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Russia to increase hard-to-recover oil production in 2016 — ministry

According to the Russian Energy Ministry, the production of hard-to-recover oil will increase by 10-15% year-on-year in 2016

ST.PETERSBURG, October 4. /TASS/. Russia’s production of hard-to-recover oil will increase by 10-15% year-on-year in 2016, Deputy Energy Minister Kirill Molodtsov told reporters on the sidelines of the St. Petersburg International Gas Forum.

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Russian energy minister says oil production cuts not being discussed now

"Last year we produced 21 mln tonnes and this year we will have by 10-15% more," he said.

Earlier Molodtsov said at the press breakfast of Vygon Consulting that by 2020 production of oil from hard-to-recover reserves in Russia will reach 50 mln tonnes a year amid the growing demand for energy carriers in the world.

In July 2013, President Vladimir Putin signed a law on differentiation of the mineral extraction tax (MET) for "difficult oil fields".

The law envisages different rates of MET depending on the project difficulty (decreasing coefficients from 0 to 0.8 are introduced). Amendments to the Tax Code establish the preferential tax rate for new investment projects on production of hard-to-recover oil. Specific tax will be applied to oil extracted on a particular field not on the whole area of fields.

According to the Energy Ministry, the total number of hard-to-recover reserves of oil in the country is 6.5 billion tonnes, which is 50-60% of the total oil reserves.

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