Thursday, August 12, 2010

Exxon Mobil (NYSE:XOM) Launching Production at Odoptu in September

Exxon Mobil (NYSE:XOM) announced production will start at their Sakhalin-1 Odoptu field beginning in September.

Exxon is the operator of the partnership which includes OAO Rosneft, the biggest oil producer in Russia, ONGC Videsh Ltd., both of which own 20 percent. Japan’s Sakhalin Oil & Gas Development Co. and Exxon, each hold a 30 percent stake in the project.

A report from the International Energy Agency said Odoptu will add 30,000 barrels a day of oil to Russia's balance for the month.

Exxon is reportedly doing maintenance at the Chayvo field, which is already producing oil.

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