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    Dubai To Reduce Its Carbon Emissions By 6.5mn Tonnes A Year

    Transportation Oil & Gas Congress (TOGC 2024): The roles of pipelines in energy transition

    Transportation Oil & Gas Congress (TOGC 2024): The roles of pipelines in energy transition

    Saipem New Onshore E&C contracts

    Saipem scores $1.9 billion contract wins offshore Guyana and Brazil

    Five EU countries strengthen carbon capture and storage bonds with new declaration, paving the way for Europes CCUS market

    Five EU countries strengthen carbon capture and storage bonds with new declaration, paving the way for Europes CCUS market

    OPEC to participate in upcoming UN Climate Change Conference in Dubai and host a special pavilion

    OPEC to participate in upcoming UN Climate Change Conference in Dubai and host a special pavilion

    AD Ports expands shipping operations in Kazakhstan with tanker pair

    AD Ports expands shipping operations in Kazakhstan with tanker pair

    Arabian Pipes Co wins $42.6m supply contract from Saudi Aramco

    Viking CCS project gets green light for onshore CO2 transportation pipeline

    Saipem New Onshore E&C contracts

    Saipem awarded two offshore contracts worth approximately 1.9 billion USD

    Saudi Aramco recognized as a leader in the Fourth Industrial Revolution

    Aramco produces first unconventional tight gas at South Ghawar

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

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    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
    DNV approves F550 TMCP toughcore for LCO2 transport and storage

    DNV approves F550 TMCP toughcore for LCO2 transport and storage

    CNPC puts into operation of its new production lines for surgical masks

    ConocoPhillips puts plans into play to undertake multiple seabed surveys and offshore drilling ops

    bp's Archaea Energy achieves major milestone, brings online first of its kind renewable natural gas plant

    bp’s Archaea Energy achieves major milestone, brings online first of its kind renewable natural gas plant

    Eni and UK outline key terms for CO2 transport and storage at HyNet North West

    Eni and UK outline key terms for CO2 transport and storage at HyNet North West

    Wintershall Dea expands Algerian presence by increasing interest in major natural gas project

    Wintershall Dea expands Algerian presence by increasing interest in major natural gas project

    QatarEnergy signs long-term LNG supply deal with TotalEnergies

    QatarEnergy signs long-term LNG supply deal with TotalEnergies

    Europe's largest green hydrogen plant showcased at Dubai Expo on Spain Day

    Exxon, Amazon awarded slice of $7 billion federal funding for U.S. hydrogen projects

    Angolan exploration and production to drive Africa cumulative capital expenditure

    Kolibri wells in Oklahoma’s Tishomingo field producing over 600 boed

    Ducab Group secured 30 major contracts in oil and gas sector in 2023

    Ducab Group secured 30 major contracts in oil and gas sector in 2023

  • Market Reports
    Ducab Group secured 30 major contracts in oil and gas sector in 2023

    NOG expands Permian presence, enters Ohio Utica shale with $170 million acquisitions

    Saudi Aramco to acquire Shell’s share of the SASREF refining joint venture

    Aramco to enter global LNG business by acquiring stake in MidOcean Energy

    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

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    Fresh Gas Supply Need Is Created By Australian Energy Crisis

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Russian Tax Overhaul Looks To Offset Oil Firms Revenue Dip

venkat by venkat
February 27, 2023
in Downstream, Featured, News
0

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.

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