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China’s Sinopec starts exploration at Russia’s Sakhalin III oil and gas field

China Petroleum & Chemical Corp (Sinopec) has started exploration at the Sakhalin III oil and gas field in the Russian far east, the Xinhua news agency reported.

Sinopec plans to drill in the Sea of Okhotsk for evaluation purposes, it said.

Sinopec had teamed up with Rosneft to acquire Udmurtneft, a key oil producer in eastern Siberia. The two companies also formed a joint venture to explore oil and gas in Sakhalin last year.

The estimated reserve of oil at Sakhalin III is over 800 mln tons with natural gas surpassing 900 bln cubic meters, it said.

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