Gas Production in the Russian Federation May Halve by 2040 Without Hard-to-Recover Reserves
Reserves, Including Offshore Fields, Gas Production in the Russian Federation May Decline by Nearly Half by 2040. Recoverable gas reserves are being depleted, and without the development of hard-to-recover reserves, including offshore fields, gas production in the Russian Federation could decrease by nearly fifty percent by 2040. This data was …
The Authorities Have Increased the Deduction for Mineral Extraction Tax for the Samotlorskoye field
Russian President Vladimir Putin signed a law that increases the deduction for the mineral extraction tax (MET) for the Samotlorskoye field of Rosneft in the period from July 1, 2024 to December 31, 2026; the total amount of the increase should not exceed 16.6 billion rubles. The relevant document is …
Maxim Reshetnikov Urged to Be Prepared for Zeroing Out the Mineral Extraction Tax
The mineral extraction tax (MET) in Russia, including oil, will have to be zeroed out at some point in order to maintain production volumes; a new period of the super cycle is beginning – falling prices, said Russian Minister of Economic Development Maxim Reshetnikov. “It is very important for us …
A Zero Mineral Extraction Tax Has Come Into Force For The Production of Gas Used For The Production of Hydrogen And Ammonia
On January 1, a law came into force establishing a zero rate of mineral extraction tax (MET) for the extraction of gas and (or) gas condensate in subsoil areas located wholly or partially on the Yamal and (or) Gydansky peninsulas in the Yamalo-Nenets Autonomous Okrug, used exclusively for the production …
GlobalData: Record Russian Budget Revenues Forecast from Oil&Gas
Russia is set to reap record ruble revenues from the upstream oil and gas sector over the next six years, according to GlobalData, a leading data and analytics company. As the country’s oil export duties are phased out over the 2019-2024 period by the so-called tax maneuver, Mineral Extraction Tax …
Ozenmunaigas: Fails to Secure MET Relief for the Uzen and Karamandybas Fields
KazMunaiGas Exploration & Production announces that Ozenmunaigas’ (“OMG”) request to temporarily have Mineral Extraction Tax (MET) relief for 2015, approved for the Uzen and Karamandybas fields in Mangystau Province, has not been approved by the Kazakh Government. In a low oil price environment, the Kazakh Government has the ability to …
GlobalData Analyst: Russia’s Oil and Gas Tax Policies Increasingly Looking Eastward
The recent changes in the taxation of Russia’s oil and gas sector reflect both the country’s pivot eastward and the special treatment afforded to its state-controlled energy companies, says an analyst with research and consulting firm GlobalData. Russia’s recent fiscal changes shift the tax burden from export duty on oil …
Volga Gas: Not For Sale – Market Conditions Force Rethink
Conclusion of Formal Sale Process Following the announcement by the Company of a formal sale process on 5 June 2014 a number of proposals were received from interested parties. However none of the proposals have been deemed by the Board to represent a fair value for the Company. In light …
Russian President Approves Oil Tax Changes
President Vladimir Putin approved changes to a tax law on Tuesday reducing oil export duties and increasing taxes for mineral extraction in a bid to balance the needs of producers and the Russian budget. The changes to the tax law, known as the “tax manoeuvre”, have long been the focus …
Russian President Approves Oil Tax Changes
President Vladimir Putin approved changes to a tax law on Tuesday reducing oil export duties and increasing taxes for mineral extraction in a bid to balance the needs of producers and the Russian budget. The changes to the tax law, known as the “tax manoeuvre”, have long been the focus …