The new classification of oil and combustible gas reserves and resources discussed at the meeting in Russian State Commission on Mineral Reserves (GKZ)

Jul 9, 2015

Sergei Donskoy, Minister of Natural Resources and Environment of the Russian Federation, held a meeting with oil and gas majors at GKZ on July 7, 2015 on regulatory documents preparation to introduce a new classification of oil and combustible gas reserves and resources by January 1, 2016.

Grigory Vygon noted that guidelines on recoverable hydrocarbon reserves feasibility, prepared by  VYGON Consulting, would improve the state planning efficiency in terms of subsoil management stimulation. He also added that the project documentation should become a feasibility study to provide tax incentives and assess its effect, including the impact on Russian Federation budget.
Following the meeting, the head of the Russian Ministry of Natural Resources commissioned GKZ with oil and gas companies and VYGON Consulting to conduct the new classification approbation on selected companies and modify economic feasibility guidelines on recoverable hydrocarbon reserves.