Sakhalin Energy

Sakhalin Energy Investment Company Ltd. (Sakhalin Energy) is a consortium for developing the Sakhalin-2 oil and gas project with corporate head office in Yuzhno-Sakhalinsk. Andrei Galaev has been the chief executive officer since 2009.[3]

Sakhalin Energy
Private
IndustryOil and gas industry
Founded1994 (1994)
Headquarters
Yuzhno-Sakhalinsk
,
Russia
Key people
Roman Dashkov (CEO)
Revenue$5.4 billion[1] (2017)
$860 million[2] (2016)
Total assets$15 billion[2] (2016)
Total equity$5.52 billion[2] (2016)
Number of employees
2,230[2] (2015)
ParentGazprom
Websitesakhalinenergy.com

The company's principal activities are the production and export of crude oil (since 1999) and liquefied natural gas (from 2009).

History

The original consortium was formed in 1991 by Marathon, McDermott, Mitsui and Russian Federation as MMM Consortium. Shell and Mitsubishi joined the consortium in 1992, to make it MMMMS. In April 1994, the consortium formed Sakhalin Energy Investment Company Ltd. to develop and manage the Sakhalin II project. Sakhalin Energy signed a production sharing agreement with the Russian Federation in 2004.[4]

McDermott sold its share to the other partners in 1997 and Marathon traded its share to Shell for other properties (the BP operated Foinaven field, near the Shetland Islands, and an eight block area in the Gulf of Mexico—including the Ursa field) in 2000.

In 2007, Shell was forced by the Russian government to sell part of its stake to Gazprom which made Gazprom the largest shareholder with 50% share of the company.[5][6] The consortium then developed into its current form, consisting of Russia's Gazprom, Royal Dutch Shell, and Japan's Mitsui and Mitsubishi.[7]

In November 2009, Sakhalin Energy joined the United Nations Global Compact.[8]

Operations

Sakhalin Energy develops the Piltun-Astokhskoye and the Lunskoye oil and gas fields, known as the Sakhalin-II project, in the Sea of Okhotsk, offshore Sakhalin island in the Russian Far East. The infrastructure of the Sakhalin-II project includes:

  • Offshore Molikpaq platform
  • Offshore Piltun-Astokhskoye-B platform
  • Offshore Lunskoye-A platform
  • Onshore processing facility
  • Transsakhalin pipeline system
  • LNG plant and oil export terminal within Prigorodnoye Production Complex

About 4% of global supply of LNG comes from the Prigorodnoye production complex. PA-B won the overall Drilling Rig of the year award with Molikpaq in the runner’s up and LUN-A in the 5th place in the Shell Rig League table in 2017, which ranks on the performance, HSE and People scores.

Shareholders

The current shareholders are:

  • Gazprom Sakhalin Holdings B.V. (subsidiary of Gazprom) - 50% plus 1 share
  • Shell Sakhalin Holdings B.V. (subsidiary of Royal Dutch Shell) - 27.5% minus 1 share
  • Mitsui Sakhalin Holdings B.V. (subsidiary of Mitsui) - 12.5%
  • Mitsubishi - 10%
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References
  1. "Рейтинг крупнейших компаний России по объему реализации продукции". Expert RA. Archived from the original on 28 October 2018. Retrieved 28 October 2018.
  2. http://www.rbc.ru/companies/id/246.
  3. "Sakhalin Energy Welcomes New Chief Executive Officer". www.rigzone.com. Retrieved 2020-06-01.
  4. Rutledge, Ian (2004). "The Sakhalin II PSA – a Production 'Non-Sharing' Agreement" (PDF). AWS Assets.
  5. "Transfer of Sakhalin Energy Shares Completed" (PDF) (Press release). Mitsubishi. 2007-04-19. Retrieved 2011-07-20.
  6. White, Garry (2009-06-28). "Russia invites Shell back to Sakhalin as finances plummet". Telegraph. Retrieved 2011-07-20.
  7. "Company Profile". Dun and Bradstreet.
  8. "Participant Information". United Nations Global Compact.
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