ExxonMobil finds new oil reserves in Russia

Sep 21, 2005 02:00 AM

US oil major ExxonMobil, which is developing oil and gas fields off Russia’s eastern island of Sakhalin, has found an extra 560 mm barrels to add to reserves.

Russia’s resources minister Yuri Trutnev said Exxon had asked the government to boost its Sakhalin-1 license territory and grant new reserves without calling a new tender.
“Our specialists have now to analyse whether the new reserves are part of the (Exxon’s) Chaivo field or not. If they are not part of it, we’ll have to call a tender,” said Trutnev.

The discovery of new reserves, which represent around a quarter of already confirmed reserves of the project of 307 mm tons or 2.3 bn barrels, would be a boost for the project ahead of its planned start up in October.
Exxon wants to launch production at Sakhalin-1 in October with plans to start the first crude oil exports next year and reach peak output of 250,000 bpd in late 2006.

Source: MosNews
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