Exxon Mobil and ChevronTexaco won the right to develop Sakhalin-3 under PSA terms a decade ago, in partnership with Russian Rosneft. New Russian legislation last year stripped the project of its PSA status, but Exxon said it was prepared to develop the acreage under the existing tax regime. However, Russian authorities early this year ruled there were no grounds for issuing the license to Exxon and said the rights should be retendered.
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Sakhalin 3 of 'Strategic Importance'
Kremlin's strategy becomes clear...
According to Russia's newly appointed natural resources minister, Yuri Trutnev, the Sakhalin-3 project on Russia's Pacific shelf has strategic importance and that its fate should be given a careful thought.
He made it clear, however, that regardless of whether the acreage is retendered, it should not be developed under production sharing agreement (PSA) terms. "My personal opinion is that PSA is a mechanism leading to corruption," Trutnev said at a press conference in Moscow.
Exxon Mobil and ChevronTexaco won the right to develop Sakhalin-3 under PSA terms a decade ago, in partnership with Russian Rosneft. New Russian legislation last year stripped the project of its PSA status, but Exxon said it was prepared to develop the acreage under the existing tax regime. However, Russian authorities early this year ruled there were no grounds for issuing the license to Exxon and said the rights should be retendered.
Exxon Mobil and ChevronTexaco won the right to develop Sakhalin-3 under PSA terms a decade ago, in partnership with Russian Rosneft. New Russian legislation last year stripped the project of its PSA status, but Exxon said it was prepared to develop the acreage under the existing tax regime. However, Russian authorities early this year ruled there were no grounds for issuing the license to Exxon and said the rights should be retendered.
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