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MOSCOW – the Operator of the Sakhalin-2 project has extended for 5 years license to develop two oil and gas fields in the Okhotsk sea, the company said Sakhalin energy on Thursday.
License to the Piltun-Astokhskoye and Lunskoye fields will be in effect until may 2026. The operator can prolong the validity of licenses five-year periods.The previous license was issued in 1996 for 25 years.
The Sakhalin-2 developed in the framework of the agreement on production section (SRP) and controlled by Gazprom (MCX:GAZP), the first in Russia project on production of liquefied natural gas (LNG) with a capacity of about 10 million tons per year. Other shareholders in the project are the British-Dutch Royal Dutch Shell, Japanese Mitsui and Mitsubishi.