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Mass media / Periodicals

Putin imposed a moratorium on state support of development of oil fields

"Oil of Russia" 23.07.2019 at 11:31

Russian President Vladimir Putin ordered to impose a moratorium on providing new measures of government support in the development of oil fields in Russia to complete the inventory. The moratorium imposed until December 31, 2019.

Putin approved a list of instructions following a meeting on promoting the oil industry on 10 July 2019.

So the Russian government instructed until December 1 to complete the inventory of stocks of oil fields developed in Russia. The President ordered to evaluate the economic efficiency of development (further development) deposits in the current fiscal environment.

given the ongoing inventory until December 1, is tasked "to develop a single set of criteria, the requirements for economic justification and order of granting of measures of state support in the development of oil fields in Russia."

"the Ministry of energy jointly with the Ministry of Finance to provide financial and economic justification of proposals for the provision of government support measures when developing the Priobskoye oil field" – as stated in the list. The term of report on this issue – July 20, 2019.

SECHIN ON BENEFITS

Previously CEO of "Rosneft" Igor Sechin said that the company continues to work with the government on the issue of benefits for the Ob field.

"In fact, Rosneft gets the least benefits in our oil and gas industry. If to consider export benefits, it is only 3% of the total. Much more – at 30% – receives "Gazprom oil" on their heels "LUKOIL" or "Surgutneftegaz", which struck some benefits in the Tyumen Suite. And the Tyumen Suite, by the way, from the point of view of reservoir permeability is much better than Priebke. And it's all in one region. Why should I not raise the question of equal treatment of all companies? Of course, we ask the government to note that on Priebke permeability less than 2 millidarcy (Darcy – unit of permeability of porous media – Interfax), even up to 1, and the Tyumen Suite – 4. We are harder to work", – said Sechin.

the Priobskoye field is the main asset of "RN-Yuganskneftegaz". Rosneft owns one part of the Priobskoye field, the second part belongs to "Gazprom oil" .

the Priobskoye field is included in the Mature phase with corresponding negative trends of production – the constant increase of the water content.

At the beginning of February "Rosneft" has appealed to the government to grant concessions on mineral extraction tax for this field by analogy with flooded Samotlor field.

However, the Finance Ministry has opposed granting exemptions on the grounds of flooding. According to calculations of the Ministry, at the Priobskoye field apply the coefficients to the mineral extraction tax from 0.2 to 0.8 (depending on the complexity of oil production). This allows to reduce the rate of the severance tax up to 80%. Also in the extraction of oil from the Bazhenov formation at the Priobskoye field is set to zero met rate. For 2017-2018, the amount of these tax credits amounted to more than 41 billion rubles, estimated by the Department.

Source: Interfax