Rosneft and ExxonMobil Start Contractor Selection for LNG Project in Russian Far East
Rosneft and ExxonMobil have commenced the contractor selection process for their liquefied natural gas (LNG) project in Russia’s Far East, reads a note released on Wednesday.
According to the press release, Rosneft and ExxonMobil plan to complete the design work in the next 16 months.
“Rosneft’s offshore license areas hold massive hydrocarbon resource potential, most of which is natural gas. Given the fact that offshore fields are difficult to reach and are not connected to the national gas supply system, the most efficient way to monetize these resources is to liquefy the natural gas and sell the LNG in export markets,” commented Rosneft President Igor Sechin.
Sechin said that he is optimistic about prospects for LNG export liberalization in Russia.
According to Rosneft, capacity of the LNG project to be located on Sakhalin Island in the Russian Far East is expected to be 5 million tons per year, subject to further expansions.