Russia Moves Closer to Tax Relief for Offshore Hydrocarbons

MOSCOW, Sept 11 (Reuters) - Russian lawmakers approved tax relief for offshore fields containing hydrocarbons essential for boosting production in the remote regions of the world's top energy producer, a representative for a Duma committee told Reuters on Wednesday.

Russia is offering new tax relief to support current production and unlock new reserves, as it is now pumping oil close to its capacity of above 10 million barrels per day (bpd) mostly from depleting West Siberia deposits.

However, its untapped undersea reserves are estimated at over 100 billion tonnes of oil equivalent, sufficient for roughly 25 years of the world's current crude consumption, if a means can be found to unlock them...

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