Russia Anticipates Billions from New Hydrocarbon Licences
The Russian government is looking to a budget injection of around €3 billion from the latest hydrocarbon exploration on the Russian shelf.
Russian media reported that the state budget will get an injection of between 100 and 150 billion rubles (€2.2-3.7 billion) in 2013 from payments for licences to develop its continental shelf and other deposits, quoting Deputy Prime Minister Arkady Dvorkovich.
"This year, we will receive additional revenues of 100-150 billion rubles that could be used to finance priority budget programs," Dvorkovich said at a meeting with Prime Minister Dmitry Medvedev. Of this sum, about 54 billion rubles will come from one-off payments by energy giants Gazprom and Rosneft for deposits granted to them on the continental shelf, Dvorkovich said.
The Russian continental shelf has an estimated 98.7 billion tons of oil and gas (fuel equivalent) and is a valuable national asset.
Existing legislation allows only Russian companies with over 50% state ownership and a minimum of five years’ experience in marine exploration to develop the country’s continental shelf. Only Rosneft and Gazprom meet these requirements, although they have the option of involving other companies in shelf development through joint ventures.