Kremlin eyes tender for Sakhalin projects

May 25, 2011 at 8:54 AM

MOSCOW, May 25 (UPI) -- Moscow announced that it was considering selling off and oil and natural gas deposits developed under its Pacific project Sakhalin in the Sea of Okhotsk.

The Kremlin said it would conduct a tender for deposits in the Sea of Okhotsk. The deposit developed under the Sakhalin-1 project holds an estimated 117 million barrels of oil and 88 billion cubic feet of natural gas, state-run news agency RIA Novosti reports.

Sakhalin is one of Gazprom's options for delivering natural gas and liquefied natural gas to its customers in Asia.

Russian oil company Rosneft, India's ONGC, Exxon Neftogaz and Japan's Sodeco are participating in the eastern hydrocarbon project.

Japan is the fourth-largest energy consumer in the world but produces very little of its own energy. It's the largest importer of LNG in the world.

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