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Instructions following a meeting on stimulating the oil industry

July 20, 2019

The President approved a list of instructions following a meeting on stimulating the oil industry, held on July 10, 2019.

The Government of the Russian Federation was instructed:

– to complete an inventory of reserves at oilfields that are being developed in the Russian Federation in order to assess the commercial efficiency of development (future exploitation) of these deposits under the current tax regime;

– to work out, taking into consideration the inventory, single economic feasibility criteria and requirements, as well as a procedure for granting state support for oilfield development projects in the Russian Federation;

– to introduce, pending the completion of the inventory, a moratorium on new state support measures for the development of oilfields in the Russian Federation.

The Energy Ministry together with the Finance Ministry were instructed to submit a financial feasibility study on state support measures for the development of the Priobskoye oil field.

July 20, 2019