• Upstream
  • Pipelines & Transport
  • Downstream
Friday, August 1, 2025
Oil&Gas Advancement
  • Home
  • News
    Hungary Russia Serbia Deal on Imports of Russian Crude Oil

    Hungary, Russia, Serbia Deal on Imports of Russian Crude Oil

    EQT Expands Gas Operations with Olympus Energy Acquisition

    EQT Expands Gas Operations with Olympus Energy Acquisition

    Turkey Iraq Pipeline Deal and Energy Cooperation Plans

    Turkey-Iraq Pipeline Deal and Energy Cooperation Plans

    Aker BP JAPEX Norge Collaborate on North Sea Asset Trade

    Aker BP, JAPEX Norge Collaborate on North Sea Asset Trade

    Eni Ghana Expands Natural

    Eni Ghana Expands Natural Gas for OCTP to Power Ghana

    CNOOC Makes Landmark Offshore Oil Gas

    CNOOC Makes Landmark Offshore Oil & Gas Discovery

    Shell Receives Approval

    Shell Receives Approval for Oil & Gas Drilling Project

    Var Energi Partners with TechnipFMC

    Var Energi Partners with TechnipFMC for Subsea Projects

    Equinor Has Made Gas Discovery Near Major Export Facility

    Equinor Has Made Gas Discovery Near Major Export Facility

  • Projects
    Cloudera and Aramco Plan to Collaborate on AI driven Digital Innovation in Saudi Arabia

    Cloudera and Aramco Plan to Collaborate on AI-driven Digital Innovation in Saudi Arabia

    Eni Ghana Expands Natural

    Eni Ghana Expands Natural Gas for OCTP to Power Ghana

    Var Energi Partners with TechnipFMC

    Var Energi Partners with TechnipFMC for Subsea Projects

    South Africa Proposes

    South Africa Proposes US LNG Purchase Deal for 10 Years

    Alaska LNG

    Glenfarne Announces Over $115 Billion of Strategic Partner Interest for Alaska LNG

    UAE Energy Investments in the US

    UAE Energy Investments in the US to Reach $440B by 2035

    agreements with US companies

    Aramco announces 34 MoUs and agreements with US companies

    Future-proofing-gas-sector

    Future-proofing Gas Sector for Efficiency and Sustainability

    South-Africa-Oil-and-Gas-Exploration

    South Africa Speeding-up its Oil and Gas Exploration

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    Cloudera and Aramco Plan to Collaborate on AI driven Digital Innovation in Saudi Arabia

    Cloudera and Aramco Plan to Collaborate on AI-driven Digital Innovation in Saudi Arabia

    Youth-Empowerment at Namibia Oil and Gas Conference 2025

    Namibia Oil and Gas Conference 2025 Announces Future Generations Masterclass in Partnership with the Namibia Youth Energy Forum

    Alaska LNG

    Glenfarne Announces Over $115 Billion of Strategic Partner Interest for Alaska LNG

    agreements with US companies

    Aramco announces 34 MoUs and agreements with US companies

    Sinopec Sets New Vertical Well Depth

    Sinopec Sets New Vertical Well Depth Record of 5,300 Meters

    Jubail Asset Integrity

    Jubail to Host the 3rd Asset Integrity and Process Safety Conference & Exhibition 2025

    IPTC 2025 Launched: Driving Innovation, Sustainability, and Excellence in Energy

    Ocean Business announces exhibitor list for 2025 show

    Ocean Business 2025 conference programme announced

  • Market Reports
    AI Technology Maturing the Oil and Gas Workforce

    AI & Technology Maturing the Oil and Gas Workforce

    HDPE Market in Oil and Gas

    HDPE Market in Oil and Gas: Trends and Global Forecast

    Top 5 Oil and Gas Sector Trends that are Active in 2025

    Oil-and-Gas-Analytics

    Oil and Gas Analytics Market Growth Trends and Forecast

    Gas-Transportation

    Transport Capacity – Key to Gas Sector Growth in India

    Offshore-Drilling

    Namibia Showcases its Offshore Drilling Activities

    Global-Oil

    Demand for Global Oil to Grow to Almost 104 mb/d in 2025

    ExxonMobil to sell Norway upstream operations for $4.5 billion

    ExxonMobil completes acquisition of Pioneer Natural Resources

    Ithaca Energy unit to acquire Chevron’s Central North Sea assets

    ExxonMobil doubles Permian footprint after finalizing Pioneer acquisition

  • Events
  • Contact Us
No Result
View All Result
Oil&Gas Advancement
No Result
View All Result
Home Downstream

Russian Tax Overhaul Looks To Offset Oil Firms Revenue Dip

in Downstream, Featured, News
Share on FacebookShare on Twitter

Russia is on the verge of completely overhauling the tax rules so as to offset the drop in revenues from the oil companies that have been hit by price caps as well as international sanctions, with changes that are expected to come into force on April 1.

Apparently, the Russian oil producers have been coerced into offering big discounts on exports, but it seems that the discounts have hurt the government more than the bottom lines of the companies. The changes are going to allow the authorities to set up the two largest direct taxes—the oil export tax and the oil production tax, without linking their rates to the Ural blend, Russia’s main crude blend when it comes to exports.

