Ministry of Energy: Supports Incentives for Western Siberia Oil Production

“The Ministry of Energy supports development of measures to promote oil production in fields in Western Siberia.” This was announced by the Minister of Energy of the Russian Federation Alexander Novak.

“We have always always come out with such a proposal, we need to provide such incentives, therefore, we certainly support this part, but this has yet to be discussed with The Ministry of Finance, the Government of the Russian Federation,” he noted on the sidelines of the WEF-2018.

Novak believes that these measures should be a long-term project and will not only concern some specific fields.

“This is a proposal for long-term incentives. This is not immediate, and does not concern specific deposits, where production declines as a result of deterioration geological conditions, as a result of a reduction in well production, or an increase in production costs..” the Minister said.