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New-Europe.info: Investment in Sakhalin PSA USD 4.7 bln in 2005

Investment in Sakhalin-1 and Sakhalin-2 offshore projects being implemented under production sharing agreements, amounted to USD 4.662 billion in 2005, a source in the region administration’s economics committee told Interfax. In particular, investment in the Sakhalin-1 project amounted to USD 1.719 billion, and in the Sakhalin-2 project – USD 2.943 billion.
The source said that the Orlan platform was launched at the Sakhalin-1 project in July 2005, from which drilling of oil and gas production wells began. Oil and gas production has been underway since October 1, with output being supplied to the domestic market. A temporary technological complex has been set up at the onshore complex of the Chayvo field. The seventh Sakhalin-2 production season at the Vityaz complex ended in December. Oil production this season amounted to 1.64 million tonnes, up one percent from 2004, the source said. Concrete substructures were installed at offshore rigs, construction of the first liquefied natural gas plant in the country was 75 percent completed and a project was started for trunk pipelines to cross rivers.
“Sakhalin is becoming a real center of oil and gas production in the Far East, successful drilling and seismic work is being carried out for Sakhalin-3 (Veninsky block), Sakhalin-4, Sakhalin-5 and Sakhalin-6. Oil and gas companies working in the Sakhalin oil and gas sector are studying other sections off the Far East coast – off Kamchatka and Magadan,” the source said.

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