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2020 Annual Report

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2020 Annual Report Online Annual Report Gazprom Neft Performance review Sustainable 2020 at a glance 62 Resource base and production development CONTENTS 81 Refining and manufacturing 4 Geographical footprint 94 Sales of oil and petroleum products 230 Sustainable development 6 Gazprom Neft at a glance 114 Financial performance 234 Health, safety and environment (HSE) 8 Gazprom Neft’s investment case 241 Environmental safety 10 2020 highlights 250 HR Management 12 Letter from the Chairman of the Board of Directors 254 Social policy Technological Strategic report development Appendices 264 Consolidated financial statements as at and for the year ended 31 December 2020, with the 16 Letter from the Chairman of the Management Board 122 Innovation management independent auditor’s report About the Report 18 Market overview 131 2020 highlights and key projects 355 Company history This Report by Public Joint Stock Company Gazprom Neft (“Gazprom 28 2020 challenges 135 Import substitution 367 Structure of the Gazprom Neft Group Neft PJSC”, the “company”) for 2020 includes the results of operational activities of Gazprom Neft PJSC and its subsidiaries, 34 2030 Strategy 370 Information on energy consumption at Gazprom collectively referred to as the Gazprom Neft Group (the “Group”). 38 Business model Neft Gazprom Neft PJSC is the parent company of the Group and provides consolidated information on the operational and financial 42 Company transformation 371 Excerpts from management’s discussion and performance of the Group’s key assets for this Annual Report. The analysis of financial condition and results of list of subsidiaries covered in this Report and Gazprom Neft PJSC’s 44 Digital transformation operations interest in their capital are disclosed in notes to the consolidated Governance system IFRS financial statements for 2020. 50 Operational transformation 383 Oil industry taxation 56 Organisational transformation 392 Report on complying with principles and This Report is prepared based on the analysis of operational 138 Letter from the Chairman of the Board of Directors recommendations of the Corporate Governance data, consolidated IFRS financial indicators, and international 58 Cultural transformation Code in 2020 GRI Guidelines. Information provided in the Report has been 140 Corporate governance approved by the company’s Board of Directors and the Annual 409 List of major transactions and related-party General Meeting of Shareholders. In calculations of shareholdings, 186 Risk management and internal control transactions percentages and total amounts, the Annual Report may contain 211 Insurance discrepancies as a result of rounding. Data contained in the Annual 410 Glossary Report may differ insignificantly from previous disclosures, also as a 213 Shareholder and Investor relations result of rounding. 413 Disclaimer 414 Addresses and contacts Gazprom Neft PJSC’s Annual Report has been pre-approved by the Board of Directors. The Annual Report has been approved by the Annual General Meeting of Shareholders of Gazprom Neft PJSC. 2 GAZPROM NEFT PRODUCTION FACILITIES IN RUSSIA Belarus Russia 1 Moscow 14 Rostov Oblast 2 Arkhangelsk Oblast 15 Ryazan Oblast Romania 3 Irkutsk Oblast 16 Smolensk Oblast 4 Kaliningrad Oblast 17 Tomsk Oblast Head oce 5 Krasnodar Krai 18 Tyumen Oblast Serbia Saint Petersburg 6 Krasnoyarsk Krai 19 Khanty-Mansi 7 Moscow Oblast Autonomous Okrug – Yugra 8 Murmansk Oblast 20 Yamalo-Nenets Autonomous Okrug 22 9 Nenets Autonomous Okrug 21 Yaroslavl Oblast 10 Nizhny Novgorod Okrug 22 Barents Sea 8 11 Omsk Oblast 23 Pechora Sea Bosnia and Herzegovina 4 2 23 12 Orenburg Oblast 24 East Siberian Sea 13 Sakha Republic (Yakutia) 25 Chukchi Sea 16 26 Sea of Okhotsk 21 9 7 1 10 20 15 19 5 14 Italy 12 18 Iraq 11 6 24 GEOGRAPHICAL FOOTPRINT 17 3 13 25 Gazprom Neft and its upstream subsidiaries are engaged in oil and gas Angola exploration, development and production in Russia, Iraq and Serbia. The company’s main rening facilities are located in Russia and Serbia. The company’s retail network throughout Russia, the CIS and the Balkans has a total of 2,131 lling stations. Kazakhstan THE GEOGRAPHIC RANGE UPSTREAM 26 OF THE COMPANY’S PRESENCE ASSETS 110 COUNTRIES IN 6 COUNTRIES PRODUCTS SOLD PRODUCTION FACILITIES Singapore Subsoil rights Hydtocarbon Rening Lubricants production > 1 — Including Russia. IN100 COUNTRIES IN 6 COUNTRIES Bitumen products Petrochemicals Marine fuel Блендинг blending смазочных материалов Annual Report 2020 34% year-on-year Gazprom Neft at a Our response to the challenges of 2020 2,123mtoe By targeting fast responses and leveraging teamwork and new technologies, the company protected the health of its Company glance profile proved hydrocarbon employees and ensured