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Date submitted2022-04-07
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Date accepted2023-04-21
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Date published2023-08-28
Development of New System for Assessing the Applicability of Digital Projects in the Oil and Gas Sector
Digital transformation is one of the global trends that has covered most sectors of the economy and industry. For oil and gas companies, the introduction of digital technologies has become not just a trend, but one of the factors for ensuring competitiveness and maintaining a stable position in the market in a rapidly changing macro environment. At the same time, despite the positive effects achieved, digital transformation is a complex process from the point of view of implementation and is associated with high technological, financial, and economic risks. The work aims to develop and test a new system for evaluating the applicability of digital projects in the oil and gas sector. The research methodology includes the application of the Gartner curve, methods of expert assessments, and tools for assessing the economic efficiency of investment projects. The developed assessment system is based on a comprehensive accounting of four components: the level of digital maturity of the company; compliance of the implemented technology with the goals and objectives of the organization; the level of reliability of the implemented technology; the level of innovation of the implemented project. Particular attention is paid to the practical testing of the proposed methodology based on the evaluation of a digital project implemented by a Russian oil and gas company.
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Date submitted2022-10-14
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Date accepted2022-12-13
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Date published2023-02-27
Carbon capture and storage: net zero contribution and cost estimation approaches
Carbon capture, utilization, and storage (CCUS) are a combination of necessary and promising technologies that can help reduce CO 2 emissions, which are not used on a large scale due to the high cost of solutions. This article aims to review and analyze carbon capture and storage (CCS) projects in terms of their net zero contribution and cost estimates. The study identified a wide range of cost estimation methods that can be applied to CCS projects and revealed such issues as a lack of standardization, limited data, and cost data variability. Still, several common trends were found, including the classification of CCS adopters into low-cost and high-cost industries, cost estimation by CCS step (capture, transportation, storage) and industry (power generation, other sectors), and calculation of relative indices to make comparisons with other decarbonization options. The results of the study can serve as a foundation for developing approaches to estimating the costs of CCS in Russia, which are necessary for planning government support measures and involving businesses in the implementation of these initiatives.
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Date submitted2022-05-03
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Date accepted2022-11-22
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Date published2023-02-27
Development of methodology for scenario analysis of investment projects of enterprises of the mineral resource complex
Theoretical and applied aspects of scenario analysis of investment projects of enterprises in the mineral resource sector of the economy are considered, its advantages and disadvantages are analyzed. Taking into account the organizational and economic features of mineral resources management, a number of new modifications of the scenario analysis method, aimed at solving an urgent problem - reducing the information uncertainty in assessing the expected efficiency and risk of investment projects, are proposed. The peculiarity of the proposed new modifications is the use of the interval-probabilistic approach in the implementation of the scenario analysis procedure. This approach is based on a moderately pessimistic system of preferences in obtaining point values of the investment project initial parameters. Fishburn estimates and the hierarchy analysis method were used to reduce subjective uncertainty. The maximum likelihood values in the sense of the maximum a priori probability are used as expected estimates. An additional indicator of risk assessment, which characterizes the probability of the event that the net present value of the project will take a value less than the specified one, is proposed. When analyzing one project, this indicator is more informative than the standard deviation. A statistical hypothesis was tested on the improvement of the validity of investment decisions developed using the modified scenario analysis method compared to the standard method.
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Date submitted2022-06-28
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Date accepted2023-01-19
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Date published2023-02-27
Influence of mining rent on the efficiency of using natural potential: the paradox of plenty and its Russian specifics
- Authors:
- Arunas A. Lapinskas
The most powerful potential of Russia's natural resources is only partially realized, and determining the reasons for the insufficient efficiency of its use is a current research topic. The exploitation of mineral resources that bring mining rent (primarily oil and gas) gives rise to the so-called “paradox of plenty” (PP), which in some cases manifests itself as a significant slowdown in economic development. The purpose of the article is to clarify the signs, degree and forms of PP manifestation and related problems (“resource curse”, “oil curse”, etc.) in the Russian economy. Since the causes of these phenomena are usually associated with rent extraction and peculiarities of the institutional structure of the economy, the works of leading economists who support the theories of “rent-oriented behavior” and the role of public institutions in the process of the PP emergence were critically analyzed. To determine the signs and degree of PP manifestation and related problems, an analysis of determining the shares of oil and gas in the structure of exports, revenues from their sale in the federal budget, and oil and gas products in the structure of GDP, was made. It is concluded that there are no sufficient grounds for ascertaining clear signs of a “rent-oriented” Russian economy and a “resource curse”; important counteracting factors that refute the unambiguous conclusions about the high degree of PP impact on the Russian economy were identified. The author's interpretation of the role of public institutions, the factors of formation and forms of PP manifestation, the specifics of differential mining rent and its role in the formation of PP are proposed; options for solving problems generated by PP – directions for improving the tax system in the field of oil and gas, etc.; substantiation of the need to develop a strategic state program for diversifying the sectoral structure of the Russian economy; directions for adjusting economic policy in the field of oil and gas industry development, etc.
