Exxon Neftegas Ready To Start Oil Extraction In Russian Far East

During a session of a consultative council for foreign investments in Russia on Monday, President of Exxon Neftegas Neil Duffin announced that the company was ready to start extracting oil as part of the Sakhalin-1 project. According to him, the company will directly invest 12-15 billion dollars over a period of 7-8 years. The Russian budget will receive 35-40 billion dollars during the implementation stage of the project. These funds will come from taxation and the state's share according to a product-sharing agreement. Mr. Duffin has given Russian Prime Minister Mikhail Kasyanov a file with exhaustive information about the project, from the geographical structure of the shelf to the volumes expected to be extracted. Exxon Neftegas conducted a geological survey, which lasted several years, as part of the product sharing agreement under the Sakhalin-1 project.