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Wednesday, April 08, 2009

Sakhalin I, II projects yield 27.5 mln bbls of oil in Q1

YUZHNO-SAKHALINSK, April 8 (RIA Novosti) - The operators of the Sakhalin I and II oil and gas projects off Russia's Pacific Coast produced 3.75 million metric tons (27.5 million barrels) of oil in the first quarter, the regional administration said on Wednesday. Of this volume, 3.39 million metric tons (24.9 million) of oil were exported, 30% more than the same period of last year, the statement said. The Sakhalin I project is operated by Exxon Neftegas Limited, a subsidiary of U.S. oil major Exxon, and has recoverable reserves estimated at 315 million metric tons (2.3 billion barrels) of oil and 485 billion cubic meters of natural gas. The Sakhalin II project, in which Russian gas monopoly Gazprom holds a controlling stake, has estimated reserves of 150 million metric tons (1.1 billion barrels) of oil and 500 billion cubic meters of natural gas. Sakhalin is located around 10,000 km (6,200 miles) east of Moscow. "The suppliers of Sakhalin oil are the operators of the Sakhalin-I and Sakhalin-II projects. Oil is delivered by Exxon Neftegas Limited and Sakhalin Energy to Asia and Pacific countries," the administration said.

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