PRESS: Russian oil cos oppose fines for exploration term breach

MOSCOW, Nov 28 (PRIME) -- Russia’s largest oil companies asked President Vladimir Putin in October to prevent introduction of fines for breach of geological exploration deadlines, business daily Kommersant reported on Tuesday, citing sources with knowledge of the situation.

The Natural Resources and Environment Ministry offered to raise license fees for nonfulfillment of geological exploration terms by up to 100 times. The bill was submitted to the government at the beginning of October.

The changes were thought to come into force from January 1, 2018 but after a letter by executives of Rosneft, Lukoil, Gazprom Neft and Surgutneftegas the discussion went stalled, the sources said.

The companies said that the measure could raise regular payments for geological exploration to 18.6 billion rubles in 2019 from 246.4 million rubles in 2016.

(58.2773 rubles – U.S. $1)

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