Russian oil and gas sector in 2012
Russian oil and gas sector in 2012 / Yuri Bobylev, 20 p. In : Russian economy in 2012. Trends and outlooks. (Issue 34). Мoscow: Gaidar Institute Publishers, 2013, ISBN 978-5-93255-374-9, pp. 243-258.
Author’s abstract :
The oil and gas industry remains the primary sector of the Russian economy playing a leading part in shaping state budget revenues and the trade balance of the country. By 2012, the continued high levels of world oil and gas prices had had a positive effect on the devel-opment of the oil and gas sectors of the Russian economy. This has ensured high revenues for Russian oil and gas companies and considerable state budgetary income. Oil production in Russia had reached its maximum level for a period since 1990. At the same time, there had been an observed deterioration in the conditions for oil extraction as well as a decline in oil production from “old” oil fields and considerably higher costs relating to the development of new ones, especially in regions with no infrastructure. In these circumstances additional measures have been taken on tax incentives for the development of new oil fields. At the same time, the tax burden on the gas sector has been raised.