Presidium of the Russian government meeting on July 23 approved the introduction of tax holidays for the oil fields of Black and Okhotsk Seas.

At the meeting the head of government Vladimir Putin has reminded, that zero rate NDPI (mineral extraction tax) is already set to subsurface sites, located in Eastern Siberia, the Nenets district, on the Yamal peninsula, the continental shelf, in the Azov and Caspian Seas.

According to him, a number of fields in these regions have already entered into commercial operation, which allowed for the current year to stabilize the level of oil production to some extent offset the decline in the capacity of traditional oil provinces.

Now it is turn stimulate the development of deposits in the Okhotsk and the Black Sea, where there are also promising oil resources, - said the Prime Minister.

The bill establishes the right of taxpayers to use a zero tax rate on NDPI with oil production at oil fields, located wholly or partly in the waters of Black Sea and Sea of Okhotsk.

In particular, the provision of tax holidays in the initial phase of development for the sites of bowels, located in the Black Sea, until the accumulated production volume of 20 million tonnes, or for a term of 10 years of development, and for the sites of bowels ohotomorskogo Basin — until the accumulated production volume of 30 million tonnes, or for a term of 10 years to develop. For the combined license appointed 15-year period.

As reported, the bill will come into force on the day of its official publication and will apply to legal relationships arising from 1 January 2009.

Recent amendments to the Tax Code means, in particular, the introduction of tax incentives for companies Gazprom and Rosneft, which are parties to the Sakhalin projects (mining is conducted on the fields of the Sea of Okhotsk).

Besides Rosneft, the Project Sakhalin-1 is the company Exxon Neftegas Limited (30%), Indian ONGC (20%) and Japanese Sodeco (30%). The project Sakhalin-2 are involved, Gazprom (50% plus 1 share in the company, the project's operator Sakhalin Energy), Royal Dutch Shell (27,5%), Japanese Mitsui (12,5%) and Mitsubishi (10%) .
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