The Russian government is extending tax breaks for new oilfields in East Siberia in order to compensate for the production decline in West Siberia, the Novosti news agency reported today.
Tax holidays for the extraction of crude oil in East Siberia have been extended by the government through 1 January 2022, reducing the export duty on oil produced from the region’s deposits.
The tax incentives will make the oil reserves of 5.3 billion metric tons in East Siberia more readily accessible, and will result in about USD 300 billion in new revenue for the state budget by 2030, a ministry of energy official said.
