Sakhalin 1 to start pumping 4 years early

Jul 29, 1997 02:00 AM

July 12, 1997 The joint three-country oil and gas development project off Sakhalin will begin commercial pumping in 2001, four years ahead of schedule, as a result of positive test results and tax and regulation-related co-operation from Moscow. The Tokyo-based Sakhalin Oil Development Co-operation Corp. (SODEC), Exxon, and two Russian oil development firms manage the $ 15 billion project, in which the Japanese firm holds a 30 % stake.
The consortium expects output to commence at some tens of thousand barrels per day, and peak at 500,000 bpd by around 2005. Oil and natural gas have been confirmed in two of the three drilling zones off Sakhalin. Deposits in all three zones are estimated at a total 2.5 billion barrel. The project will help diversify Japan's oil supply, which is 80 % dependent on imports from the Middle East.

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