According to Interfax, the government has decided to extend MET relief for greenfields in Yakutsk, the Irkutsk and Krasnoyarsk regions, the Nenets Autonomous District, Yamal and for some offshore projects. The timeframe for MET relief on these projects has been extended from 1 January 2017 to 1 January 2023. In order to be eligible for relief, projects must be no more than 5% depleted and have at least 5-10mnt of reserves.
The government has also decided to decrease the export duty for greenfields in East Siberia, as well as for projects in other regions which have more than 10mnt of reserves and are less than 5% depleted. The discounted export duty rate is to be set at 45% when oil prices are above USD 50/bbl (which assumes a drop of roughly half). The target IRR of the projects is set at of 16.3%. The government is also to introduce a specific law defining crude export duty. Additionally, Minister of Energy Alexander Novak said that the ministry would make its suggestions for tax reliefs for offshore projects by 1 October.