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News // Oil and gas worldwide

A boost of 30,000 barrels per day for Sakhalin 1 oil project

26 May 2010 , 08:05Upstream3628

 

 

Production from Russia's Far East Sakhalin 1 oil project will get a boost of 30,000 barrels per day after the second of three fields included in the project reaches peak next year, a stakeholder said today. Crude production from the Odoptu field, slated to start in second-half 2010, will add to output at the current sole producing Chayvo field, Osamu Watanabe, President of Japan Petroleum Exploration (Japex) said at the Reuters Global Energy Summit in Tokyo. Production from the Chayvo oilfield is expected to fall to around 150,000 bpd in 2010, down from about 165,000 bpd in 2009, as production steadily declines after peaking earlier this decade.

 

The Sakhalin 1 project includes the phased development of three fields with an estimated total resource of 2.3 billion barrels of oil and 17 trillion cubic feet of natural gas. The third field in the development, Arkutan-Dagi, is expected to start production by 2014 and is believed to have peak capacity output of about 80,000 bpd, but nothing has been finalised, Watanabe said. Japex is a stakeholder in Japan's Sakhalin Oil and Gas Development (Sodeco), which holds a 30% stake in Sakahalin 1. Japex has a little more than 14% of Sodeco, which is half owned by the Japanese government and includes trading houses Itochu and Marubeni among its stakeholders. Light sweet Sokol crude is exported from the Sakahalin 1 project.

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