The representatives, who dominate the project's supervisory board, ruled that the ExxonMobil-led consortium can only invest $1.26 billion on further development of the Chaivo offshore field in 2008, cutting the investment plan by 30%, according to Russia's Energy&Industry Ministry.
Among the items dropped from the original plan were funds for a feasibility study into an export pipeline to China that would carry gas from Chaivo, with volumes planned to increase to nearly 10 billion cubic metres per year.
Analysts
