The Current State and Prospects for the Implementation of Principal Investment Projects in Oil Production

• Main Author: Sergei Kolchin
• Format: Article in Journal/Newspaper
• Language: unknown
• Subjects: Pechora; Sakhalin
• Online Access: http://hdl.handle.net/10.2753/PET1061-199140125

Recently, the problem of foreign capital's participation in the exploitation of Russia's natural resources has come to be the focus of special attention once more, and, for the most part, this applies to projects in oil production. The first impetus for this came when the government submitted to the State Duma the draft law "On the List of Mineral Land Parcels for Which the Right of Use May Be Granted on Terms of Product Sharing." According to the draft law, the list includes 256 land parcels, most of which are oil and gas fields. The time period for concluding agreements on their development has been set from 1997 through 2000. Starting with 1997, plans call for authorizing the concluding of agreements on 49 land parcels; the estimated capital investments necessary to develop them comes to $67 billion. The draft law stipulates that the largest agreements on product sharing (for Sakhalin, Priob'e, and Timan-Pechora) are subject to approval by federal law.