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Sakhalin-2 to Begin Year-Round Oil Production in June

redOrbit: Sakhalin-2 to Begin Year-Round Oil Production in June

Posted on: Friday, 18 April 2008, 21:00 CDT

MOSCOW. April 18 (Interfax) – Sakhalin Energy, the operator of the Sakhalin-2 project, plans to begin year-round oil production in June, a source at the company told Interfax.

Oil from the northern portion of the project territory will begin arriving once the Molikpak platform is connected to the new overland pipeline system. The pipeline is scheduled for completion in June.

The pipeline will move oil from the platform to the terminal at the southern end of Sakhalin Island being built on Aniva Bay, which is ice-free virtually year-round.

Sakhalin-2 is a production-sharing agreement (PSA) project to develop the Piltun-Astokhskoye and Lunskoye fields. The second stage of the project running to 2014, which carries a price tag of $19.4 billion, involves construction of oil and gas pipelines stretching 800 miles from the northern tip of Sakhalin Island to an oil terminal and LNG plant in the south.

Gazprom holds a 50%-plus-one stake in Sakhalin Energy. The other consortium members are Shell Sakhalin Holdings B.V. with 27.5%, Mitsui Sakhalin Holdings B.V. with 12.5% and Diamond Gas Sakhalin B.V., a Mitsubishi subsidiary, with 10%.

(c) 2008 Daily News Bulletin; Moscow – English.

http://www.redorbit.com/news/business/1348941/sakhalin2_to_begin_yearround_oil_production_in_june/

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