Far East | Materials, extraction

Exxon Neftegas to bail out of Sakhalin-1?

16 Feb '09
Exxon Neftegas, a Sakhalin-1 project operator, has challenged Russian authorities by announcing it will gradually curtail preparatory works at the Odoptu and Arkutun-Dagi fields, Kommersant reported today, citing company sources.

It is a forced decision, the firm said, triggered by a failure on the part of Russian regulatory authorities to approve the company’s work schedule and investment estimates for 2009. It is an unavoidable prerequisite for continuation of any work, sources in Exxon Neftegas said.

Analysts assume the decision has been caused by a discord between the parties over investment amounts, Kommersant said.

In 2008, the planned amount was reportedly set at $1.26bn.

Sakhalin-1’s total recoverable reserves are 2.3 billion barrels of oil and 485 billion cubic-meters of gas.

Exxon Neftegas’s share in the project is 30%.
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