The revenue of the oilfielder « special industry » increased more than 600 times
The new oilfield company Special PromService, in which LUKOIL controls 49.5% (MOOEX: Lkoh), increased the scale of activity. Over the past year, this structure received almost 30 billion rubles. Investments and reported on the revenue of 20 billion rubles, which is comparable to large players. The internal service allows you to better manage production and start work faster, analysts indicate.
The Special PromService oilfield company, 49.5% of which controls Lukoil, increased revenue in 2024 by more than 600 times, to 20.4 billion rubles, follows from its reporting. We are talking about revenue under contracts for the provision of services for drilling, construction and repair of wells, providing services for the installation, repair and dismantling of drilling towers, the document says. Over the past year, it was said in the reports, the company received 29.9 billion rubles from the founder, and spent the largest part of the special industry on equipment and vehicles. The Special Promervis divisions are located at the deposits of Kustovskoye, Pyakyakhinsky, Las-Egan, Sever-Gubkinsky, Sandibinsky and Sredne-Zimskoye, the document says. In Lukoil and the « special industry » « Kommersant » did not respond.
Special Promervice was created in Kogalym in October 2023. Lukoil owns 49.5% through K. LLC LLC N. Holding ”, the rest of the share of the ZPIF“ Triumph ”under the control of the Lert Capital Criminal Code, follows from the Unified State Register of Legal Entities. Now the Special Promservice on the VKontakte page calls itself « a specialized enterprise in drilling, mastering the wells of LUKOIL – Western Siberia LLC. » The latter accounts for about 40% of all Lukoil oil production in the Russian Federation (more than 30 million tons per year).
The revenue of Special Promervis over the past year is comparable to the indicators of large market participants: Petro Velt Technolodzhis, Akros and Samotlorneftepromhim. For comparison: the local structures of American Weatherford and SLB revenue in 2024 had 25.7 billion rubles included in the “large four” of the RF Oil. and 26.8 billion rubles. respectively (see “Kommersant” dated April 11). Kasatkin Consulting Managing Partner Dmitry Kasatkin says that a sharp increase in the revenue of Special Promervis in the first year of work can be explained by a transfer of contracts within the group.
According to Mr. Kasatkin, Rosneft (RN-Buyni), Gazprom Neft (Gazprom-Buke) and Tatneft (Tagsus Holding) (Tags Holding) (Tags-Bags Holding), At Surgutneftegaz, he continues, 100% of needs are covered by closed oilfieldings that does not work on the market.
The senior manager of the Department of Management Consulting of the DRT Vitaly Mikhalchuk as the advantages of his own oilfieldervis classifies control over production assets and critical competencies, as well as the ability to quickly launch work. There is no need to conduct tenders and choose contractors, he notes.
According to Mr. Mikhalchuk, the trend for the development of his own oilfieldervis in the Russian Federation was formed after a crisis in the 2015 oil market and intensified after 2020 and 2022. The trend continues, the expert continues, is associated with a decrease in the investment ability of independent players due to high rates and competition, with sanctions, caring for foreign contractors, and the emergence of assets available for purchase on the market. According to DRTs, by 2030, the share of its own oilfieldervis of large oil companies will grow to 55% against 41% in 2023. As a result, Vitaly Mikhalchuk believes, price competition will intensify on the market, which will worsen the financial situation of independent contractors, accelerating the consolidation processes.
Dmitry Kasatkin, on the contrary, believes that the share of the internal service of large oil companies will decrease in the coming years due to the need to optimize CAPEX and OPEX, as well as the separation of risks in the conditions of sanctions. Large companies, according to his forecasts, will increasingly rely on the pool of reliable external contractors adapted to new conditions. Subordination of his own oilfieldervis Lukoil, adds Mr. Kasatkin, probably dictated by strategic interests of shareholders and is unlikely to become a mass trend.
