Offshore Oilfield Development Could Enjoy Tax Breaks

ENERGY TECH

Sergei Bogdanchikov said Russia would increase the production of oil at its offshore deposits five-fold, to 80-85 million metric tons (about 624.7 million bbl), by 2015.

by Staff Writers
Murmansk, Russia (RIA Novosti) May 03, 2007
Companies developing offshore oil deposits could enjoy tax breaks, Russia's president said Wednesday. "Such a decision needs assessments," Vladimir Putin said, speaking at a session of the State Council and the Maritime Board, a government agency overseeing seaports and the commercial fleet, in the ice-free Barents Sea port of Murmansk in northern Russia.

The tax breaks proposal came from Sergei Bogdanchikov, head of state-controlled producer Rosneft, who said the idea had been approved by the Industry and Energy Ministry and backed by the economics ministry, but that no final decision had been made.

"The decision is needed for the sector to make a stride forward," Bogdanchikov said.

Russia, heavily dependent on revenues from oil and gas exports, is in need of new deposits to meet its obligations under new ambitious projects to supply oil to Pacific Rim countries, as well as Europe and the United States via the Balkans.

Bogdanchikov said Russia would increase the production of oil at its offshore deposits five-fold, to 80-85 million metric tons (about 624.7 million bbl), by 2015.

He said $8 billion would be required to build vessels, including 30 tankers, icebreakers, and tugboats, to carry oil.

Source: RIA Novosti

Email This Article

ENERGY TECH

ADB To Lend India 79.3 Mln Dlrs For Wind Energy Project

Manila (AFP) May 02, 2007
The Asia Development Bank (ADB) said Wednesday it had approved a 79.3 million dollar loan to India's largest private power company to set up and operate wind energy facilities. The loan will support Tata Power Co. Ltd in setting up and running wind power facilities in the state of Maharashtra which will produce 100 megawatts of electricity, the ADB said in a statement from its Manila-based headquarters.

ENERGY TECH ADB To Lend India 79.3 Mln Dlrs For Wind Energy Project Offshore Oilfield Development Could Enjoy Tax Breaks Putin Vows To Develop Arctic Transport For Energy And National Interest Cell Splits Water Via Sunlight To Produce Hydrogen	CIVIL NUCLEAR Nuclear Storm Gathers As Climate Change Experts Meet Atomstroyexport Puts Chinese NPP's 2nd Unit To Minimum Capacity UniStar Nuclear Identifies Constellation Energy's Calvert Cliffs As Site For First Potential New NPP Dominion Signs Contract With GE Energy For Long-Lead Nuclear Components
BLUE SKY Noxious Lightning AIM Heads For Orbit Satellites Offer Sunny Outlook On Understanding Polar Climate With Help Of Cloudy Skies No Easy Solution To Indonesian Haze Problem	WOOD PILE WHRC Scientists Creating National Biomass And Carbon Datas How To Manage Forests In Hurricane Impact Zones Museveni Defends Plans To Transfer Ugandan Forests To Indian Group Greater Use Of Biofuels Threatens Rain Forests
FARM NEWS Climate Change Threatens Indonesian Rice Farmers Asian Demand For Shark Fins Threatens Colombian Species Fish Growth Enhanced By Climate Change Researcher Finds Negative Effects Of Colonization On Slash-And-Burn Farming In Borneo	CAR TECH China Automobile Dream A Nightmare For Climate Change Driverless Car Goes On Show In London Made In USA Losing Cachet Technique Creates Metal Memory And Could Lead To Vanishing Dents
AEROSPACE Australia Fears Jet Flight Guilt Could Hit Tourism Nondestructive Testing Keeps Bagram Aircraft Flying New FAA Oceanic Air Traffic System Designed By Lockheed Martin Fully Operational NASA Seeks New Research Proposals	NUCLEAR SPACE Could NASA Get To Pluto Faster? Space Expert Says Yes - By Thinking Nuclear NASA plans to send new robot to Jupiter Los Alamos Hopes To Lead New Era Of Nuclear Space Tranportion With Jovian Mission Boeing Selects Leader for Nuclear Space Systems Program

The content herein, unless otherwise known to be public domain, are Copyright 1995-2006 - SpaceDaily.AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA PortalReports are copyright European Space Agency. All NASA sourced material is public domain. Additionalcopyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement