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. Last Updated: 07/27/2016

Kirinsky Added to PSA

MOSCOW -- President Boris Yeltsin has signed into law a bill adding the Kirinsky offshore oil block to the list of fields that can be developed under a Production-Sharing Agreement, the presidential press service said Wednesday.

Both houses of parliament in April passed the bill on the block, which is offshore of the island of Sakhalin in Russia's Far East and is part of the Sakhalin-3 project.

Kirinsky is shared by Sakhalinmorneftegaz, a subsidiary of Russian company Rosneft, and U.S. companies Mobil and Texaco. Each partner has a 33.3 percent stake.

Kirinsky has estimated reserves of 687 million tons of oil and 873 billion cubic meters of gas.