Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Sakhalin PSA Approved

MOSCOW -- The State Duma lower house of parliament approved a bill Wednesday to permit production sharing at the Sakhalin-3 oil field.

The bill, which still must be approved by the upper house of parliament and President Boris Yeltsin, would allow foreign firms to take part in prospecting and oil drilling at Sakhalin Island's Kurinsky block, which is estimated to hold about 20 million tons (5.8 billion gallons) of oil and 75 billion cubic meters (2,650 billion cubic feet) of natural gas.