Lack of production sharing laws slows joint ventures in Russia
When Russia opened its doors to foreign oil companies in 1990, there was a rush to secure a piece of the country`s potentially vast oil wealth. Since then, many of the ventures between Russian and non-Russian partners have become bogged down with operational problems and an ever changing tax and legal regime. There is a stockpile of massive developments building, while government grinds with seeming reluctance toward passing laws that will allow outside firms to do big business. For major development projects the main stumbling block is the lack of production sharing contract legislation. The paper describes the problems, the current legislation, and operating problems, then highlights several joint ventures that have been successful and several that have ended in pullouts of the foreign investor.
- OSTI ID:
- 122670
- Journal Information:
- Oil and Gas Journal, Journal Name: Oil and Gas Journal Journal Issue: 44 Vol. 93; ISSN OIGJAV; ISSN 0030-1388
- Country of Publication:
- United States
- Language:
- English
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