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Russia’s energy minister has told Reuters his country should reform oil taxation to bring into production some 10 billion tonnes of currently uneconomic reserves and boost producers’ margins to compete better with rivals such as U.S. shale firms.
Alexander Novak said oil production in Russia, which has enough reserves of crude to sustain current production for over 50 years, could decline if the tax system remained unchanged.
“We have the highest oil taxes in the world. On average they amount to 68-70% of revenues. But in the case of West Siberian fields with no tax breaks, for example, they amount to 85%,” Novak said in an interview…
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