Support The Moscow Times!

Tax Relief Approved

Russian lawmakers approved tax relief for offshore fields containing hydrocarbons essential for boosting production in the remote regions of the world's top energy producer, a representative for a Duma committee said.

Russia is offering new tax relief to support current production and unlock new reserves, as it is now pumping oil close to its capacity of  10 million barrels per day (bpd) mostly from depleting west Siberia deposits.

However, its untapped undersea reserves are estimated at more than 100 billion tons of oil equivalent, sufficient for roughly 25 years of the world's current crude consumption, if a means can be found to unlock them.

On Wednesday, Russia's State Duma approved the document that provides lower mineral extraction tax along with other relief for new hydrocarbon offshore fields launched after 2016.

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.