To intensify geological exploration and modernize legislation, V.Alekperov

It is necessary to intensify geological exploration and to modernize Russian legislation for the successful production at new hydrocarbon deposits. President of OJSC “LUKOIL” V.Alekperov said at a briefing in Kogalym.

According to him, it is necessary to work out the legislation, which could focus oil producing companies on the achievement of financial results, while working with old deposits. “The question is about excess-profits tax, the head of LUKOIL says. The introduction of this measure could contribute to prolong the life of the fields. And the state could receive more budget income. The measures could contribute to an attraction of investments into the development of deposits.”