By May 30, 2016 Read More →

Sakhalin oilfield maintenance to curb exports in Aug – sources

Sakhalin oilfield maintenance work to take two-and-a-half weeks

Sakhalin

The Sakhalin oilfield is located off the northeastern coast of Sakhalin Island in Russia’s Far East. ¬†Photo by sdelanounas.ru.

SINGAPORE/MOSCOW, May 30 (Reuters) – Scheduled maintenance at Russia’s Sakhalin-1 oilfields, operated by Exxon Mobil , is expected to reduce Sokol crude exports by more than half in August, two sources with knowledge of the matter said on Monday.

Maintenance work at the fields is expected to take about two-and-a-half weeks and cut exports by up to six 700,000-barrel cargoes, they said. Sokol exports each month are at about 7 million barrels or 10 cargoes.

The expected drop in exports has pushed Sokol’s spot premium in June to a two-month high.

Production from Sakhalin-1 comes from the Chayvo, Odoptu, and Arkutun Dagi fields, located off the northeastern coast of Sakhalin Island in Russia’s Far East.

Other shareholders in the project include Rosneft, Japanese consortium Sakhalin Oil and Gas Development Co (SODECO) and Indian state-owned oil company ONGC Videsh Ltd.

(Reporting by Florence Tan in SINGAPORE and Olga Yagova in MOSCOW; Editing by Richard Pullin)

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