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ENERGY PROJECTS FAIL TO MEET ’07 GOALS

Miami Herald

RUSSIA

ENERGY PROJECTS FAIL TO MEET ’07 GOALS

Russia’s energy projects, all of which have foreign participation, failed to achieve their oil production targets in 2007, the state auditor said Monday.

The projects in question were ExxonMobil’s Sakhalin-I, Gazprom’s Sakhalin-II in the Far East and Total’s Kharyaga, Russia’s Audit Chamber said. All of them operate under production-sharing agreements.

Declining oil production has emerged as a hot topic in Russia, after the world’s No. 2 oil exporter saw output fall in the first quarter for the first time in years.

While oil prices have soared to record highs, Russian oil firms have seen little of the windfall profits, struggling under the burden of high oil taxes, which they claim has hampered their ability to invest significantly in new exploration.

http://www.miamiherald.com/127/story/604806.html

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