Kirinsky to be developed under production-sharing terms

May 06, 1999 02:00 AM

Russian President Boris Yeltsin has signed a law on the development of the Kirinsky deposit of the Sakhalin-III project under production-sharing terms. The law was passed by the Russian State Duma on April 14 and approved by the Federation Council on April 22.
The Kirinsky block covers 7,000 sq. km in the Sea of Okhotsk.
Potential reserves are estimated at 1.811 billion tons of oil, 873 billion cubic meters of gas and 62.3 million tons of gas condensate. Survey drilling has yet to take place.

The project for the development of the deposit involves the Russian Rosneft and Sakhalinmorneftegaz companies, which hold a total of 33.3% in the project, as well as Mobil and Texaco, which have a 66.7% share.

Source: VREMYA MN via NewsBase
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