Russia to auction part of oil and gas deposit off Sakhalin

13:51, May 26, 2011      

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Russia has planned to auction part of a hydrocarbon deposit in the Sea of Okhotsk off its Pacific Island of Sakhalin, local media reported.

The Russian government has instructed the Subsoil Use Agency to hold a tender this year for the deposit, which has over 16 million metric tons of estimated oil reserves, and 9.93 billion cubic meters of natural gas, the report said.

The deposit in the Sea of Okhotsk skirts the northern side of the Chaivo oil and gas deposit, which is part of the Sakhalin-1 project, the report said.

The total reserves of the Sakhalin-1 project, which also includes Odoptu and Arkutun-Dagi, are estimated at about 307 million tons of oil and 485 billion cubic meters of gas.

Exxon Neftegas and Japan's Sodeco each have 30 percent of the share of the Sakhalin-1 project, while Russia's Rosneft and India's ONGC have 20 percent each.

Source: Xinhua
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