The comfort zone

To all intents and purposes, the production sharing agreement system was relegated to the backburner by Russia last year - a move greeted with dismay by some.

Confident that the present tax regime is stable enough for investors, the government approved legislation that shut the door on some 30 potential oil and gas PSA deals signed over the last decade.

With the oil sector – and in particular its transport infrastructure – in need of investment, the move certainly carries an element of risk.