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Sakhalin-V energy project exploration set to continue

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YUZHNO-SAKHALINSK, June 9 (RIA Novosti) - Shelf exploration as part of an ambitious energy project in Russia's Far East has resumed after a crucial port reopened to summer shipping, a logistics company said Friday.

A spokesman for Sakhalin Shelf Services said the northern Sakhalin port of Moskalvo, which is only accessible from early June to early November, would take equipment supplied by Elvari Neftegaz to explore deposits as part of Sakhalin-V.

Elvari Neftegaz, set up by project operators Rosneft, Russia's state-owned oil company, and British major BP, will drill at the Kaigansky-Vasyukansky deposit.

Sakhalin-V covers the Kaigansky-Vasyukansky deposit, whose recoverable oil reserves are estimated by Rosneft at 1.171 billion tons (8.6 bln barrels), and Vostochno-Shmidtovsky deposit with estimated recoverable reserves of 411 mln tons (3 bln barrels) of oil and 255 bln cubic meters of gas.

Production was launched late last year at 2,200 barrels of oil per day.

Analysts have said the project will be cost-effective due to short oil-delivery routes to the energy-hungry Asia-Pacific region.

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