It is well to be noted that Russia’s tax regulations provide excess profits to the government from the producers when the Ural blend happens to be higher, but at the same time quickly reduce the burden of the tax when the cost dips to $50 a barrel.

The tax rate, which happens to be adjusted at the beginning of every month, is patterned to leave the oil producers enough funds so as to cover the cost of production and also get into some explorations too.

Interestingly, on February 1, the Russian authorities went on to lower the tax on exports by 23%, which came to around $1.75 per barrel. Apparently, the producers were subject to an oil export tax of $8.30 per barrel in the same period last year, as per the Russian Finance Ministry. The Urals price range on average for January 2023 ended at $50 below per barrel against an average of $70 per barrel, a figure that was used to calculate the expected budget revenues for 2023.

As per the ministry, the tax payments from Russia’s oil and gas sector dipped by 46% to an amount of 426 billion rubles, or $6.1 billion, in January 2023 as compared to the same period last year. This was due to a large export market discount that took place on Russian oil. The ministry went on to say that the steep dip in Russia’s gas exports across Europe also contributed to the fall in budget revenues.

The fact is that one of the oil and gas companies’ exports to Europe are taxed at 30% but were estimated at just 25% of the levels prior to the war on routes through Ukraine and Turkey.

Russia’s LNG exports to Europe from another oil producer happen to be exempt from the export tax. That said, the authorities have already disregarded a 34% corporate income tax on the operator right from January 1, compared to a mandatory rate of 20% when it comes to other businesses. One of the senior US Treasury officials who was responding to the decline in Russian oil and gas revenues said that the western price caps were intended to slash revenues that could be used by Russia in its fight against Ukraine and not to break the Russian economy. The decline in revenue has not prevented Russia from issuing more than 1.3 trillion rubles when it comes to new state contracts, which is five times more than what was spent last year in January.

As per the industry analysts, the flow of Russia’s discounted hydrocarbons to Asia shall remain robust, and there are efforts being implemented in order to build a shadow fleet pertaining to old marine tankers to take care of the shipments. According to an estimation done by the US Energy Information Administration, the oil production in Russia will average 9.9 million bpd this year, which is roughly going to be in line with the January output hovering between 9.8 and 9.9 million barrels per day. It is also predicted by the agency that Russia’s oil production will fall in the next few months due to the effect of the EU ban on seaborne petroleum products.

Previous Post

EPA Urged To Keep Methane Emissions From Flares In Check

Next Post

Study States European Natural Gas Rates To Multiply By 2024

Related Posts

Hungary Russia Serbia Deal on Imports of Russian Crude Oil
Downstream

Hungary, Russia, Serbia Deal on Imports of Russian Crude Oil

July 31, 2025
EQT Expands Gas Operations with Olympus Energy Acquisition
News

EQT Expands Gas Operations with Olympus Energy Acquisition

July 31, 2025
Turkey Iraq Pipeline Deal and Energy Cooperation Plans
News

Turkey-Iraq Pipeline Deal and Energy Cooperation Plans

July 31, 2025
Aker BP JAPEX Norge Collaborate on North Sea Asset Trade
Exploration Development

Aker BP, JAPEX Norge Collaborate on North Sea Asset Trade

July 31, 2025
Eni Ghana Expands Natural
News

Eni Ghana Expands Natural Gas for OCTP to Power Ghana

July 28, 2025
CNOOC Makes Landmark Offshore Oil Gas
Exploration Development

CNOOC Makes Landmark Offshore Oil & Gas Discovery

July 21, 2025
Next Post

Study States European Natural Gas Rates To Multiply By 2024

LatestNews

EQT Expands Gas Operations with Olympus Energy Acquisition
News

EQT Expands Gas Operations with Olympus Energy Acquisition

July 31, 2025
Turkey Iraq Pipeline Deal and Energy Cooperation Plans
News

Turkey-Iraq Pipeline Deal and Energy Cooperation Plans

July 31, 2025
Aker BP JAPEX Norge Collaborate on North Sea Asset Trade
Exploration Development

Aker BP, JAPEX Norge Collaborate on North Sea Asset Trade

July 31, 2025
Eni Ghana Expands Natural
News

Eni Ghana Expands Natural Gas for OCTP to Power Ghana

July 28, 2025
CNOOC Makes Landmark Offshore Oil Gas
Exploration Development

CNOOC Makes Landmark Offshore Oil & Gas Discovery

July 21, 2025
Shell Receives Approval
Africa

Shell Receives Approval for Oil & Gas Drilling Project

July 21, 2025

About Us

Oil & Gas Advancement is a specialized platform delivering latest news and industry insights for the global oil and gas sector. Featuring market intelligence, expert opinions, events and updates, it serves as a trusted and strategic resource for industry stakeholders navigating energy transitions.

Subscribe Us

Resources

  • Advertise with us
  • Contact Us
  • Newsletter Archive
  • Download Mediapack

System

  • Search
  • Site Map
  • RSS Feed
  • Upstream
  • Pipelines & Transport
  • Downstream

© 2025 Copyright Valuemediaservices 2025 All rights reserved.

No Result
View All Result
  • Home
  • News
  • Projects
  • Whitepapers
  • Press Releases
  • Market Reports
  • Events
  • Contact Us

© 2025 Copyright Valuemediaservices 2025 All rights reserved.