A socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and sporting, public, and cultural events.

The Roscongress Foundation – a socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and sporting, public, and cultural events.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, and helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 2,500 people working in Russia and abroad. In addition, it works in close cooperation with 122 economic partners; industrialists’ and entrepreneurs’ unions; and financial, trade, and business associations from 69 countries worldwide.

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Stimulating Oil Extraction in the Russian Federation
3 October 2019
14:00—15:15

The objective worsening of conditions for mining, a decrease in the output of new boreholes, and an increase in the water content over the next 15 years will lead to an annual increase in operational expenses and a simultaneous fall in oil extraction. To prevent the fall in investment in the extraction sector, a range of mineral tax benefits and special rates for export duties are being put forward. As of 1 January 2019, a tax scheme has come into effect introducing a windfall profits tax on hydrocarbon production, which is designed to partly take into account the real economics of extraction when imposing taxes. To attract additional investment to the oil extraction sector for 2019–2024 and prevent a reduction in extraction, a roadmap has been developed to implement measures aimed at exploring oil reserves and increasing the volume of oil extraction in the Russian Federation. What are the anticipated results of taking an inventory of oil reserves in terms of the economic efficiency of mining those oil reserves given the current tax conditions? What is the potential for additional extraction and for essential measures to incentivize oil extraction in regions where extraction has traditionally taken place? What incentives for the use of tertiary oil recovery techniques in the oil industry must be implemented to maximize the use of this resource’s potential? Which incentives are essential for mining small deposits?

Date
03.10.2019
Forum
Russian Energy Week
Started at
14:00—15:15
Conference hall
Manege, 1st floor, conference hall 1
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