| |
7 Pages

Russian upstream taxation – room for manoeuvre?

Russian upstream taxation – room for manoeuvre?

Report summary

Tax changes in effect from 1 January 2015 were designed to promote modernisation of Russian refining, harmonise oil taxes in the Eurasian Economic Union, protect the oil and gas sector contribution to the Russian federal budget, and ensure development of frontier and hard-to-recover oil continues. In the low oil price environment, however, most Russian upstream companies will face higher tax payments. Only a handful of projects will benefit, most notably Gazprom’s East Siberian gas fields.

What's included?

This report includes 2 file(s)

  • Russian upstream taxation – room for manoeuvre? PDF - 351.61 KB 7 Pages, 5 Tables, 5 Figures
  • Russian upstream taxation room for manoeuvre.xls XLS - 279.50 KB


This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research.

Proprietary data means a superior level of analysis that is simply not available anywhere else. Wood Mackenzie is the recognised gold standard in upstream commercial data and analysis.

  • Executive Summary
  • Introduction
    • Mechanics and upstream implications of the tax manoeuvre
    • Export oil
    • MET burden increases on fields with tax benefits
    • Export duty reduced rate remains advantageous
    • Time for the state to reap the tax benefit of condensate production
    • Gazprom secures further tax reductions for its East Siberian assets
    • Conclusions

In this report there are 10 tables or charts, including:

  • Executive Summary
  • Introduction
    • Russian upstream taxation – room for manoeuvre?: Image 1
    • Tax manoeuvre
    • Barrel breakdown for exported oil, conventional fields (Urals oil price US$60/bbl)
    • Tax burden comparison of a barrel of exported oil
    • Barrel breakdown for domestic oil, conventional fields (export oil price US$60/bbl)
    • Reduced oil MET rate comparison in 2015 (export oil price US$60/bbl)
    • Reduced export duty comparison in 2015 (export oil price US$60/bbl)
    • Reduced export duty threshold prices
    • Isolated effect of the condensate MET increase in 2015-2020 – top nine producing fields/entities
    • Isolated effect of East Siberian tax breaks for Gazprom fields
Requester's name : .............
Department : .............
Authoriser's Name : .............
Authoriser's signature : .............
Date : .............
Cost Centre : .............

Questions about this report?

Frequently Asked Questions
  • Europe: +44 131 243 4699
  • Americas: +1 713 470 1900
  • Asia Pacific: +61 2 8224 8898
contact us

Why Wood Mackenzie?

Wood Mackenzie, a Verisk Analytics business, has been a trusted source of commercial intelligence for the world's natural resources sector for more than 40 years, empowering clients to make better strategic decisions with objective analysis and advice.

We work across every sector of oil, gas, power, renewables, chemicals, metals and mining, covering more than 150 countries. Our proprietary data and models are at the core of everything we do, ensuring our independent asset and company valuations are thoroughly robust and that we offer an accurate forward-looking view of economic indicators such as market supply, demand and price trends.

Our 500+ analysts are based in the regions they cover, cultivating an unrivalled depth of understanding to help clients accurately identify new opportunities, define their strategy and improve business performance.

At every stage, our teams readily collaborate and share their insight to provide an integrated perspective across entire industries. It is this unique and rigorous analytical approach that ensures we are recognised as the industry standard by the world’s most innovative organisations.