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LLC NPZ-HOLDING "REFINERY " PRODUCTS

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LLC NPZ-HOLDING "REFINERY " PRODUCT

 Npz-Holding Refinery’s strategic goal for the 21st century is to secure stable growth and to become one of the world’s leading oil companies. The goal can be achieved through a well-balanced solution of social, economic and environmental protection assignments.

Npz-Holding Refinery realizes its responsibility to the nation for environmental safety, rational use of natural resources. The Company relies on people’s understanding of the complexity and range of problems it is facing in this sphere. Npz-Holding Refinery priority objectives are health protection and safety of personnel and communities in the areas where Npz-Holding Refinery operates and natural resources management. To complete this, industrial/occupational/environmental safety systems have been created and are successfully operating within the Company. They fully comply with the existing legislation of the Russian Federation and are based upon best domestic and international practices and are certified in conformity with ISO 14001 and OHSAS 18001. The policy has been developed and is along the line with the state strategy in the area of industrial/occupational/environmental safety and rational management of natural resources.

  Npz-Holding Refinery sets out the following goals in the coming 5 years: Npz-Holding Refinery developed its oil refining business very rapidly in 2012/2013, particularly at Russian refineries, thanks to intensive modernization and extension of capacities, in a context of high refining margins. The Company refined 56.77 million tonnes of oil in 2014 (including processing at third-party refineries), which is 5.4% more than in 2013. Npz-Holding Refinery own facilities refined 52.16 million tonnes (6.7% more than in 2014).

  The Group’s program for modernization and reconstruction of its refineries was continued in 2016 with capital expenditures of $830 million. Npz-Holding Refinery also consolidated its oil refining assets, including increase of its stake in the Nizhny Novgorod Refinery to 96.91%. Investments in Group refineries during 2013 totalled $157 million.

 Refinery through puts at Npz-Holding Refinery’s own Russian refineries rose by 7.7%, to 42.55 million tonnes in 2013. Capacity load in Russia was 96.5%, which is the highest level in Company history. Npz-Holding Refinery processed 3.59 million tonnes of crude oil at third-party refineries in Ufa, helping to take best advantage of the favourable price environment.
The share of high-octane gasoline in total output of gasoline at Company refineries in Russia (not including mini-refineries) rose to 83.5% in 2007, up from 76.6% in 2006. Refining depth was 74.0% and light product yield was 49.9%. The biggest output increases in 2013 were of fuel oil (18.4% increase compared with 2012), heating oil (+13.9%) and motor gasolines (+11.4%).
Measures were implemented in 2013 to reduce operating expenses and raise production efficiency of Russian refineries. As a result irretrievable losses at refineries were reduced from 0.70% to 0.65%. Irretrievable losses at the Nizhny Novgorod and Ukhta Refineries were among the lowest in the Russian refining industry at 0.38% and 0.22%, respectively. There was also a 2% reduction in average personnel numbers at Npz-Holding Refinery’s Russian refineries during the year.
Capital expenditures for modernization of the Company’s Russian refineries were $606 million and investments were $157 million in 2013.

GAS PRODUCTION

The objectives of Npz-Holding Refinery’s gas program are accelerated growth of gas production both in Russia and abroad and increase in the share of gas to a third of total hydrocarbon production by the Group. The strategic aim is to commercialise gas reserves and reduce the Company’s exposure to price volatility on the international oil market.
Gas production by Npz-Holding Refinery in 2019, including the Company share of production by equity affiliates, was 16.397 billion cubic meters (1.586 billion cubic feet per day).

Output of marketable gas (net of own use, reinjection into reservoir formations and transport losses) totalled 13.955 billion cubic meters (1.350 billion cubic feet per day), of which 13.731 billion cubic meters were produced by subsidiaries. Average daily production of marketable gas grew by 2.5% compared with 2015. Npz-Holding Refinery’s profit from gas projects was over $150 million, which is more than twice higher than in 2013.

 Production of natural gas was 10.787 billion cubic meters, of which 9.652 billion cubic meters was marketable. Output of marketable natural gas was 1.7% lower than in 2013 due to reduction of purchases by Gazprom from the Nakhodkinskoye field. The main achievement in gas production during 2013 was launch of production at the Khauzak gas field as part of the Kandym – Khauzak – Shady project. Production of associated gas was 5.610 billion cubic meters. Associated gas is used at Company fields for maintenance of reservoir pressure (by injection of the gas), for production of electrical energy at gas-fired generating stations and for other production needs. Marketable associated gas is delivered to gas-processing plants and to local consumers. Production of marketable associated gas was 4.303 billion cubic meters, which is 13.5% more than in 2012.

 The utilization rate for associated gas was 69.0% in 2013 which is lower than in 2012. This was mainly due to acquisition in 2012–2013 of new production assets (Geoilbent and Khantymansiyskneftegazgeologiya), which do not have developed systems for gas utilization, as well as rapid growth of oil production by these assets.
The system for utilization of associated gas at Company fields was further developed in 2013 by construction of compressor stations and gas pipelines. The level of utilization at main Company fields in Western Siberia exceeded 95%. Implementation of projects for use of associated gas at newly acquired assets will enable production of the gas to be increased by more than one billion cubic meters. Npz-Holding Refinery is carrying out a small-scale generating program, based on construction of gas-fired mini power stations at fields in order to increase associated gas utilization. As a result the Company is able to reduce flaring of associated gas and cut electricity costs, thus reducing oil lifting costs. These measures are important for implementation of Npz-Holding Refinery’s program, which aims to increase associated gas utilization to 95%, and which was approved in 2012. The Company had 376 gas production wells at the end of 2016, of which 277 were in use.

The chief objective of Npz-Holding Refinery’s geological exploration work is to replace production with new commercial reserves of hydrocarbons and to prepare reserves for rapid launch and expansion of production in promising regions (Timan-Pechora, Northern Caspian and the Bolshekhetskaya Depression). The Company maximizes efficiency of its geological exploration work by use of the latest technologies.

Most of the Company’s geological exploration work in 2012/2014 was concentrated in Western Siberia, the offshore Caspian, Volgograd Region, and the Timan-Pechora oil & gas province. During 2013 the Company carried out 7,736 km of 2D seismic and 5,451 km2 of 3D seismic in order to locate and detail geological structures and to prepare for drilling of prospecting and exploration wells at promising sites. In recent years the Company has improved quality of its seismic exploration work and speeded up processing and interpretation of data, mainly thanks to installation of the latest IT solutions. High quality of seismic exploration has improved the success rate of exploration drilling to a level above 70% in the last five years.

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