Sakhalin Energy initiated the license extension process in 2018, and this required effective engagement of the company with government authorities. The company submitted a separate application package to Rosnedra to extend each of the two licenses. Finally, all preparations were completed in strict compliance with all current procedures.
“Successful licenses extension gives us grounds to say that the company is doing its business openly and safely in compliance with all commitments taken under the Subsurface Law,” said Sakhalin Energy’s Chief Executive Officer Roman Dashkov.
Sakhalin-2 Production Sharing Agreement states that the company can extend the licenses for five-year periods, and the next extension will enable the company to develop the acreage for another period of five years – until 2031.