operational continuity while securing the financial stability of its business. The measures taken have enabled us to end 2020 without loss of efficiency. Gazprom Neft PJSC1 is a vertically integrated oil company. reserves (PRMS) For more details, see pages 62–117 Its core activities include exploration, production and sale of oil and gas, refining, and production and flat year-on-year Strategic distribution of petroleum products. –2.6% year-on-year 4.0% year-on-year report Gazprom Neft proved liquid hydrocarbon reserves under PRMS2 classification are comparable to those of global 96.1 mtoe 40.4 mt 43.6 mt oil majors. hydrocarbon refining sales of petroleum Performance production throughput products review AN INDUSTRY LEADER IN A COMPANY COMMITTED A FORWARD- Technological TECHNOLOGY TO SUSTAINABLE LOOKING BUSINESS development DEVELOPMENT For more details, see pages 122–135 For more details, see pages 230–263 For more details, see pages 16–59 Governance By 2030, thanks to leading-edge technology, Gazprom Neft intends to halve the time to first oil, to speed up the Gazprom Neft is consistently integrating principles of sustainability The company’s strategy is to become a system implementation of major oil and gas projects by 40%, and to reduce production management costs by 10%. into its strategy and operations. Our priorities include care for natural leader in priority technologies: increasing ecosystems, safe production, the protection of employee health, and the oil recovery factor at mature fields, Digital technologies in exploration • Digital twins of process units and Enhanced hydrocarbon recovery improving the quality of life in the regions where we operate. developing multi-phase deposits and low- and production facilities technologies permeability reservoirs, undertaking cost- • Artificial intelligence to analyse geological • Gazpromneft-Industrial Innovations R&D • The Asset of the Future programme HSE Personnel development effective and safe shelf operations in ice data and search for new oil deposits centre • Technologies for the production of hard- • Strategic priority: Target Zero1 • A single incentive model for conditions, upgrading oil refining facilities, • Digital twins of oilfields and a digital to-recover oil (Bazhenov Formation, and developing cutting-edge catalysts. Sustainable Smart logistics • Development of a safety culture employees development platform to enhance the effectiveness of Achimov Formation and oil rims at gas • Automation of HSE management • A pioneering Arctic-specific logistics • Partnership with trade unions seismic surveys condensate fields) processes Gazprom Neft will be able to produce tens of management system • Training, leadership and career • Unmanned aerial vehicles to carry out • Expertise in operations on the Arctic shelf millions of tonnes of incremental volumes and • Automated systems for loading and development programmes remote data analysis Environmental protection boost refining efficiency by implementing a dispatching petroleum products Comprehensive innovation • Environmental management system Well-being of local number of major initiatives, in particular: cutting Unique achievements in delivering • Digital management of the company’s management • Biodiversity conservation communities lifting costs at new production projects in the major projects own fleet of fuel trucks, refuellers and • A science and technology cluster programme • Home Towns social investment Yamalo-Nenets Autonomous Okrug, developing a bitumen trucks comprising 14 innovation centres • Greenhouse gas emissions range of technologies to unlock unconventional • Prirazlomnoye: the first – and so far programme Appendices the only – oil production project on the • Digital logistics spaces: automated (St Petersburg) accounting and monitoring • Support for the indigenous reserves, facilitating the viable deployment of Russian Arctic shelf warehouses and unmanned vehicles for • Dedicated research centres and • Implementation of the Programme minorities of the Russian Far North surfactant-polymer (SP) flooding and miscible gas • Novy Port: a unique logistics strategy freight transport technology parks on utilisation and more effective use • Import substitution and local displacement technologies, and building a high- to ensure year-round transportation of Digitisation of the distribution • Active development of import of associated petroleum gas (APG) sourcing programmes tech catalyst plant. substitution Arctic oil system • Messoyakha: associated petroleum gas • Petroleum-product quality control system reinjection project, now implemented deployed throughout the value chain High-tech oil refining • Development of digital services and • Euro+ combined oil refining unit (CORU) petroleum product sales services 1 — Hereinafter referred to as the
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