Sakhalin-3 development license to be auctioned within three months of publishing new mineral resources law - October 31, 2004

Providing coverage of Alaska and northern Canada's oil and gas industryOctober 2004

Vol. 9, No. 44

Week of October 31, 2004

Sakhalin-3 development license to be auctioned within three months of publishing new mineral resources law

The Associated Press

The Russian government will auction the license to develop the Far East Sakhalin-3 oil fields within three months of a new law on mineral reserves coming into effect, the official newspaper Rossiiskaya Gazeta reported Oct. 22.

Rights to explore the Sakhalin-3 fields were originally granted in 1993 to U.S. oil giants ExxonMobil, Chevron Texaco and Russian state oil company Rosneft.

The consortium had hoped to develop the block under a production-sharing agreement but the license was never issued in the absence of a legal framework for such agreements. ExxonMobil has said that it would view a re-auction of the development license as a violation of its rights.

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