Russia Launches New Subsea Tax Incentives
Russia introduced new tax breaks on Monday encouraging oil firms to explore hard to reach subsea fields, in the hope of unlocking new reserves as the country approaches full production capacity from its dwindling oil deposits in West Siberia. Russia, the world’s top energy producer, is now pumping close to …
Vladimir Putin Signs Law to Reduce Mineral Extraction Tax for Unconventional Oil Production
Russian President Vladimir Putin on Tuesday signed a law to ease the tax burden on operators developing Russia’s unconventional oil resources. The law will differentiate the tax rates for hydrocarbon production based on the permeability of the rock, depletion of the reservoir and the size of the oil bearing layer. …
Vladimir Putin calls for Statoil to “Rapidly move forward” with Shtokman
Alexey Miller, Chairman of the Gazprom Management Committee reported today to Vladimir Putin, President of the Russian Federation on the progress with preparations for the first phase of the Shtokman field development. The meeting was also attended by Helge Lund, President and Chief Executive Officer of Statoil. The parties discussed a wide range of issues associated with the Final Investment Decision …