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. Last Updated: 07/27/2016

Sakhalin-4 Set to Drill

MOSCOW -- Exploratory drilling will begin in July on the Sakhalin-4 oil project in the Far East after a major Western oil company pulled out, a news agency reported Tuesday.

Stepan Zemlyuk, vice president of Russia's RAO Rosneft oil company, said Rosneft and subsidiary Sakhalinmorneftegaz decided to go ahead with drilling independently at the Astrakhanovsky deposit after the withdrawal of Atlantic Richfield Co., Itar-Tass reported.

Atlantic Richfield cited high costs and inadequate potential return as the reason for pulling out, the report said.