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RIA Novosti: Sakhalin I, II operators post $857mln, $794mln earnings

MOSCOW, April 12 (RIA Novosti) – Large oil and gas projects on Sakhalin I and Sakhalin II off Russia’s Pacific coast last year brought in $857 million and $794.6 million, respectively, the Industry and Energy Ministry said Thursday.

Oil output at Sakhalin I, operated by Exxon Neftegas Limited, a subsidiary of U.S. oil major Exxon, under a product-sharing agreement with the Russian government, totaled 2.6 million metric tons (18.8 million bbl) in 2006. The operator began exporting locally produced crude to Japan, Korea and India last October, and has sold some 2.452 million tons (18.02 million bbl) to those countries since.

Natural gas production on Sakhalin I grossed 1.1 billion cubic meters, with 0.682 billion cu m supplied to consumers in nearby Russian regions.

The Sakhalin II project produced 1.566 million tons (11.51 million bbl) of oil and 263.6 million cubic meters of gas. Royal Dutch Shell was in charge of the project until late last year when environmental authorities accused the Anglo-Dutch group of grave environmental and license violations and Russia’s state-run energy giant Gazprom took over a controlling stake.

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