The Ministry for the Development of the Russian Far East and Arctic has drafted a law on the establishment of a Russian Company for Shelf Development (Rosshelf) in the Far East and the Arctic. The company will represent Russia's interests in offshore hydrocarbon projects.

The bill also stipulates a new system of assigning offshore development rights in the regions of the Russian Far East and the Arctic, as well as a system of one-off land use fees. Private investors will be able to take part in offshore projects as members of consortiums created jointly with the state corporation.

The Ministry's initiative also stipulates a system of subsoil use rights under which investors will be obliged to comply with the timeframe approved for the prospecting, evaluation, exploration and production phases of a project.