Khanty Mansi to introduce investment tax deduction for oil, gas cos in 2025

KHANTY MANSIYSK. Sept 26 (Interfax) - The government of Khanty Mansi Autonomous District (KMAD) plans to introduce an investment tax deduction next year for oil and gas companies that invest in the development of new fields, Governor Ruslan Kukharuk said.

"We are now already working out the mechanism for the investment tax deduction. [...] And we're prepared to launch it next year, applying it in a targeted way to those companies that are willing to invest money today in additional development of new fields," Kukharuk said at the Russian Energy Week forum.

He said it is necessary to create conditions that will enable companies to put their resources into exploration, drilling and development of high-tech solutions for extracting hard-to-recover oil.

It was reported earlier that the KMAD authorities expect the share of hard-to-recover oil reserves in the region to grow from 24% to 50% by 2040.