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Reuters: Output from Exxon Russia field to decline from 2008

Mon Oct 9, 2006 5:58am ET
YUZHNO-SAKHALINSK, Russia (Reuters) – Oil output from the Exxon Mobil-led (XOM.N: Quote, Profile, Research) Sakhalin-1 project will peak in 2007 and start to decline immediately afterwards partly because it failed to agree with Russia to extend the field’s territory, a project member said on Monday.

Lev Brodsky, head of Sakhalin projects at Russian state oil firm Rosneft, which is part of Sakhalin-1, told a news conference the failure to agree the extension of license territory would cut the projected output by around 10 percent.

“We are now looking for technical solutions such as additional drilling on existing sites to sort this out and try to maintain production,” he said.

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