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Date submitted2022-07-15
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Date accepted2022-12-13
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Date published2023-02-27
Assessment of the efficiency of occupational safety culture management in fuel and energy companies
The results of development, testing and implementation of the process of occupational safety culture management in a fuel and energy company including the assessment of current state, assessment of deviation, formation of control action and its implementation are presented. Using the methods of mathematical analysis, the components of occupational safety culture and criteria for their evaluation were developed. As a control action, a procedure for conducting behavioural safety audit was elaborated and implemented. Proceeding from the results of analysing average ratings of safety culture components among the employees prior to and after the introduction of behavioural safety audit, it was concluded that there was a statistically significant increase in the average values of 12 out of 16 ratings of safety culture components. Analysis of the results of 1,011 audits showed the absence of an “alarm area” at the enterprise. Introduction of the developed process management model promotes an increase in the efficiency of attaining a high level of occupational safety culture in fuel and energy companies.
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Date submitted2022-03-09
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Date accepted2022-11-17
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Date published2023-02-27
Development of methodology for economic evaluation of land plots for the extraction and processing of solid minerals
The Russian economy has a pronounced resource specialization; in many regions, subsoil use is a backbone or one of the main areas of the economy. In these conditions, the improvement of the methodology for the economic evaluation of lands on which mining enterprises are located is of particular relevance. On the basis of the existing experience in assessing industrial land, the authors present a developed methodology for determining the cadastral value of land plots where mining enterprises are located, taking into account their industry characteristics and the specifics of production and commercial activities. At the same time, cadastral valuation is considered as a specific form of economic valuation. Particular emphasis is placed on the importance of taking into account the cost factors that have the greatest impact on the formation of the cost of land for the extraction and processing of solid minerals, and the method of assessment depending on the characteristics of the object. To carry out theoretical research, the methods of analysis and synthesis of legal and scientific and technical literature in the field of cadastral and market valuation of land were used in the work. The practical part is based on the application of expert methods, including the method of analysis of hierarchies, system and logical analysis. The method of M.A.Svitelskaya was chosen as the basis, which presents a combination of modified methods of statistical (regression) modeling and modeling based on specific indicators of cadastral value. The use of this technique in economic practice contributes to increasing the efficiency of cadastral valuation and the objectivity of its results.
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Date submitted2022-11-08
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Date accepted2022-11-21
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Date published2023-02-27
Assessment of the role of the state in the management of mineral resources
Mineral resources as natural capital can be transformed into human, social and physical capital, that guarantees the sustainable development of a country, exclusively through professional public management. Public management of a country's mineral resource potential is seen as an element of transnational governance. Regulation involves the use of laws, rules and regulations within the jurisdictional and sectoral capabilities of the state, minimizing its involvement as a producer. The features of the ideology of economic liberalism, which polarizes the societies of raw material producing countries by imposing austerity, as well as lowering trade barriers have been studied. The analysis of the influence of the radical new order of neoliberal world ideology on the development of the extractive sector and the strengthening of state regulation has been presented.
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Date submitted2022-06-01
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Date accepted2022-09-06
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Date published2022-11-10
Impact of EU carbon border adjustment mechanism on the economic efficiency of Russian oil refining
- Authors:
- Vladimir L. Ulanov
- Oleg N. Skorobogatko
The carbon border adjustment mechanism (CBAM) leads not only to the expected environmental changes, but also to the transformation of market environment. The study estimates the losses of the oil refining sector from the introduction of CBAM for the export of oil products from Russia to the countries of the European Union. An approach to assess the impact of CBAM on the cost of oil products has been formed and the mechanisms of its impact on the economy of Russian oil refineries have been identified. The study was carried out on the basis of actual data on the volume of greenhouse gas emissions in accordance with the current rules of the European emissions trading system. Decomposition of assessments of the CBAM impact was carried out into direct and indirect effects, as well as the effect of adaptation. It is shown that with the introduction of the CBAM mechanism, the prices of oil products in the domestic market will be determined not only by the logistical factor, but also by the requirements for environmental friendliness of oil refining. The introduction of CBAM will have a significant impact on the economics of oil refining, including refineries that do not export to the EU. The total impact of CBAM on the economy of Russian oil refineries will be about 250 mln dollars.
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Date submitted2022-06-02
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Date accepted2022-07-21
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Date published2022-10-05
Substantiation of the optimal performance parameters for a quarry during the stage-wise development of steeply dipping ore deposits
- Authors:
- Sergey I. Fomin
- Maxim P. Ovsyannikov
The use of stage-wise schemes in the development of deep quarries is one of the ways to increase the economic efficiency of mining a deposit and determining the optimal stage parameters remains an urgent task. Such parameters are stage depth, bench height, block length, etc. However, there is a wide range of values for these parameters. Therefore, to select the optimal values and evaluate the effectiveness of design solutions, it is advisable to use the net present value, which is an international notion. As a result of the analysis of data on deposits, a large number of variable indicators can be identified that presumably affect the efficiency of mining. The article proposes to divide all parameters of the quarry mining into two types: mine engineering and economic. The importance of each of them is determined by the measure of influence on the net present value. Thus, to assess the measure of influence of mining indicators, the average values of each of them are taken, and as a result of the alternating change of one parameter under study, the measure of its influence on the discounted income received is estimated. The results of the analysis of relevant factors, their evaluation and comparative analysis are important indicators that significantly affect the design decisions made and the effectiveness of the investment project.