The production sharing agreement at the Sakhalin-2 LNG project in Russia entered into effect ahead of schedule.
That means the federal and Sakhalin Region governments will now begin to receive a share of the profits.
The PSA was to begin when project partners recovered their costs in the $24.5 billion liquefaction scheme.
“Production sharing began ahead of plan. This is not only a result of favourable market conditions, but first of all result of efforts of the whole company and its employees in production optimisation which was constantly supported by our shareholders,” said Andrei Galaev, chief executive of the Sakhalin Energy joint venture.
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