Актуальность темы исследования заключается в основополагающей роли компаний нефтегазовой промышленности для российской экономики и высоком уровне неопределенности в отношении перспектив ее развития в долгосрочной перспективе на фоне геополитической напряженности и набирающей обороты концепции четвертого энергоперехода. Цель исследования – разработка модели формирования справедливой стоимости нефтегазовой компании и предложение на ее основе рекомендаций по повышению стоимости ПАО «ЛУКОЙЛ». Объектом исследования выступает Публичное акционерное общество «Нефтяная компания «ЛУКОЙЛ». Основными задачами являются: исследовать зарубежный и российский опыт стоимостно-ориентированного управления; проанализировать специфику управления стоимостью нефтегазовой компании в изменяющихся условиях макросреды; разработать модель формирования справедливой стоимости нефтегазовой компании; предложить рекомендации по повышению стоимости ПАО «ЛУКОЙЛ». / The relevance of the research topic lies in the fundamental role of oil and gas industry companies for the Russian economy and the high level of uncertainty regarding the prospects for its development in the long term against the backdrop of geopolitical tensions and the growing concept of the fourth energy transition. The purpose of the study is to develop a model for forming the fair value of an oil and gas company and, based on it, propose recommendations for increasing the value of PJSC LUKOIL. The object of the study is the Public Joint Stock Company Oil Company LUKOIL. The main objectives are: to explore foreign and Russian experience of cost-based management; analyze the specifics of managing the value of an oil and gas company in the changing conditions of the macroenvironment; develop a model for forming the fair value of an oil and gas company; offer recommendations for increasing the value of PJSC LUKOIL.

<p dir="ltr">This research project aims to develop a robotic platform capable of drilling horizontal laterals from existing wellbores, offering data-guided steering and control features using information captured by sensors. The project provides an opportunity to expand the application of downhole drilling robots toward semi-autonomous operations in existing fields, especially those with declining production. Mature fields represent a global resource, and even modest hydrocarbon reserves additions are substantial to keep up the energy demand, having positive economic and environmental impacts. Available lateral drilling techniques do not fit the constraints offered by the challenge; moreover, they are not cost-effective.</p><p dir="ltr">The project will be organized into three phases to accomplish this developmental study. First, design criteria and key performance aspects will be identified and established to design a self-propelled robotic prototype capable of drilling lateral sections from an existing wellbore with an internal diameter of 4” to 6”. The creation of lateral sections can potentially add hydrocarbon reserves taking advantage of an already-drilled vertical section of a mature field. Second, the design of the prototype will take place, along with the design of a sub-surface communication and control system. The third phase is manufacturing and subsystems integration, finishing with a pilot test in a controlled environment. Based on the pilot testing results, design optimization will occur. Finally, a field version will be designed, and IP (Intellectual Property) disclosures and plans for commercialization will be identified and addressed.</p>

