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Russia

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Russia's third-largest oil producer Gazprom Neft has started using an internal carbon price for planning and asset management purposes, following the example of other international oil and gas producers. Yuri Masalkin, the company's director for resource base development, said the company is incorporating a price of $30-$50 per metric ton of CO2 emissions in the models it uses for investment decisions. Russia does not currently have any plans to introduce a carbon tax, but projects that Gazprom Neft invests in today would only deliver returns in 10-15 years for onshore projects and in 20-25 years for offshore projects, Masalkin said. By then, Russia is likely to have a national carbon trading system in place, he told the Oil and Gas Forum in the West Siberian city of Tyumen on Wednesday. Russia's second-largest oil producer independent Lukoil has previously disclosed that it uses an internal carbon price as part of its process for making investment decisions. Vice President Leonid Fedun has said the price ranges from $10 to $60 per ton of CO2. For comparison, BP has been using a price of $50 per ton of CO2 emissions from its operations this year.

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