Russia Needs Predictable Tax Treatment

To sustain the level of oil production at its today’s level (over 10 million barrels a day) Russia needs a predictable tax treatment, such is the statement of a monthly report by the IEA published today.
According to the report, taxes will not influence the profitability of the now developed complex oil fields in East Siberia only in case if the oil price is over 100 dollars a barrel.
For 2011 and 2013 the IEA predicts the total growth of oil production in Russia at 150 thousand barrels a day, however in a long term perspective there might be obstacles for further growth. In the opinion of the authors of the report it is necessary to balance Russian fiscal needs with the necessity of investment into the oil industry both on the part of Russian and foreign companies.
Most of today’s oil production growth comes from the East-Siberian oil fields which are very difficult for exploration, however, this growth was stimulated by tax remissions. Now in view of oil process hike Russia made an attempt to call off these privileges.

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