Sakhalin-1 project shareholders, which include Exxon Mobil Corp., have budgeted USD 23.7 billion in expenses related to the offshore oil and natural gas venture to 2046. A government commission that supervises the project, located off Russia’s Sakhalin Island, has approved the programme and budget. The budget includes USD 12 billion for infrastructure investments, including the construction of pipelines, roads and an airport. Operating expenses are estimated at USD 9 billion. Commercial drilling is expected to start in 2005. The Sakhalin-1 fields are estimated to hold 2.3 billion barrels of crude oil and 485 billion cubic metres of natural gas.
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