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Sakhalin Energy Has Extended the Development Licenses

Source: www.gulfoilandgas.com 6/18/2020, Location: Asia

Sakhalin Energy has extended the development licenses for Piltun-Astokhskoye and Lunskoye fields in the Sea of Okhotsk, which were issued to the company in May 1996 initially for a period of 25 years. The subsurface licenses have been prolonged by five years – until 19 May 2026.

Sakhalin Energy initiated the license extension process in 2018, and this required effective engagement of the company with government authorities. The company submitted a separate application package to Rosnedra to extend each of the two licenses. Finally, all preparations were completed in strict compliance with all current procedures. “Successful licenses extension gives us grounds to say that the company is doing its business openly and safely in compliance with all commitments taken under the Subsurface Law,” said Sakhalin Energy’s Chief Executive Officer Roman Dashkov.

Sakhalin-2 Production Sharing Agreement states that the company can extend the licenses for five-year periods, and the next extension will enable the company to develop the acreage for another period of five years – until 2031.

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