Research on hard-to-recover oil and tax incentives in Russia
The share of hard-to-recover oil reserves in Russia's remaining oil reserves is growing.At present,Russia does not have a unified standard for the division of hard-to-recover oil,both in terms of specialized technical indicators and related standards under the tax law.The development of hard-to-recover oil is the main problem facing the Russian oil and gas industry today and it includes oils with such various features as low permeability,high viscosity,outlying areas,and high depletion levels.In order to motivate the development of hard-to-recover oil reserves,the Russian government has developed mineral extraction tax incentives since 2005,which were incorporated into the oil extraction tax calculation formula with a uniform formula in 2014.In order to further encourage investment in the Russian oil and gas industry and the development and utilization of new technologies,thereby incentivizing the development of hard-to-recover oil and resource substitution and upgrading,Russia introduced a system of additional income tax,which was implemented on a pilot basis in some undeveloped blocks or old oil fields since 2019.Since the introduction of tax incentives,Russia's hard-to-recover oil production has been growing rapidly,and the stabilization of its whole oil production in the future will also depend mainly on increased hard-to-recover oil production.Russia is one of China's strategic foreign oil and gas cooperation zones,and the exploration and development of difficult-to-recover oil reserves is an important area for future Sino-Russian oil and gas cooperation.
Russiahard-to-recover oilreservesproductionmineral extraction taxtax incentivestax on additional income
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