Trilling rigs renovation will subsidize by Russian Government

The Russian Government has extended support for oil and gas companies by providing grants, with which market participants can compensate for part of the costs of updating drilling rigs. The Head of the Cabinet of Ministers, Mikhail Mishustin, signed the corresponding decree.

We are talking about companies ready to buy a new domestic drilling rig and dispose of the old one. They will be given a grant of up to 20 percent of the cost of a new installation. If the new drilling complex provides for at least three innovative solutions, then the amount of compensation will be up to 25 percent of the cost.

The maximum grant for a mobile drilling rig is set at 100 million rubles; for a stationary one - 200 million rubles; for a drilling complex with innovative solutions - 300 million rubles. The total funds to pay utilization grants are provided for 800 million rubles.

Thanks to similar support measures, in 2020-2021, six oil and gas companies in Russia received grants for about 1.2 billion rubles. This allowed them to buy a total of 12 units.

“The new tranche will provide an opportunity to support Russian manufacturers of equipment in the face of sanctions restrictions and competition from foreign manufacturers,” the press service of the Russian Government says.

Author: Veronika Nikitina