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Gazprom seeks exclusive purchase of Sakhalin I gas output

Gazprom and Sakhalin.jpg

Gazprom is looking to buy and export 100% of gas output in the Sakhalin I project in Russia's Far East, a deputy board chairman of the Russian energy giant said Saturday.

The project, which is 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.

"We are in consultations with Sakhalin I operators to purchase the total gas output. We are interested in enhancing the project's economic effectiveness," Alexander Medvedev, who is also head of Gazprom's exporting subsidiary, Gazprom Export, said in an interview with Kyodo Tsushin.

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 (17.1 trillion cubic feet) of natural gas.

Apart from the U.S. company, which owns 30%, the Sakhalin I international consortium comprises Russia's state-owned Rosneft (20%), India's ONGC (20%), and Japan's SODECO (30%).

© RIA Novosti

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