SALEKHARD, September 24 (RIA Novosti) - Russia's Prime Minister Vladimir Putin said on Thursday that the Russian government could offer tax concessions for new gas deposits in the country.

"I believe it possible to consider creating a concessional taxation period for the term of repaying capital invested in new gas deposits," Putin said at a meeting on developing gas fields on Yamal Peninsula in West Siberia, the world's largest gas producing region.

Yamal's proven natural gas reserves make it possible to produce 360 billion cubic meters of gas annually, Energy Minister Sergei Shmatko said.

"The potential of natural gas production at explored fields alone on Yamal Peninsula is estimated at 360 billion cubic meters a year for many years to come," Shmatko said, adding that the peninsula's reserves were estimated at over 50 trillion cubic meters.

The minister said that the geological potential of Yamal's explored reserves would make it possible to boost gas exports considerably.

Shmatko also said Russia could create a sovereign reserve of natural gas production capacities in the Kara Sea off the Yamal Peninsula to ease price volatility on global markets and diversify long-term gas deliveries between participants in the project.

Meanwhile, Russian Economic Development Minister Elvira Nabiullina said that Russia could increase its share on the global liquefied natural gas market to more than 20% from the current low single figures.