New Russian Tax Credits Encourage Arctic Oil Exploration

By George Backwell
Monday, July 07, 2014
Arctic drilling platform: File photo

Russian President Vladimir Putin has signed off a new law on mineral extraction tax incentives for hydrocarbons produced in Yamal and the Nenets Autonomous District, reports official news agency Arctic-info.

The document [signed] also refers to the resources that are extracted in Eastern Siberia, the Sea of Japan, the Gyda Peninsula and the Bazhenov Suite. According to the official online portal of legal information, the law was signed on June 28, 2014.

A tax rate of 15% is set for hydrocarbon raw materials produced on new marine deposits.

For a number of fields, the law introduces a zero rate of mineral extraction tax. In particular, for oil fields in Yakutia, the Irkutsk and Krasnoyarsk regions it will remain in effect until a level of oil production of 25 million tonnes is achieved.

In the Nenets and Yamalo-Nenets Autonomous Districts the zero rate of mineral extraction tax will be applied up to the production level of 15 million tonnes.

The zero rate will only be applied to fields, where stock does not exceed 0.05% by early 2015, development of such deposits should commence no later than 2022.

In the Yamalo-Nenets Autonomous Region there are 234 hydrocarbon deposits, of which 66 are under commercial development and 19 are ready for use. Geological exploration is underway at 149 deposits.

Elsewhere, one of the largest gas fields beyond the Polar Cicle is the Yurkharovskoe gas condensate field which was opened in 1970. The area of the field is approximately 260 square kilometres, and it provides around 10% of the gas consumption of the domestic market. The volume of production at full design capacity is 33 billion cubic metres of natural gas per year.

Source: Arctic-info
 

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Italian Shipbuilder Pleads Guilty to Environmental Crimes

An Italian shipping firm based in Genoa, Italy, pleaded guilty to violating the Act to Prevent Pollution from Ships by falsifying required ships’ documents to hide

Bulker Chief Engineer Convicted of Environmental Crimes

A chief engineer from the M/V Trident Navigator was convicted by a federal jury in New Orleans late yesterday after a week-long trial, of knowingly falsifying the

US Obamacare Impacts the Global Marine Industry

The Affordable Care Act (ACA), otherwise known as Obamacare, the recent healthcare plan in the United States, is affecting the international superyacht industry,

Finance

BP Faces Heavy Hit from Former Prized Asset Rosneft

BP faces a first and heavy loss from its stake in Russia's Rosneft due to plummeting oil prices and a crumbling rouble, potentially forcing it to write down the value of its once-prized asset.

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

Energy

BP Faces Heavy Hit from Former Prized Asset Rosneft

BP faces a first and heavy loss from its stake in Russia's Rosneft due to plummeting oil prices and a crumbling rouble, potentially forcing it to write down the value of its once-prized asset.

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

Government Update

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Italian Shipbuilder Pleads Guilty to Environmental Crimes

An Italian shipping firm based in Genoa, Italy, pleaded guilty to violating the Act to Prevent Pollution from Ships by falsifying required ships’ documents to hide

Bulker Chief Engineer Convicted of Environmental Crimes

A chief engineer from the M/V Trident Navigator was convicted by a federal jury in New Orleans late yesterday after a week-long trial, of knowingly falsifying the

Arctic Operations

BSEE Attends Arctic Council Meeting

The Bureau of Safety and Environmental Enforcement’s (BSEE) David M. Moore recently traveled to Seattle, Wash., for a meeting of the Arctic Council Emergency Prevention,

RV Sikuliaq: Modern Electric Propulsion & Power Management

While ships have used electricity to help power vessels for a long time, new and sophisticated diesel-electric technologies are making serious gains in efficiency,

BigRoll Orders Two MC Class Vessels

BigRoll Shipping announced that COSCO Dalian Shipyard Co. Ltd has been contracted to build two more MC Class Module Carriers, bringing the total number of vessels under construction to four.

Offshore Energy

QGEP to Acquire FPSO from Teekay

Teekay Offshore Partners L.P. has entered into an agreement with a consortium led by Queiroz Galvão Exploração e Produção SA (QGEP) to provide a floating production,

Jackup Rig Delivered to Abu Dhabi’s NDC

Lamprell delivers its 11th Super 116E jackup drilling unit Lamprell has completed the construction of jackup drilling rig, the Shuwehat, and has delivered the

Shell Resuming Nigeria EA Oil Production

Royal Dutch Shell said on Thursday it had resumed production of Nigerian EA crude oil and lifted its force majeure on the grade after completing repairs to a mooring platform.

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1421 sec (7 req/sec)