ChevronTexaco to Invest $9 Billion in Sakhalin-3 Project

Friday, September 26, 2003

Sakhalin-3 participants have agreed to develop the project under regular taxation conditions, Energy Minister Igor Yusufov said Tuesday.
In turn Economic Development and Trade Minister German Gref stressed that it is necessary to intensify work by experts on this project. He noted that previously it was planned to carry out this project under a production sharing agreement. However, amendments to the PSA law excluded the project, Gref said.
Gref also stressed that officials from the Economic Development and Trade Ministry and the Natural Resource Ministry are developing legal proposals to grant a special license for the project.
ChevronTexaco is the main investor in the Sakhalin-3 project. ChevronTexaco CEO David O'Reilly said earlier that his company plans to invest up to $9 billion in the project over 20 years.
The Sakhalin-3 project involves the development of the East-Odoptu, Ayashsky, Veninsky and South-Kirinsky blocks. The largest block is the South-Kirinsky structure with possible reserves estimated at 700 million tonnes of hydrocarbons.
The SakhalinNIPImorneft institute has developed plans for the development of the group of fields and these indicate the possibility of maintaining annual production at 15 million-20 million tonnes of oil and condensate and 45 bcm-60 bcm of gas over a long period (20-25 years).

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

Related News

Join 70,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Your details are never shared or sold. We hate spam too.

» More Jobs       » Upload a free Job       » Upload your CV

More Europe Jobs

More Global Jobs

Opinion & Commentary

  • Oil decline: Price makes the story
    So oft in theologic wars, The disputants, I ween, Rail on in utter ignorance Of what each other mean, And prate about an Elephant Not one of them has seen! -- The B ...
  • Flash blog, Oil price, BG
    Oil price- Brent expires... It must have felt like expiry as Brent and WTI took the biggest hit yesterday after the IEA report came out. Cutting 2014 demand forecast growth ...

» More Opinion & Commentary         » Write for us             RSS RSS

Oil & Gas Training

Delivering Information Management
Alan Smith, London, 28 Oct 2014

Mastering 4D Seismic
Ian Jack, London, 06 Nov 2014

Petroleum Geology of West Africa
Duncan Macgregor, London, 12 Nov 2014

All Upcoming Training

Opinions & Commentary

Oil decline: Price makes the story

by Kurt Cobb

Read More »