Exxon Mobil Set to Develop Russian Oil
Exxon Mobil said it was ready to develop offshore oil fields in Russia’s far-eastern Sakhalin region and expected the first oil in five years.
The company said that the first stage of the project will cost about $4 billion, but that it was set to invest about $12 billion over 30 to 40 years.
“The consortium officially informed the Russian government today that we have taken a positive decision on commerciality” of the Sakhalin 1 project, Exxon Neftegas President Neil Duffin said.
Exxon Neftegas, an arm of Exxon Mobil and the operator of Sakhalin 1, said it will launch the first phase of the project next year.
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