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Reuters: Sakhalin-2 stops oil production early after storm

Mon Nov 26, 2007

MOSCOW, Nov 26 (Reuters) – The Gazprom (GAZP.MM: Quote, Profile, Research)-led Sakhalin-2 oil and gas project has stopped oil production early after a storm damaged its offshore facility, company management said on Monday.

“Earlier this week due to severe weather conditions production at the Vityaz complex offshore facility… was suspended,” the project, called Sakhalin Energy, said in a statement.

Damage to the buoy at Vityaz resulted in a small oil spillage, and the floating storage and offtake vessel were also disengaged.

“We usually stop production in early to mid December due to ice, but now we’ve stopped early,” Sakhalin Energy’s spokesman Ivan Chernyakhovskiy said.

Sakhalin-2, on Russia’s far eastern island by the same name, usually produces 80,000 barrels per day, Chernyakhovskiy said.

It has estimated reserves of around one billion barrels of oil and 500 billion cubic metres of gas, making it one of the world’s largest combined oil and gas projects. (Reporting by Amie Ferris-Rotman; editing by James Jukwey)

© Reuters2007All rights reserved.

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