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Russian budget revenue from developing tight-oil reserves to amount $55.9 billion by 2032

April 23, 2014, 11:09 UTC+3 MOSCOW
On July 23, 2013, President Vladimir Putin signed a bill on stimulating the development of tight-oil reserves
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© ITAR-TASS/Alexei Kozak

MOSCOW, April 23. /ITAR-TASS/. Russia's budget revenue from the development of tight oil in a period until the 2032 target year is expected to amount to about two trillion roubles ($55.9 billion), with an additional production being about 326 million tonnnes of oil, says the Energy Ministry's 2013 report placed on the government's website.

On July 23, 2013, President Vladimir Putin signed a bill on stimulating the development of tight-oil reserves. The bill had been prepared by the Energy Ministry in conjunction with the Finance Ministry.

According to the document, the rates of the tax on the extraction of commercial minerals shall be differentiated depending on the indicators of reservoir permeability (the property of rock to serve as conductor in the movement of liquids or gases), the extent of field depletion, and the size of the oil-filled formation.

The Energy Ministry materials say that, according to expert estimates, the development will involve about two billion tonnes of oil reserves, and that an additional prospecting and estimation of tight-oil reserves will be carried out regarding up to 22 billion tonnes.

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