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. Rosneft To Invest A Billion Dollars ln New Fleet To Tap Far East Shelf Oil Deposits

Russia is currently working on the Sakhalin-I and Sakhalin-II projects off the Pacific Coast, with the participation of foreign investors.
by Staff Writers
Moscow (RIA Novosti) Jun 14, 2007
Russian state-controlled oil giant Rosneft plans to spend $1.2 billion on the construction of ships to develop oil fields off Russia's Far East coast, the company's CEO said Wednesday. Addressing a conference on prospects for maritime operations, Sergei Bogdanchikov said Rosneft currently needed to build 27 vessels for the development of shelf deposits. Three of the ships are already under construction.

Bogdanchikov said that in total, 49 oil platforms, 200 vessels and 81 tankers have to be built to develop Russia's shelf by 2020, requiring total investment of 2.22 trillion rubles (about $85 billion).

According to Rosneft estimates, Russia has reserves of around 10 billion metric tons (73 billion barrels) of oil and 34 trillion cubic meters of natural gas off its coastline.

Russia is currently working on the Sakhalin-I and Sakhalin-II projects off the Pacific Coast, with the participation of foreign investors.

The Sakhalin-I project, operated under a production-sharing agreement (PSA) by Exxon Neftegas Limited, a subsidiary of U.S. oil major Exxon, is located on Sakhalin Island's northeastern shelf and is expected to bring in around $52.2 billion to the Russian budget by 2054, when it is scheduled to end.

As well as the U.S. company, which owns 30%, the Sakhalin-I international consortium comprises Rosneft (20%), India's ONGC (20%), and Japan's SODECO (30%).

The consortium is developing the Chaivo, Odoptu and Arkutun-Dagi deposits, with recoverable reserves estimated at 2.3 billion barrels of oil and 485 billion cubic meters of natural gas.

The Sakhalin-II project, in which Russian gas monopoly Gazprom holds a controlling stake, comprises two fields with estimated reserves of 150 million metric tons (1.1 billion barrels) of oil and 500 billion cubic meters of natural gas.

Source: RIA Novosti

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Madrid (AFP) June 13, 2007
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