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

Legal

Oil Deal Between Iraqi Kurdistan & Baghdad Welcomed

The United States welcomes an agreement between Iraq's central government in Baghdad and its northern Kurdistan region over the management of oil exports, U.

Canadian Pipeline Expansion Continues

Kinder Morgan Energy Partners said on Friday that crews have resumed survey work related to its Trans Mountain pipeline expansion project in the Vancouver suburb of Burnaby,

Orlando Ashford is President, Holland America Line

Holland America Line announced today that effective Dec. 1 Orlando Ashford will join the company as president to lead the award-winning cruise line's brand and business,

Finance

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Oil Deal Between Iraqi Kurdistan & Baghdad Welcomed

The United States welcomes an agreement between Iraq's central government in Baghdad and its northern Kurdistan region over the management of oil exports, U.

Nigeria to Cut Petrol Subsidy by Half

Nigeria plans to cut subsidies on petroleum products by half next year after sharp falls in global crude prices, spurred the government to revise its 2015 budget downwards,

Energy

Gazprom Transgaz Ufa Organizes Arts Festival

Over 200 healthy children and children with disabilities from Bashkortostan as well as the Volga Region participated in the Breaking the Barriers second interregional children’s arts festival,

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

President Pryor Retires from ExxonMobil Chemicals

Stephen D. Pryor, president, ExxonMobil Chemical Company and vice president of Exxon Mobil Corporation, has elected to retire on January 1, 2015, after more than 44 years of service.

Government Update

Nigeria to Cut Petrol Subsidy by Half

Nigeria plans to cut subsidies on petroleum products by half next year after sharp falls in global crude prices, spurred the government to revise its 2015 budget downwards,

Venezuela Ships First Crude Mixed with Algerian Oil to China

Venezuela is sending its first shipment of crude mixed with Algerian light oil to China, according to state oil company PDVSA and traders.   Venezuela recently

China Building Island Big Enough for Airstrip

Satellite images show China is building an island on a reef in the disputed Spratly Islands large enough to accommodate what could be its first offshore airstrip in the South China Sea,

Arctic Operations

Environmental Groups: IMO Polar Code Too Weak

The International Maritime Organization (IMO) today adopted the Polar Code aimed at regulating shipping in Polar Regions. Several environmental groups have criticized

IMO Steps Up Safety in Polar Waters

United Nations’ International Maritime Organization (IMO) has adopted global, binding regulations to enhance safety of navigation in polar waters. After several years’ intense negotiations,

Governor: Russia Will Have No Competitors in the Arctic

The Governor of Yamalo-Nenets Autonomous Region, Dmitry Kobylkin, presented the annual report on the situation in the autonomous region. "We have been confronted with new challenges.

Offshore Energy

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Update: Explosion in the Gulf of Mexico

An explosion occurred aboard a production platform Thursday at West Delta 105, operated by Fieldwood Energy, resulting in one fatality and three injured. The Bureau

Deepwater Semi-Sub COSL Prospector Delivered

COSLProspector, the fourth deep-water semi-submersible drilling rig built by CIMC Raffles for China Oilfield Services Limited (COSL), has been delivered in Yantai, Shandong Province.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair
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: 0.1894 sec (5 req/sec)