Drilling to start soon at Sakhalin II

Jan 14, 1998 01:00 AM

Work will begin soon on the Sakhalin II oil and gas development project in Russia, planned by a consortium of four Japanese, U.S. and European firms, including Mitsui & Co. and Mitsubishi Corp.
Sakhalin Energy Investment Corp., a joint venture set up to lead the project, recently notified the Russian government that development will begin and paid Moscow a $ 15 mm instalment from the agreed contract price.
The step means preparations for oil drilling at one of two sites northeast of Sakhalin island will begin in time to meet the consortium's planned startup in summer 1999.
Sakhalin Energy signed a contract at the end of last year to borrow $ 348 mm for the project from three organisations, including the Export Import Bank of Japan and the European Bank for Reconstruction and Development. Initial daily production of crude oil is targeted at 90,000 barrels. The joint venture plans this summer to install a mobile drilling platform imported from Canada at the site.

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