Washington Times: Russia extends license of Shell subsidiary: “A Russian subsidiary of oil giant Royal Dutch Shell was given an extension to dig for oil by the Russian government Tuesday…” (ShellNews.net) 12 April 05

Amsterdam, Netherlands, Apr. 12 (UPI) -- A Russian subsidiary of oil giant Royal Dutch Shell was given an extension to dig for oil by the Russian government Tuesday.

Salym Petroleum Development, which is 50 percent owned by the joint Dutch-British conglomerate, was given an extension for its field licenses in Upper Salym and West Salym to December 2032 and December 2034, respectively. Both licenses would have expired in September 2013.

Russia's Federal Agency for Subsurface Use also said that a further extension would be possible "if continued hydrocarbon production in Upper Salym and West Salym is economically viable," Shell said.

Full-scale production in West Salym is expected by the end of this year and a peak production rate of 120,000 barrels a day is expected by 2009.

http://washingtontimes.com/upi-breaking/20050412-121740-3336r.htm

Click here for ShellNews.net HOME PAGE