Gazprom Wants Exclusive Rights to Sakhalin-1 Natural Gas Output
Gazprom is negotiating for exclusive rights to buy all natural gas produced by the Sakhalin-1 international oil and natural gas development project.
And if that doesn't work, Moscow will just change the laws and they will take over the project for free.
Exxon Mobil Corp has led the project since the mid-90s.
"Earlier this month, Gazprom took control of another international energy development project called Sakhalin-2. The Royal Dutch/Shell group of Europe and Japanese trading houses Mitsui & Co. and Mitsubishi Corp. ceded a majority stake in the joint project after Russia's resources ministry ordered a partial suspension of the project due to environmental concerns."
Moscow changed the law.
Now Gazprom wants the whole Sakhalin-1 shabang, too…."in accordance with Russia's national interest."
Exxon Neftegas Ltd., is the project operator with a 30% stake.
Japanese stakeholders include the government, Japan Petroleum Exploration Co., Itochu Corp. and Marubeni Corp.
India's public petroleum company and Russia's state-run oil producer Rosneft also have stakes in the project.
Gazprom has nothing, yet…..
There are an estimated 2.3 billion barrels of crude oil and 485 billion cubic meters of natural gas in the region of Sakhalin-1.
And if Gazprom doesn't get what it wants…
Trouble may be brewing….do you think?
Find out more information about Finance, Loan & Mortgage and Debt Management.
[...] Japanese companies Mistui and Mitsubishi helped build Sakhalin I hoping to cash in only to have Moscow change the laws in Gazprom’s favor leaving M&M out in the cold – [...]
Leave a comment!