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BP to Remain in Sakhalin Project

BP PLC will remain in the Sakhalin project in Russia despite the joint venture's decision to temporarily stop drilling work on the gas fields.

BP is exploring the area through Elvaryneftegas, in which it owns a 49 % stake. Rosneft, the Russian oil group, owns the remaining 51%.

This year's work program at the site will be limited to seismic activities in the East Schmidt and KV license areas, BP said in an annual report. "No drilling is planned for 2008," it added.

Elvary made two discoveries in the KV field. But the two wells drilled in the West Schmidt area last year were dry. BP has written off all of its expenditures in West Schmidt, the report said.

BP has already reduced its presence in the area. A BP spokesman, however, stressed this doesn't mean the group is leaving the project.

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