas Revenue, By Country/Region, $m, 2006-2010 87
Figure 65: OJSC TNK-BP Holding, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010 87
Figure 66: OJSC TNK-BP Holding, Production Costs, By Country/Region, $m, 2006-2010 88
Figure 67: OJSC TNK-BP Holding, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2006-2010 88
Figure 68: OJSC TNK-BP Holding, Oil and Gas Revenue and Expenses, $/boe, 2006-2010 90
Figure 69: OJSC TNK-BP Holding, Exploration Expenses per boe, By Country/Region, $/boe, 2006-2010 91
Figure 70: OJSC TNK-BP Holding, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2006-2010 91
Figure 71: OJSC TNK-BP Holding, Lifting Cost per boe, By Country/Region, $/boe, 2006-2010 92
Figure 72: OJSC TNK-BP Holding, Annual Net Income per boe, By Country/Region, $/boe, 2006-2010 92
Figure 73: OJSC TNK-BP Holding, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2006-2010 93
Figure 74: OJSC TNK-BP Holding, Total DD&A per boe, By Country/Region, $/boe, 2006-2010 93
Figure 75: OJSC TNK-BP Holding, Total Revenue per boe, By Country/Region, $/boe, 2006-2010 94
Figure 76: OJSC TNK-BP Holding, Oil and Gas Performance Metrics, 2006-2010 95