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).


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