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Rosneft & ExxonMobil Extend Agreement on Implementation of the Far East LNG Project

Source: www.gulfoilandgas.com 5/23/2014, Location: Asia

Rosneft President, Chairman of the Management Board Igor Sechin and President of Exxon Mobil Development Neil Duffin signed an agreement to extend the existing Strategic Agreement on implementation of the Far East LNG project. Work to progress engineering surveys on land and sea are scheduled for summer of 2014.

At this time, conceptual design development has been completed, characteristics defined, and the potential sites for the LNG plant facilities agreed upon, as well as the gas liquefaction technology, as part of the initial design stage. Preparations for the second design stage have been carried out. Initial design capacity of the plant is approximately 5 million tons of liquefied natural gas per year with a possibility for expansion. Natural gas from Rosneft reserves in the Far East and from Sakhalin-1 project reserves will be used as raw feed for LNG plant.

With completion of the conceptual designs, construction and commissioning of the LNG plant, loading line, and off-shore facilities are targeted for 2018-2019.

Moreover Igor Sechin and President of Exxon Mobil Russia Glenn Waller signed an agreement of rendering of services by the Sakhalin-1 consortium. The agreement envisages services for the drill, production, preparation, transportation, storage and shipping of hydrocarbons, produced at the north-end of the Chayvo field using the infrastructure of the Sakhalin-1 consortium in accordance with the licence obligations and the joint processing development chart.

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