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Conditions for admitting private companies to the Arctic shelf developed in Russia - EastRussia | Far East

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Conditions for admitting private companies to the Arctic shelf developed in Russia

Conditions for admitting private companies to the Arctic shelf developed in Russia
Photo: pixabay.com

The Ministry for the Development of the Russian Far East has developed the concept of a bill to expand the access of private investors to the implementation of projects on the Arctic shelf of Russia. According to it, when setting the balance of recoverable reserves, companies will receive mining licenses for 20 years.

As the RBC With reference to the draft document, it is planned that the Russian government will establish a state corporation that will represent the country's interests in these projects. She will be engaged in compiling a map of sections of the unallocated fund on the shelf, collecting and analyzing applications for licenses, approving a technical project for developing deposits, negotiating with investors, and organizing electronic auctions.

The investor or consortium will be provided with a guarantee of the availability of at least 30% of the funds necessary for the exploration and development of the site. After that, he will be able to claim a maximum of 74,9% in the project, 25,1% will receive a state corporation.

In this case, the investor will be required to independently conduct and pay for exploration, and the state corporation will reimburse its part of the costs of these works only if the commercial reserves of the project are confirmed. Compensation will be paid from the money from the sale of oil and gas.

If the investor does not conduct geological exploration for more than three years from the receipt of the license, the cost of outstanding work will be removed from the guarantee funds provided before the auction. Also, a license may be revoked from him.

Yury Trutnev, Deputy Prime Minister and Presidential Envoy to the Far Eastern Federal District, came up with the idea of ​​allowing foreign and private companies to develop the Arctic shelf. In his opinion, such a mechanism will help attract competitors for Russian state-owned companies, which break deadlines shelf development.

The idea was supported by the Russian government. It is planned that private companies will allow the development of the Russian shelf of the Arctic Until 2035 year. Such a decision is included in the Energy Strategy project.