March 6, 2012
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№ 2 (February 2012)

Chevron Looks Towards Russian Arctic

Better investment conditions and promised tax breaks makes U.S. energy giant Chevron catch new interest in the Russian Arctic. The plans for new and more liberal regulations on the access to Arctic natural resources make us interested, representatives of Chevron stressed in a meeting with the Russian Ministry of Natural Resources this week, a ministry press release informs.

By Barents Observer

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Deputy Ministry Denis Khramov in the meeting confirmed that his ministry is preparing legislative reforms, which will include the introduction of benefits on extraction, export, as well as a change in the tax system. The reforms will be included in the Programme on the Development of the Continental Shelf in the Period until 2030, a docment which will be presented to the government in the course of the first half of 2012, Oilru.com reports.

Chevron, one of the world’s six biggest oil companies, is from before engaged in Russia, but first of all in the Caspian region. The company has on several previous occasions expressed major interest in the Russian Arctic, and was one of the enterprises actively seeking a stake in the Shtokman project.

From before, several foreign oil and gas companies are engaged in the Russian Arctic. The ExxonMobil company is together with Rosneft preparing for activities in the Kara Sea, while Total is partner in the Shtokman field and in the Yamal LNG project. Total is also operator of the Kharyaga project in the Timan Pechora province. Norwegian Statoil is partner in the Shtokman project, as well as in the Kharyaga field.
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