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The Minister of Petroleum & Natural Gas and Panchayati Raj Shri Mani Shankar Aiyar, informed the Rajya Sabha in a written reply today that production of oil and gas from Sakhalin-I is expected to commence from 2005-06 and full production is expected from the last quarter of 2006-07. The Sakhalin Project is expected to produce about 12.5 Million Tonnes (MMT) of oil and 10 Billion Cubic Metres (BCM) of gas in the year of peak production, of which OVL’s share would be 20%. The total production of the fields over their 40-year life period is estimated to be of the order of 307 MMT of oil and 485 BCM of gas. OVL has the option to bring its share of oil/gas to India or dispose off it to other consumers at prevailing market prices.
In addition to ONGC Videsh limited (OVL)’s partnership with Rosneft in Sakhaklin-I project in Russia, Shri Aiyar said that further discussions about possible areas of collaboration have been held at the ministerial, official and commercial levels on this subject. The response has been encouraging. Oil and Natural Gas Corporation Limited (ONGC) and Gazprom, in which the Russian government have a large interest, have entered into a Memorandum of Understanding (MoU) which envisages joint participation of Gazprom and OVL in oil and gas sectors in Russian and third countries and also of Gazprom and ONGC in India.
The Minister added that A Strategic Cooperation Agreement was signed between GAIL (India) Limited (GAIL) and Gazprom on 3.12.2004. In terms of this agreement, the parties would evaluate various opportunities, with a special focus on the gas sector in India, Russia and other countries, and develop projects for implementation.
RCJ/kc / PQ (15.3.05)
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