Alfa-Eco stumps up for Sakhalin project.
21 Dec 2001

RUSSIA'S Alfa-Eco, which is owned by the powerful Alfa Group Consortium, plans to invest $22 million into onshore and offshore exploration and development on Sakhalin Island, writes Vladimir Afanasiev. Alfa-Eco is a 95% shareholder in local oil producer Petrosakh, which was previously owned by Saudi Arabia's Nimir Petroleum. According to Alfa-Eco vice president Yuri Shirmankin, the bulk of the investment - $14 million - will be used for geological appraisal and exploration of Rymnikskaya and Kerosinnaya, two structures which are part of the Sakhalin-VI block. The remaining amount will be split between onshore upstream, downstream and transportation enhancement projects. Petrosakh is currently producing about 5000 barrels of oil per day at the onshore Okruzhnoye field. Most of the output is shipped to China, while the remainder is processed on the site for local consumption. Alfa-Eco may also be assisted in its efforts to explore the Sakhalin-VI block by state-owned oil company Rosneft, which wanted the block but missed a chance to get a licence for it. According to Rosneft president Sergei Bogdanchikov, the two companies are discussing terms to form an alliance for the exploration of Sakhalin-VI. (c) 2001, Upstream.

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