Sakhalin-2 project's 2004 expense budget approved

The 2004 expense budget of the Sakhalin-2 project will amount to $2.5bn, sources in Sakhalin Energy, the project's operator, reported to RBC. The budget was approved at a meeting of the project's supervisory board yesterday.

Last year, the project received $1.7bn in investments. Sakhalin-2 envisages developing oil and gas fields on the shelf of Sakhalin Island. The aggregate mineral resources of the fields total 600m tons of oil and 700bn cubic meters of natural gas. The total volume of investments is estimated at $11.5bn.