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Statutory Framework of the Oil and Gas Industry

Statutory Framework of the Oil and Gas Industry

Vladimir Putin has outlined approximate framework of the new political system. However, as always, the devil is in the detail – dispute around the strategy of oil and gas industry development and control of it by power clans is not over. This dispute spills into the statutory regulation sphere. The "old" Duma did not pass all bills that it had planned and many of those may be earthshattering for the industry. Discussions around them will continue under the new president and new parliament.

The study focuses on the following subjects

  • Statutory conditions for nonresidents and reserves' distribution issue

    • Views of power clans on the bill regulating access to strategic fields for foreign investments and new editions of the Subsoil and Shelf laws.
    • Possible changes to the bills after Dmitry Medvedev's election as president and government reshuffle
  • Problems in the regulation of the industry

    • Technical issues associated with the regulation of the oil and gas industry, environmental impact audit by the government.
  • Statutory framework of hydrocarbon exports

    • Possible debates around changes to gas export pattern, new edition of the Major Pipeline Transport Law.
  • Legislative changes to the industry's tax regime

The content of the report:

Introduction 2
Chapter 1. Statutory Conditions for Nonresidents and Reserves’ Distribution Issue 3
Chapter 2. Struggle for Tax Treatment Change 24
Chapter 3. Regulation of Hydrocarbon Exports 33
Chapter 4. Problems of Technical and Environmental Control of Oil and Gas Industry in Russian Legislation 40
Chapter 5. New Duma – a Tool to Change Regulations 49
Expected Developments 54

 Valume: 56 pages

Issue date March 11, 2008

If you are interested to obtain please contact » Elena Kim

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New OPEC+ Deal and Future of Oil Business in Russia
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Regulation of Oil and Gas Sector in 2019 and Prospects for 2020
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The tax system in the oil and gas sector continues to undergo radical changes. The beginning of 2019 saw the introduction of a new tax regime: additional income tax. That experiment was supposed to start migration of the oil industry to an innovative principle of taxation: on profit, not revenue. It seemed that a new main road was found. In the same year, however, the Finance Ministry launched an overt offensive against AIT. The fear of loss of government revenue now is more powerful than the threat of causing oil production to collapse in the medium term because of a tax system that does not stimulate investment. The Finance Ministry would strongly prefer to speed up the tax manoeuvre completion that earns the state budget additional money. Oil and gas companies respond to this with individual lobbying, attempting to wangle special treatment for their projects.
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The “zero hour” comes in less than a month: the contracts for gas transit through Ukraine and for supplying Russian gas to the country terminate at 10 am on 1 January. Meanwhile, Gazprom and Naftogaz are very far from looking for a mutually acceptable solution. The entire European gas business is watching intently the negotiations between Russia and Ukraine. Everyone is waiting for a new “gas war”: the January 2009 events proved to be a serious test both to European consumers and to Gazprom as a supplier. Is there still a chance of agreement? If there is not, will Gazprom cope with its obligations to deliver gas to Europe? Is Russia bluffing as it assures that the new infrastructure and gas in underground storage facilities will enable it to get by without Ukrainian transit even as soon as this winter? What will happen to Ukraine itself at the beginning of 2020?

All reports for: 2015 , 14 , 13 , 12 , 11 , 10 , 09 , 08 , 07

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