Oil producers will get tax benefits for geological exploration

The Ministry of Natural Resources and Ecology has suggested to the Government to introduce the new measures of tax stimulation for geological exploration at the hydrocarbon deposits and to introduce tax penalties for non-fulfillment of the agreed work.

In particular, the Ministry has suggested to introduce tax deductions from mineral tax at a rate of 60% from the sum of funds that the companies invest to exploration of new oil and gas deposits, and to reduce one-time payments for subsoil use after the exploring of the new deposit.