Russia grants Sakhalin-1 fields licenses to local operator

MOSCOW, Oct 24 (PRIME) -- Licenses for the development of hydrocarbon fields of the Sakhalin-1 project were given to a new operator, a Russian company, on October 21, according to the natural resource register seen by PRIME on Monday.

Sakhalin-1 LLC has received the fields of federal importance -- Chaivo, Odoptu-more and Arkutun-Dagi on the Sakhalin Island’s shelf. The licenses shall terminate on December 3, 2051.

On October 7, Russian President Vladimir Putin issued a decree ordering the government to set up a new Russian operator of the Sakhalin-1 project, which will take over the rights and responsibilities of Exxon Neftegaz Limited.

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