RusEnergy

MOSCOW, November 2 (RIA Novosti) - Total investment in the Russian oil sector's production sharing agreement projects (PSA) Sakhalin-1, Sakhalin-2, and Kharyaga will hit $16 billion by the end of 2005, a senior Russian Industry and Energy Ministry official said Wednesday. On January 1, 2005, investment in these PSAs stood at more than $11 billion, Olga Rybak said during the fifth All-Russia Oil and Natural Gas Week. She added that this year project operators intended to invest over $5 billion. In 2004, profits from the implementation of these projects had exceeded $71 billion, and total profits were more than $400 million, she said. Sakhalin-1 and Sakhalin-2 oil and natural gas projects, led by ExxonMobil and Royal Dutch Shell, and the Kharyaga oil project in Siberia, led by France's Total were launched in 1996.