The State Duma to set a zero rate of severance tax on natural gas production in the Gydansk peninsula.
Edited by Rhod Mackenzie / 2014-06-11 05:38:49
The State Duma Committee on Budget and Taxes supported the establishment of the zero rate for the flammable natural gas in the subsurface areas located wholly or partially on the Gydansk peninsula.
The corresponding amendment has been endorsed during the preparation for the second reading of the bill aimed at stimulating oil extraction from the Bazhenov Formation. The zero rate will be applied until the accumulated amount of production of 250 billion cubic meters and provided that the period of the reserves of subsurface area development does not exceed 12 years.
