Problems of development and economic evaluation of production of natural hydrocarbons on the offshore of the Arctic Seas

Abstract

The purpose of this article is to substantiate taxation models that have contributed to an increase in the efficiency of offshore oil and gas fields that are at the stage of mature development in the harsh Arctic conditions. The development of Arctic fields under the current tax regime is on the verge of profitability. As an experiment, an economic assessment of the main economic indicators of the option for the development of the Prirazlomnoye field was carried out, taking into account various tax mechanisms used to assess the effectiveness of the development of offshore oil and gas fields. The calculation results showed that the application of the tax regime in force in Russia makes the development of the Prirazlomnoye field efficient, but with a relatively low profitability for the license holder. As an alternative, the tax mechanisms laid down in the production sharing agreements in China and Russia were used, which showed a high economic effect with a low level of risk. It can be concluded that the use of taxation models, which are similar in nature to a production sharing agreement, significantly increases the efficiency of the Prirazlomnoye field development, and can bring greater financial benefits to the license holder in comparison with the current tax regime in the Russian Federation.