MOSCOW, January 5. /TASS/: The Russian government approved rules of making, cancelling and monitoring performance of investment agreements for the Priobskoe field developed by the Russian oil producer Rosneft. The relevant decree was posted on the official website of regulatory and legal information.
The decree signed by Prime Minister Mikhail Mishustin was signed on December 31 of the last year and became effective from January 1, 2021. Rules stipulate the procedure and the sequence of parties’ actions and reporting forms when entering into investment agreements.
In October 2020, Russian President Vladimir Putin signed the law on provision of tax credits when producing oil on certain subsurface areas in the Khanty-Mansi Autonomous District.
The article in the Russian Internal Revenue Code setting forth the tax deduction amount when producing dry, desalted and stabilized crude oil was complemented with a new paragraph. It stipulates the tax credit used when producing oil on subsoil areas in Surgut and Khanty-Mansiysk districts of the Khanty-Mansi Autonomous District, where licenses were issued on or before January 1, 2018 and initial recoverable oil reserves in each of them total 1 bln tonnes and more as at January 1, 2018.
Such characteristics cover the northern part of the Priobskoe field tapped by Rosneft.
The credit is capped at 3.83 bln rubles ($51.6 mln) for a fiscal period, provided that the average Urals price during that period was not above the base price specified in the Russian budget.
