Russian Government Courts Western Investors

Russian Energy Minister Alexander Novak continues negotiations and diplomatic meetings with oil and gas companies, promoting their investments in domestic fields. For the moment, the government wants to avoid early exits and expensive confrontations with majors. 

On Wednesday, Novak met with Rex Tillerson, ExxonMobil’s CEO. Rumours indicate that the company could ask Moscow to reimburse taxes, as the US-headquartered major considers it has paid too many taxes for the Sakhalin-1 project.

Meanwhile, the Russian Government continued talking about energy issues, discussing ways to remain competitive on a global scale.

“We must maintain our leading positions in global energy production. It is imperative that we pursue a flexible export policy, expand the energy exports list, minimise costs and improve transport infrastructure for developing new fields and expanding exports. We must increase our presence in new fast-growing markets, primarily, the Asia-Pacific region, while honouring all our obligations to our European customers” Prime Minister Dmitry Medvedev said on Thursday. 

He added that foreign investors should be presented with clear instructions regarding taxation and customs regulations, increasing transparency and long-term attractiveness.  

Earlier this week, Statoil said it intends to drill four wells in Russia with Rosneft, two in Western Siberia in 2015, and two offshore. Similarly, France’s Total is continuing operations at its $27 billion Yamal liquefied natural-gas project.