The construction site of the drilling floor and submarine pipelines for the Sakhalin-1 joint Russian American oil and gas project on Sakhalin.
Photo: Aleksander Sidorov
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Russia to Earn Over $50bn on Sakhalin-1
More than $50 billion will go to the budget of Russia in the course of the Sakhalin-1 execution, news service of Exxon Neftegas Ltd. forecasted. As much as $100 million will be contributed to Sakhalin Development Fund during five years of producing from Chaivo field of the Sea of Okhotsk.
In addition to the promising forecast, the second good news reported by Exxon Neftegas was attaining full project capacity at Sakhalin-1. Sakhalin-1 produced 34,000 tons of oil during a day, having reached the target capacity first time since the launch of the project.
Sakhalin-1 is one of the biggest undertakings implemented with direct foreign investments in Russia. It benefited from the cutting-edge technologies of oil and gas production. As of today, the aggregate budget of all contracts made under Sakhalin-1 with Russia’s companies exceeded $3.6 billion.
The consortium that also includes companies of Russia, Japan and India has accomplished the target and reached the scheduled peak of production in time, Stuart R. McGill, senior vice president of Exxon Mobil Corporation, was pleased to announce.
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