Flagged up: Russian plans to boost output
Kremlin extends oil tax holiday
Russia's government today extended its oil tax breaks programme to include fields in the Black and Okhotsk seas in a bid to boost output from the regions.
In documents seen by the Reuters news agency, the government said tax breaks would apply for up to 15 years, or until 20 million tonnes (125.8 million barrels) of oil is produced from the Black Sea fields.
Producers working in the Sea of Okhotsk will also be granted tax breaks for up to 15 years, or until 30 million tonnes (188.7 million barrels) of oil is produced.
Russia is amending its tax legislation to revive oil output growth, which reversed to a fall last year after a decade-long boom. Production has been stagnant this year, Reuters said.
Tax breaks, including a zero mineral extraction tax, had already been introduced for East Siberian fields, the Caspian, the Sea of Azov and the Arctic, alongside the Yamal peninsula and the northern Timan-Pechora region.