The Russian government has extended the duration of the Sakhalin 1 production sharing agreement by 30 years as part of an amicable settlement of an international arbitration claim that the project’s operator Exxon Neftegaz initiated in 2015.
An annual governmental report on active PSAs in the country, a copy of which was obtained by Moscow-based news agency Interfax, shows that the Sakhalin 1 consortium has been granted three options to extend the PSA beyond its original expiration in 2021.
