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Rosneft expects BP to retain Sakhalin-4 and Sakhalin-5 stakes

Sergei Bogdanchikov Rosneft President Sergei Bogdanchikov expects BP will retain its participation in the Sakhalin-4 and Sakhalin-5 projects.

'BP's exit from Sakhalin-4 and Sakhalin-5 is not planned,' Bogdanchikov said. 'Operations are proceeding according to the plan we determined initially, which has been amended as a result of practical work. This year we are not drilling because not all the wells last year produced results,' he said at an economic forum in Krasnoyarsk.

'BP is part of the project. There hasn't been any signal from it concerning an exit from the project,' he said.

Elvary Neftegaz, a joint venture between Rosneft (51%) and BP (49%) is the operator of the Sakhalin-4 and Sakhalin-5 projects.

Earlier this year Elvary Neftegaz announced that it would limit itself to seismic work in 2008. Simultaneously BP announced it would close its representation in Yuzhno-Sakhalinsk at the end of April.

A total of six exploration wells have been drilled under the Sakhalin-4 and Sakhalin-5 projects.

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