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Oil & Gas

Exxon Starts Oil Production at Russian Field

September 30, 2010
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The Associated Press reports, Exxon Mobil Corp. said that oil production has begun in the Odoptu field, which is part of a project off the shore of northeastern Russia. The field is expected to add up to 11 million barrels to oil production in the Sakhalin-1 project next year. Exxon Mobil said the new field began production on schedule and was brought on line within cost projections. Exxon Mobil''s subsidiary, Exxon Neftegas Ltd., is operating the field for a consortium of five companies. The Sakhalin-1 project includes the phased development of Odoptu and two other fields that have a combined, estimated resource of 2.3 billion barrels of oil and 17 trillion cubic feet of natural gas. One of the fields began production in 2005 and the other will be developed in the future.
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