"Elvary Neftegaz" to opt into the area of the Sakhalin shelf.

The RF Ministry of National Resources experts are currently working on a draft resolution on the issuance of  permission to "Elvary Neftegaz" for the development of oil and gas area in the Sea of Okhotsk. According to a source in the Russian government, the authorities intend to grant a license for the deposit after the "Rosneft" subsidiary pays 754 million rubles for the shelf development. Reportedly, the corresponding project has already been submitted to the Cabinet of Ministers.

Lets note that "Elvary Neftegaz" owns a license for geological survey in the area of the Sakhalin shelf. The validity of the corresponding license expires this summer. Several months ago, a subsidiary of "Rosneft" has handed over a document authorizing the search for hydrocarbons in the specified area. As a result of the research Kaigansk Vasyukansk sea deposit was discovered – its resources are estimated at 118 million barrels.