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First crude from Sakhalin-1 to arrive in India by Q4′06

India will receive its first crude oil from Russia's Sakhalin-1 fields in the fourth quarter of 2006, ONGC Videsh Ltd Managing Director R S Butola said today.

"We will ship the first oil from Sakhalin-1 in Q4 of FY'06," he said.

ONGC Videsh Ltd has 20 per cent stake in the Sakhalin-1 oil and gas field and is likely to ship at least first two cargoes to Indian refiners.

Japanese consortium Sodeco holds 30 per cent in the Sakhalin-1 oil and gas field.

Sakhalin 1, due to pump about 250,000 barrels per day (bpd) by the end of this year, is operated by Exxon Mobil, which has a 30-per cent stake.

The Exon Mobil-le Sakhalin 1 is the biggest new oil find in the area in many years and will add new supply to a tightly stretched global market, potentially bringing down high physical crude prices in the region and displacing sales of competing African and Mediterranean oils into Asia.
© PTI

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