Russia’s President Vladimir Putin has signed a law that allows private oil companies to develop oil fields discovered by them in the Baltic Sea. The relevant information was published on the Kremlin website.
The document sets out the safeguards for a license on mining, if the company won the right to geological exploration at the site until 2008.
Russian legislation limits the number of enterprises that have access to offshore fields. Previously, access to deposits in the Baltic Sea could get only companies that are under state control and have experience on the shelf for at least five years. Thus, under the requirements of the law were subject only to “Rosneft” and “Gazprom».
In late April, “Rosneft” has accused the Ministry of Natural Resources of Russia in lobbying the interests of private companies. The company noted that the idea to allow private traders to the shelf “sharpened by” Lukoil “” (the largest oil company without state control in the Russian Federation).
In 2012, Putin was asked to private companies to expand their access to the shelf. They sent a letter, signed by the president of “LUKOIL” Vagit Alekperov, CEO of “Surgutneftegaz” Vladimir Bogdanov and several heads of major oil and gas corporations. In the letter, they pointed out that no private companies may slow the development of exploration.
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