Russ Oil-Gas

10/04 / 2006 KHABAROVSK, October 4 (RIA Novosti) - Sakhalin-I, an ambitious energy project in Russia's Far East, has finished the construction of a new oil terminal, representatives of the companies running the project said Wednesday. U.S. oil major Exxon Neftegas Limited operates the project under a production-sharing agreement (PSA). Apart from the American giant, the Sakhalin-I international consortium comprises Russia's state-controlled Rosneft (20%), India's ONGC (20%), and Japan's Sodeco (30%). Sergei Bogdanchikov, the head of Rosneft, said that the new on-shore terminal in De-Kastri in the Khabarovsk Territory is the largest in Russia's Far East and serves three deposits on the Sakhalin's northeastern shelf. He called it an "energy bridge between Russia's Far East and the Asian-Pacific region." The recoverable reserves of the deposits are estimated at 2.3 billion barrels of oil and 484 billion cu m (17.1 trillion cubic feet) of natural gas. The deposits so far yield about 60,000 barrels per day, but output will be increased to 250,000 in January after the commissioning of new onshore facilities and annual output in 2007 will be 11.5-12 million metric tons (about 8.8 million barrels). Bogdanchikov said Sakhalin I would deliver initial supplies of oil from Russia's Far East and West Siberia to Asian Pacific countries under current export agreements. "Up to 80-90 million tons [588-661million bbl] of oil and oil derivatives will be exported [annually] in 2015-2020 from deposits in Russia's Far East and West Siberia to Asian Pacific countries," Bogdanchikov said. Capital investment in the development of Sakhalin-I deposits has reached more than $12 billion, about $8 billion less than Royal Dutch Shell-led Sakhalin II, a sister project that has been plagued by problems in recent months.