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[pt] Nesse artigo, estudamos os leilões de petróleo e gás no Brasil para medir o impacto de requerimentos de conteúdo local nos lances realizados, o que nos permite estimar o seu impacto na receita obtida pelo governo. O caso brasileiro é particularmente atrativo, uma vez que houve variação significativa das exigências de conteúdo local ao longo do anos. Nas rodadas em que os requerimentos foram mais altos, observamos uma mudança significativa no comportamento dos participantes dos leilões: o bônus de assinatura médio em blocos offshore caiu de uma média de 57 milhões de reais nas primeiras rodadas para apenas 10,6 milhões de reais, e o número médio de lances por bloco caiu de 0,92 para 0,12. Nosso objetivo é responder em que medida a elevação das exigências de conteúdo local afetaram participação e receita nos leilões. Nós desenvolvemos e estimamos um modelo estrutural de leilões dentro do arcabouço de valores comuns que inclui a decisão de entrada e lances em múltiplas dimensões, incluindo um bônus e um percentual de conteúdo local. Nossos resultados mostram que as exigências de conteúdo local elevam os custos em blocos em águas profundas em 14 por cento. A receita governamental em leilões nessas áreas poderia ser muito maior em um contrafactual sem exigências de conteúdo local, contabilizando 17 bilhões de reais em receita de bônus de assinatura apenas em águas profundas. Em blocos em terra, não encontramos diferenças significativas de custo local e estrangeiro. / [en] In this paper, we study the case of Brazilian oil and gas auctions to assess the impact of local content requirements in bidding behavior, allowing us to estimate its impact on government revenue. The Brazilian case is particularly appealing, as there were significant changes in these requirements throughout the years. In the sales with increased local content requirements there was a dramatic change in the bidders behavior: the average signing bonus for offshore tracts dropped from an average of 57 million reais in the first sales to only 10.6 million reais and the average number of bids per tract plunged from 0.92 to 0.12. We aim to answer how much the increased local content requirements affected participation and revenue in the auctions. We develop and estimate a structural auction model within the mineral rights framework that includes an entry decision and bids in multiple dimensions, including a bonus and a local content percentage. Our results show that local content requirements increase costs in deep water areas in 14 por cento. Government revenue in auctions in these areas could be much larger in a counterfactual with no local content requirements, amounting to an extra 17 billion reais in signing bonus only for deep-water tracts. For onshore areas, we did not find any significant difference between local and foreign costs.

[pt] Este trabalho fundamentou-se na teoria da visão baseada em recursos (RBV) e nas cinco forças competitivas de mercado para identificar e analisar os fatores determinantes para o desempenho operacional de pequenos negócios prestadores de serviços, evidenciando os facilitadores e barreiras para o desempenho dos mesmos. Utilizou-se como métodos de pesquisa a revisão sistemática da literatura (RSL) para identificar os principais determinantes e o estudo de caso para explorar como os pequenos negócios abordam esses determinantes em seu desempenho operacional. Neste contexto, este estudo foi realizado junto a quatro pequenos negócios prestadores de serviços do setor de petróleo e gás, parceiras do Serviço Brasileiro de Apoio às Micro e Pequenas Empresas no Estado do Rio de Janeiro (SEBRAE/RJ). Como resultados da RSL, identificou-se a inovação e a orientação ao mercado como os principais determinantes frequentemente relacionados ao desempenho de pequenos negócios em serviços. Os principais facilitadores identificados foram qualidade, capital humano e inovação de produto/serviço, enquanto que recursos limitados e funcionários desqualificados foram identificados como as principais barreiras. Assim, na análise dos resultados dos estudos de caso observou-se que a competitividade e o crescimento no mercado são as forças que direcionam as atividades de inovação, logo, a orientação ao mercado se torna necessária paras as empresas direcionarem suas ações de maneira estrategicamente assertiva e, com a inovação, as organizações visam melhorar seus desempenhos, gerando vantagens competitivas ao oferecer novos serviços. / [en] This work was grounded on the theory of the resource-based view (RBV) and the five competitive market forces to identify and analyze the determining factors for the operational performance of small service providers, showing the facilitators and barriers to an improved performance. The systematic literature review (SLR) was used as a research method to identify the main determinants and a case study to explore how small businesses address these determinants in their operational performance. In this context, this study was carried out with four small oil and gas service providers, which work in partnership with the Brazilian Micro and Small Business Support Service in the State of Rio de Janeiro (SEBRAE/RJ). As SLR results, innovation and market orientation were identified as the main determinants often related to the performance of small businesses in services. The key facilitators identified were quality, human capital, and product/service innovation while limited resources and disqualified employees were identified as the main barriers. Thus, in the analysis of the results of the case studies, it was observed that competitiveness and market growth are the driving forces for innovation activities, so market orientation becomes necessary for companies to target their actions in a strategically assertive way and, with innovation, organizations aim to improve their performance generating competitive advantages by offering new services.