Energy News  





. Gazprom Finalizes Deal To Buy Half Stake In Sakhalin 2

Russia opened 37 new oil and gas fields in 2006
Moscow, April 18 (RIA Novosti) - Last year 37 oil and gas fields were opened in Russia, the Natural Resources Ministry said Wednesday. "In 2006, about a thousand exploration licenses were issued, while prospecting for oil and gas as a rule takes three to four years," the ministry's spokesman said. He said that initial exploration is sponsored through the federal budget, after which mineral developers obtain licenses for deeper prospecting at their own expense. The source said that in 2006, federal spending on mineral exploration increased 50% against 2005, to 16.4 billion rubles ($635.66 million), including 6.8 billion rubles ($263.57 million) on oil and gas exploration. The operations revealed 63 promising sites, and data was received to specify the size of Russian offshore areas in the Sea of Okhotsk and near the Mendeleev Ridge in the Arctic Ocean. Last year, most oil and gas prospecting operations were conducted in East Siberia and the Republic of Sakha (Yakutia) with a view to increasing the raw materials base along the East Siberia-Pacific Ocean pipeline under construction. The Web site of Russian energy giant Gazprom, whose current oil and gas reserves are estimated at $138.6 billion, provides a chart of proven global gas reserves for 2005, in which Russia comes second with 47.7 trillion cubic meters after Middle East countries. Russia's official sources said the country possesses over 10% of global oil, holding second place for the world's proven oil reserves.
by Staff Writers
Moscow (RIA Novosti) Apr 19, 2007
Gazprom has finalized a $7.45 billion deal to buy 50% plus one share in formerly Shell-led Sakhalin II with the partners in the vast hydrocarbon project off Russia's Pacific Coast.

"Joint work to complete the project is being carried out very proactively already," said Alexander Medvedev, deputy board chairman of the Russian energy giant.

Shell Russia President Christopher Finlayson said the project was 80% completed.

The partners said at the signing ceremony that liquefied gas (LNG) would be supplied in time and in full volume.

As well as two fields with estimated reserves of 150 million metric tons (1.1 billion barrels) of oil and 500 billion cubic meters of natural gas, Sakhalin II comprises a pipeline, an LNG plant - due to be launched in 2008 - and an LNG export terminal. Most of the LNG from the project will be exported to Japan.

Finlayson said Wednesday that shareholders were considering building an additional, fourth, gas liquefier at the plant, describing the project, implemented under a production-sharing agreement (PSA), as more difficult than any other.

The partners in the project were reported earlier Wednesday to have coordinated the costs of its second stage at $19.4 billion until 2014 following months of pressure last year from authorities over foreign investors' demands to double spending and environmental damage accusations.

Medvedev said Gazprom would appoint a general director of the LNG plant, who would oversee production from the beginning.

Medvedev and Stanislav Tsygankov, head of foreign economic activities in Gazprom, have been nominated as non-executive directors of the project operator, Sakhalin Energy.

"Gazprom, as a shareholder, is taking on the burden under the project as of tomorrow," Tsygankov said, adding it was unclear at the moment who would replace Ian Craig as Sakhalin Energy executive director.

Gazprom acquired the controlling stake in the project in December 2006. The stakes of the other partners, Royal Dutch Shell, Mitsui and Mitsubishi, halved to 27.5%, 12.5% and 10% respectively, as a result of the deal.

Source: RIA Novosti

Email This Article

Related Links
Powering The World in the 21st Century at Energy-Daily.com
Our Polluted World and Cleaning It Up
China News From SinoDaily.com
Global Trade News
The Economy
All About Solar Energy at SolarDaily.com
Civil Nuclear Energy Science, Technology and News

Managing Heat Aboard Modern Ships
Troy, NY (SPX) dApr 20, 2007
With a major grant from the Office of Naval Affairs, researchers at Rensselaer Polytechnic Institute are collaborating with four other universities to address a hot topic in today's military: how to keep modern ships cool in extreme environments.

.
Get Our Free Newsletters Via Email
  



  • Managing Heat Aboard Modern Ships
  • Gazprom Finalizes Deal To Buy Half Stake In Sakhalin 2
  • Shanghai To Shut Down 29 Coal Power Plants By 2010
  • Co2 Storage In Coal Can Be Predicted Better

  • China To Set Up Strategic Uranium Reserve
  • G7 Ministers Give Nuclear Energy A Nod
  • Mitsubishi Corp Buys Uranium Rights In Canada
  • Japanese Nuclear Industry Vows Safety

  • NASA Aims To Clear Up Mystery Of Elusive Clouds At Edge Of Space
  • University Of Colorado Instruments To Launch On NASA Cloud Mission
  • Powerful New Tool To Track Atmospheric Carbon Dioxide By Source
  • Sun-Warmed Air Pollution Flows East From Asia

  • Soybean Planting Hastens Drying Of Amazonia
  • China Demand Driving Endangered Tree To Extinction
  • Study Projects Effects Of Forest Management In Oregon Coast Range
  • Greenpeace Spotlights Rainforest Damage In DRC

  • Winter Flounder On The Fast Track To Recovery
  • Satellite Images Aid Implementation Of Agricultural Reforms
  • Farmland Across China At Risk From Pollution
  • Anthropologist Finds Earliest Evidence Of Maize Farming In Mexico

  • Driverless Car Goes On Show In London
  • Made In USA Losing Cachet
  • Technique Creates Metal Memory And Could Lead To Vanishing Dents
  • Toyota Anticipates Sharp Increase In Its Hybrid Sales

  • Australia Fears Jet Flight Guilt Could Hit Tourism
  • Nondestructive Testing Keeps Bagram Aircraft Flying
  • New FAA Oceanic Air Traffic System Designed By Lockheed Martin Fully Operational
  • NASA Seeks New Research Proposals

  • Could NASA Get To Pluto Faster? Space Expert Says Yes - By Thinking Nuclear
  • NASA plans to send new robot to Jupiter
  • Los Alamos Hopes To Lead New Era Of Nuclear Space Tranportion With Jovian Mission
  • Boeing Selects Leader for Nuclear Space Systems Program

  • The content herein, unless otherwise known to be public domain, are Copyright 1995-2006 - SpaceDaily.AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA PortalReports are copyright European Space Agency. All NASA sourced material is public domain. Additionalcopyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement