Russia Signs Oil Production Agreement for Boosting Priobskoye Filed Production

Russia Signs Oil Production Agreement for Boosting Priobskoye Filed Production

Rosneft Company along with the Russian Ministry of Finance and the Ministry of Natural Resources and the Environment signed an investment agreement for boosting oil production in the Priobskoye field in the form of an annual mineral extraction tax (MET) deduction reaching up to RUB 46 billion, Neftegaz reported.

The agreement has been signed for ten years. The government will provide RUB 460 billion for the project investments in addition to the investments allocated by Rosneft for developing the field.

It is expected that the continuous development operation at the field will raise the production to more than 70 million tons by 2030 and it will add over RUB 500 billion of tax revenues at the MET and export duties.

Avatar photo

Fatma Ahmed 1985 Posts

Fatma Ahmed is a staff writer with six years’ experience in Journalism. She is working in the field of oil and gas for four years. She also worked in the field of economic journalism for 2 years. Fatma has a Bachelor Degree in Mass Communication.

Login

Welcome! Login in to your account

Remember me Lost your password?

Lost Password