The Polish cabinet has approved a belated draft law that will offer a six-year tax break for companies involved in the extraction of shale gas, PAP reported on March 12.
The Russian environment ministry has asked the government to stimulate geological prospecting with tax breaks and to introduce punishment for the failure to meet obligations regarding geological prospecting.
The Chinese company Haicheng Petroleum Machinery Manufacture is going to build an oil drilling equipment plant in Bashkortostan, RIA Novosti has reported, citing the press service of the Bashkortostan president.
China increased shale gas production to 200mn cubic meters in 2013, the country’s ministry for mineral resources has reported. This is up from 30-50 million cubic meters of shale gas produced in 2012. Sinopec and PetroChina launched facilities designed to produce 600m cubic meters of shale gas, Bloomberg has reported, citing the ministry. In particular, Sinopec is going to increase shale gas production to 3.2bn cubic meters by 2015.
US oil giant Chevron has warned it may not be economically viable to proceed with a planned $10bn North Sea oil project, in a blow to hopes of a revival in the region, The Telegraph reported on November 22.
Yamal LNG will not expect tax breaks despite growing expenditure, Russian Energy Minister Aleksandr Novak has said.
The National Energy Administration announced new guidelines for shale gas on October 30 that aim to increase output of the fuel and thus improve China's energy security, China Daily has reported.
The Federation Council, the upper chamber of the Russian parliament, has approved a comprehensive tax legislation reform on shelf projects, RIA Novosti has reported. Companies engaging offshore will be subjected to favourable tax and customs regulations.
More than 800 Russian oil fields are entitled to tax breaks, Russian deputy natural resources minister Denis Khramov told the 12th international investment forum in Sochi. His report was entitled “On the fiscal aspects of raw materials production”.