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.