Russia may loosen state control of discoveries

Exillon Energy

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News Wires

 22 February 2013 22:27 GMT

Russia, seeking to boost remote oil-rich territories, is looking at new laws to loosen state control of big fields and ensure explorers can keep their finds, its natural resources minister said on Friday.

Russia's oil industry, the world's largest at 10.4 million barrels per day of production in 2012, is increasing reserves rapidly without much exploration, but more effort will be needed to keep replacing reserves at a rapid pace.

The oil industry has called for incentives such as those in place in rival producers like Norway to ensure reserves are in place to prevent a future decline.

Among the biggest obstacles to has been the uncertain returns for explorers. If finds are big enough, they can be deemed strategic and must be handed over to…

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