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Russian upstream taxation – room for manoeuvre?

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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.

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Table of contents

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Tables and charts

This report includes 10 images and tables including:

Images

  • Russian upstream taxation – room for manoeuvre?: Image 1
  • Barrel breakdown for exported oil, conventional fields (Urals oil price US$60/bbl)
  • 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)

Tables

  • Tax manoeuvre
  • Tax burden comparison of a barrel of exported oil
  • 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

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