Rosneft to invest $400 bln in exploration of Arctic shelf till 2035
The investments in exploration of the Arctic shelf planned will amount to $400 bln only for first 20 years, Rosneft President Igor Sechin said at the meeting of the Commission for Strategic Development of the Fuel and Energy Sector and Environmental Security. «In general, investments in the oil sector including oil production, refining and transportation for 2010-2014 have already made up more than 5 trillion rub. To guarantee these investments and achieve corresponding multiplicative effect, of course, a stable fiscal regime is needed», - he said.
Igor Sechin suggested investigating more weighted parameters of the tax system modification, provide the universalization of taxation for the oil and gas industries and also other sectors of the economics where a level of budget payments is significantly lower than the revenue. As he said, it is also necessary to inventory non-systemic benefits given to certain projects, and document them though law if necessary.
«These measures will help not only to resolve current budget questions, but also provide the stability of the tax regime necessary for continuation of development of the oil and gas sector to implement priority projects in the country. As we suppose, comprehensive investigation and further promotion of those measures, the most important of which is providing the tax stability and developing an infrastructure of the Eastern Siberia and Far East, will let us to move from reaction to immediate calls to create a long-term strategy in the fuel and energy sector aimed at diversification of the economics in general. This will allow us to increase investment attractiveness of the country in general and resistance to negative consequences, instability of the global economy and other external actions», - he concluded.
At the moment, Rosneft produces 30 mln tons of oil and 1.6 bln cubic meters of gas annually in fields of the Eastern Siberia and Far East. The Company is organizing a new province on a base of the Vankor oilfield. These oilfields will provide an additional output up to 30.9 mln tons of oil and more than 8 bln of cubic meters of gas by 2020. The gas production in the fields of the Eastern Siberia and Far East is planned to reach 45 bln of cubic meters by 2030.
One of the main projects in the Far Eastern region is the EPC project. A preliminary cost of the project is estimated at 659 bln rub in first and second succession, in total – 1.3 bln rub. Considering the importance of implementation of this project for the Far East, Rosneft president asked to give it a priority status.
In addition, Igor Sechin in his report paid attention to the project to create a shipbuilding cluster in the region and proposed to make «the Far Eastern center for shipbuilding and ship repair» a unified site for Russian companies to place orders for building ships and marine facilities for work on the shelf.
Among important projects of the Company in the region is also the LNG plant in the Far East, as Igor Sechin said. He highlighted that the existing changes in the global market makes this project global. The plan commissioning is planned for 2018-2019. Igor Sechin reminded that use of gas transport infrastructure of the Sakhalin-2 project would be economically justifiable for this project. He asked to render assistance in joining this system on economically feasible conditions.
