Sakhalin oil and gas fields to get $1.2bn in investments

Investments in the Sakhalin-1 project will amount to $1.2bn next year, which is a 70 percent increase compared to 2002, a senior official of ExxonMobil declared at a press conference in Yuzhno-Sakhalinsk. According to him, a final budget for 2003 will be agreed to at a meeting of the supervisory board of the project in the middle of December 2002.

The project's operator, Exxon Neftagas Ltd., is planning to start constructing a horizontal well from the island's shore to the field Chayvo, a complex at the shore and a 367-kilometer oil pipeline to the De-Kastri port in the Khabarovsk region in the first quarter of 2003.

The Sakhalin-1 project's volume is estimated at 2.3bn barrels of oil and 485bn cubic meters of natural gas. On October 17, 2002 the Japanese Nippon Steel company made a contract totaling $400m on implementing the first stage of the project.

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