Elvari Neftegaz to receive oil and gas block offshore Russia’s Sakhalin

February 3, 2014

The Russian natural resources ministry is about to issue permission to Elvari Neftegaz to develop an oil and gas block in Okhotsk Sea. The authorities are going to issue a license as soon as Elvari, which is a subsidiary of Rosneft, pays 754mn rubles for using the block, a source from the Russian government has said.

Elvari earlier received a license to conduct geological exploration offshore Sakhalin. The license expires next summer. The Kaygansko-Vasyuganskoye sea deposit has been discovered, whose resources are estimated at 118mn barrels of oil, after which Elvari said it planned to produce oil and gas offshore. The natural resources ministry said this would cost 754mn rubles.

Copyright: ProNedra, 2014