Governor Limarenko announced the cessation of oil and gas production at the Sakhalin-1 project.
YUZHNO-SAKHALINSK, September 28 – RIA Novosti. Governor Valery Limarenko said that the volume of oil and condensate production at the Sakhalin-1 project has almost halved in the seven months of this year, and now oil and gas production is stopped.
In his speech at the Far East Energy Forum “Oil and Gas Sakhalin 2022” general assembly meeting, he reminded that Exxon Neftegaz Limited reported the decrease in production in the Sakhalin-1 project as force majeure in April.
According to the regional head, annual production is expected to be 4.2 million tons instead of the planned 8.9 million tons.
“A decrease in gas is also expected, as the company will suspend production from September 16, 2022,” the regional president said.
Exxon Neftegas Ltd. It is a subsidiary of the American oil and gas giant ExxonMobil. In early March, he announced his intention to withdraw from the Sakhalin-1 project.
The Sakhalin-1 project is implemented under the terms of a production sharing agreement. The operator of the project with a 30% stake is Exxon Neftegas Ltd (Exxon Neftegas Limited, a subsidiary of ExxonMobil), Rosneft – 20%, Japanese Sodeco – 30% and Indian ONGC – 20%.
With a passion for storytelling and reporting, I am an experienced writer and Editor with a focus on sports. As an Author at News Unrolled, I write engaging stories on the latest developments in the world of sports. My articles have been featured on numerous global media outlets and my work has been highly praised by renowned editors.