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Archive for September 12th, 2006

Official: Sakhalin Project Hurts Russia

Russia's natural resources minister said Tuesday that swelling production costs at an international oil project on the Pacific Island of Sakhalin that is led by Royal Dutch Shell hurt Russian economic interests.

The statement from Yuri Trutnev follows moves by an environmental regulator agency subordinate to him to halt the Sakhalin-2 project over alleged damage to [...]

Tuesday, September 12th, 2006

Russia links Sakhalin probe to Shell cost overrun

Russian investigations into a Shell-led project are the result of a $10 billion cost overrun and are not part of a wider crackdown on foreigners, Natural Resources Minister Yuri Trutnev said on Tuesday.
Last year Shell doubled the cost estimate for its huge Sakhalin-2 project off Russia's Pacific coast to $20 billion, blaming high metals prices, [...]

Tuesday, September 12th, 2006

Russia’s minister warns of losses in Sakhalin II project

Russia could lose $10 billion in the Sakhalin II oil and gas project if operators continue to increase expenses, Russia's natural resources minister Tuesday.
The Sakhalin II project, which is run by the Sakhalin Energy Investment Company and controlled by Royal Dutch Shell, has had a history of controversy since its inception. In the latest challenge [...]

Tuesday, September 12th, 2006

Kremlin eyes Sakhalin hydrocarbon riches

Russia's Sakhalin projects have been seen as a cornerstone of Moscow's ambitious plans to expand to Asia-Pacific energy markets. Meanwhile, the island of Sakhalin has emerged as a battleground for increased government control over international production-sharing agreements.
Earlier this year, Russian government agencies have launched a regulatory assault on Western investors in Sakhalin, as the Kremlin [...]

Tuesday, September 12th, 2006

Russia’s investment climate unaffected by Sakhalin-2 situation

The situation surrounding inspections for compliance to technological requirements and observance of environmental legislation within the Sakhalin-2 project does not mean Russia's investment climate will get worse, Russian Natural Resources Minister Yury Trutnev said during a meeting with John Hess, the head of US oil company Hess.
He stated that the natural resources ministry respected the [...]

Tuesday, September 12th, 2006

Shell CEO: Sakhalin 80% Completed; Working To Standard

Last week, Russia's environmental watchdog Rosprirodnadzor said it would seek to revoke Sakhalin Energy's environmental clearance for the second phase of its project to develop the oil and gas region known as Sakhalin-II after finding fault with the way Sakhalin Energy Ltd. has handled some environmental concerns.

Van de Veer said the consortium always seeks to [...]

Tuesday, September 12th, 2006

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