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AFX News Limited: Russia requests production sharing project data from Total, Exxon, Shell

09.15.2006, 10:28 AM

MOSCOW (AFX) – Russian authorities have requested that foreign energy majors in production sharing agreements with the Russian government turn over their technical and financial data.

The request from the Russian natural resources ministry was addressed to the Russian offices of Total, Exxon and Royal Dutch Shell, which are all working on major energy projects in Siberia.

The requested data should include ‘the text of the production sharing agreement with all changes and additions, forecasts of main technical and economic data, and the history of the figures from the start of the project,’ the ministry said in a statement.

Shell, which heads up a consortium developing the Sakhalin-2 project off Russia’s Pacific coast, is already encountering major difficulties in its 20-bln-usd oil and gas project on Sakhalin.

Environmental protests and technical delays have multiplied on the project, and Shell has been forced to halt construction after a complaint by Russian authorities.

Russia’s Natural Resources Minister Yury Trutnev on Tuesday criticised the management of Sakhalin-2 and said he was concerned Russia could lose 10 bln usd in forecast revenue.

Production sharing agreements were agreed between foreign energy companies and the Russian government in the 1990s to provide stable investment conditions and guarantee returns to the authorities once they become profitable.

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