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State Regulation of the Oil and Gas Sector in 2009 and Outlooks for 2010

State Regulation of the Oil and Gas Sector in 2009 and Outlooks for 2010

The National Energy Security Fund traditionally sums up the year results with a concluding report evaluating main tendencies and events in the oil and gas sector.

The year 2009 was quite eventful. The situation with production made the executive power change priorities in the taxation policy. There were desperate battles for export routes of hydrocarbons. Wars for property and licenses continued. Preparations for a new wave of privatization began. Non-residents were again actively invited to invest in upstream.

There was a complicated situation: problems with production were becoming more and more obvious but main players were focused on disputes between clans rather than on solving the problems.

The following issues will be elaborated on in the report:

  • Production results of the year

    • Stagnation in the production sector amid rising costs
    • Revision of development strategies of companies with decline in forecast parameters
    • Main production and marketing risks
  • Export route wars

    • The European and Chinese ways of Russia’s fuel and energy sector development
    • Baltic Pipeline System-2 vs. East Siberia-Pacific Ocean pipeline
    • Active promotion of a gas pipeline to China and political motives behind exports of hydrocarbons to the PRC
  • Fiscal and customs policies

    • Tax benefits in 2009 and their influence on the sector
    • Main beneficiaries of a new taxation policy. Prospects of a “tax haven” in Yamal
    • “Eastern allowances”
    • Dividend policies of companies
    • Raising profits instead of greenfield investments
  • New laws, e.g. “On Energy Efficiency” and “On Oil”, as instruments of administrative confrontation

  • Struggle for geology

    • Battles for a resource base between clans
    • Prospects of reforms in the geological prospecting sector and creation of a Rosgeologia state corporation
  • Changes in policies towards non-residents

    • Transferring investment risks and the necessity of finding technical solutions onto foreign firms
    • Shtokman: basic precedent or local solution?
    • The Kamchatka case – non-residents as victims of inter-clan wars
  • Forecast of the sector’s development in 2010

    • Economic possibilities and political threats


    The contents of the report:

    Introduction. 2
    Chapter 1.Preliminary Results of Production in 2009 3
    Chapter 2.Struggle for Export Routes 15
    Chapter 3.Non-residents: New “Romantic Period” 30
    Chapter 4.Struggle of Clans for Resource Base 35
    Chapter 5.Tax Novelties in the Sector 51
    Forecast of the Sector Development in 2010 60
    Date of issue January 13th, 2010

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Arctic: Soviet-type Gigantomania or Breakthrough Project?
State regulation of the oil and gas sector in 2018, prospects for 2019
Gazprom on Path to New Reality
Looking for Best Tax Treatment of Oil and Gas: Fiscal Experiments Continued
The subject of taxation became the absolute hit of 2018. The government once again decided to rewrite the rules of the game. President Putin’s new inauguration decree served as the main pretext. It turned out that about 8 trillion roubles extra was necessary for the new national projects announced. The Cabinet did not take long to decide where the funds should be taken. The result was acceleration of the so-called tax manoeuvre started as far back as 1 January 2015. It suggested shifting the tax burden to the wellhead: the effect on the state budget of gradual abandonment of the export duty will be more than compensated for by quicker growth in mineral resources extraction tax (MRET). The laws on tax reform have already gone through the parliament and will take effect as of next year. This means nothing good for companies.

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

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