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. Last Updated: 07/27/2016

3 New PSAs Approved

The government officially approved Tuesday three new oil and gas projects to be developed under production sharing agreements.

PSA approval, which became official when it was published in Rossiiskaya Gazeta, the state’s official newspaper, now means foreign firms investing in the projects can negotiate tax breaks with federal and regional governments in exchange for a share of their output.

PSA status was awarded to the Kharampurskoye, Komsomolskoye and Tyanskoye fields. The Kharampurskoye and Komsomolskoye fields are operated by No. 8 oil major Rosneft’s subsidiary Purneftegaz and are located in the Yamal-Nenets autonomous region of northern Siberia. The Tyanskoye field is operated by No. 3 oil firm Surgutneftegaz and is located in Khanty-Mansiisk region in central Siberia.