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News // Companies

Russia Opens Barents Sea Development Tenders

16 September 2005 , 11:09364
Russia will open tenders on the development of oil and gas shelf deposits in the northern Barents Sea in the second half of 2006, Natural Resources Minister Yuri Trutnev said on Tuesday, reported.

?Tenders for the Barents Sea deposits, including Barents-1 and Barents-2, will open in the second half of 2006,? Trutnev, quoted by RIA Novosti, told a St. Petersburg conference on the development of the continental shelf.

Deposits containing more than six billion tons of standard fuel will be explored in the near future on the continental shelf in the Barents Sea and the Pechora Sea.

The estimated amount of standard oil at the Barents-2 deposit alone is 640-680 million tons.

According to Russian business daily Vedomosti, the natural resources minister has also proposed tax breaks for companies developing oil fields in the East Siberia and Artic regions.

Most market-watchers remain skeptical about the possibility of the government reducing the broader tax burden on the oil and gas industry. Nonetheless, to increase oil production, the government will eventually have to implement some measures to encourage the development of new fields in remote areas ? reduction of the tax burden on the sector is one means available.


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