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Exxon's Russian JV to invest $5 billion over 5 years -Ifx cites official

Reuters
·1-min read

MOSCOW (Reuters) - Exxon Neftegas Limited (ENL), the operator of Russia's Sakhalin-1 oil and gas project, plans to invest $5 billion in the next five years to stem a decline in oil production, Interfax news agency cited the local governor as saying on Tuesday.

Total oil output in Sakhalin is set to fall to 15.2 million tonnes this year (300,000 barrels of oil per day) from 18.4 million tonnes in 2020, declining further to 14 million tonnes as its reserves dwindle, the governor has previously said.

Russian energy giant Rosneft, Exxon, Japan's SODECO and India's ONGC Videsh are partners in the Sakhalin-1 group of fields.

(Reporting by Vladimir Soldatkin; editing by Jason Neely)