Oil official says drilling to begin in July at Sakhalin-4 project - May 28, 2000

Providing coverage of Alaska and northern Canada's oil and gas industryMay 2000

Vol. 5, No. 5

Week of May 28, 2000

Oil official says drilling to begin in July at Sakhalin-4 project

by The Associated Press

Exploratory drilling will begin in July on the Sakhalin-4 oil project in Russia’s Far East after a major Western oil company pulled out , a news agency reported May 9.

Stepan Zemlyuk, vice-president of Russia’s RAO Rosneft oil company, said Rosneft and subsidiary Sakhalinmorneftegaz decided to go ahead with drilling independently at the Astrakhanovsky deposit after the withdrawal of Atlantic Richfield Co., the ITAR-Tass agency reported.

Atlantic Richfield cited high costs and inadequate potential return as the reason for pulling out, the report said. The project’s license, which lasts until 2013, stipulates that drilling begin before 2001, Zemlyuk was quoted as saying.

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