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Bloomberg: Gazprom May Develop Sakhalin-3 Oil, Gas Project With Rosneft

By Greg Walters

June 29 (Bloomberg) — OAO Gazprom, Russia’s natural-gas export monopoly, may form a joint venture with the oil company OAO Rosneft to develop the Sakhalin-3 offshore oil and gas project, Gazprom Chairman Dmitry Medvedev said.

Gazprom and state-controlled Rosneft agreed in late 2005 to bid jointly for oil and gas fields at home and abroad. Both companies are already active in hydrocarbon projects off Russia’s Sakhalin Island, north of Japan.

“Everything is going forward,” Medvedev said on the sidelines of Gazprom’s shareholders’ meeting today in Moscow, where the company is based. “There will be joint ventures. We’re thinking about Sakhalin-3 and other projects, including offshore projects.”

Gazprom won’t buy a stake in the Sakhalin-1 oil and gas project, the company’s Deputy Chief Executive Officer Alexander Medvedev said at the meeting. Rosneft owns a 20 percent stake in Sakhalin-1, while Exxon Mobil Corp.’s Russian unit, Exxon Neftegas Ltd., owns 30 percent and operates the project.

Rosneft has already agreed to develop Sakhalin-3’s Veninsky block with China Petrochemical & Chemical Corp, or Sinopec. The companies agreed in March that Rosneft would take 74.9 percent of the so-called Venin Holding Ltd. venture, which will hold the license to develop the block.

The Sakhalin-3 project includes four separate licensing blocks, according to Russian news agency Interfax.

To contact the reporter on this story: Greg Walters in Moscow [email protected] ;
Last Updated: June 29, 2007 13:12 EDT

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