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Sinopec Ends Oil Exploration in Sakhalin-3 Block

Source: Reuters 9/29/2010, Location: Asia

Sinopec Group has stopped exploration work in a Sakhalin-3 block on Russia's Pacific coast after several years of futile efforts.

Sinopec Group, or China Petrochemical Corp, has withdrawn all engineering technicians because findings were not satisfactory, the 21 Century Business Herald reported, without identifying a source of the information.

The parent of Sinopec Corp in 2006 teamed up with Russia's Rosneft to tap the 5,300-square-kilometre Veninsk exploration block with water depth ranging from 25 to 150 metres, marking China's first foray into Russia's oil and gas sector.

Sinopec's spokesperson, Huang Wensheng, was not immediately available for comment, while a Rosneft official in Beijing said he was not aware of the development.

Sinopec holds a 25.1 percent stake in the project and Rosneft has 74.9 percent, but Sinopec finances 75 percent of the exploration costs, according to Rosneft.

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