Project Milestones

• Oil and gas exploration is launched offshore Sakhalin.

• Lunskoye field with unique gas reserves is discovered in the northeastern part offshore Sakhalin.

• Piltun-Astokhskoye oil field is discovered in the northeastern part offshore Sakhalin.

• An international tender is announced for the right to produce a feasibility study (FS) for the development of the Piltun-Astokhskoye and Lunskoye license areas.

• A consortium of Marathon (USA), McDermott (USA) and Mitsui (Japan) wins the right to produce the feasibility study.
• The consortium and the Russian Federation enter into a feasibility study agreement for the Sakhalin-2 project license areas.
• Shell (Great Britain, the Netherlands) and Mitsubishi (Japan) join the consortium.

• The Sakhalin-2 feasibility study is approved by the Russian Federation.

• The consortium forms Sakhalin Energy Investment Company Limited (Sakhalin Energy) as Sakhalin-2 project operator.
• The Sakhalin-2 production sharing agreement, the first PSA in Russia, is entered into between Sakhalin Energy and the Russian Federation represented by the Russian Federation Government and the Sakhalin Oblast Administration.

• Sakhalin Energy registered a branch office of the company in Yuzhno-Sakhalinsk. It was Russia’s first registered branch of a 100-percent foreign company.

• The Federal Law on Production Sharing Agreements is enacted.
• Sakhalin Energy is awarded licenses to develop Piltun-Astokhskoye and Lunskoye fields.
• Sakhalin Energy announces a commencement date under the Sakhalin-2 PSA – the official start of the project.

• The supervisory board approves the plan of development of the Astokh feature (Phase 1) of the Piltun-Astokhskoye field.
• The announcement by Sakhalin Energy of a development date for Piltun-Astokhskoye field (Phase 1).
• McDermott sells its stake in Sakhalin Energy to the other shareholders.
• Studies of the Western gray whale population begin offshore Sakhalin.

• Project financing, the first for Russia, is received from three major international lending institutions.
• The Phase 1 technical and economic substantiation (TEO) is approved.
• The Molikpaq (PA-A) ice-class drilling and production platform, the first for Russia, is installed offshore, at the Astokh feature of the Piltun-Astokhskoye field.

• The enactment of the Enabling Law on Changes and Amendments to the Russian Federation’s Legal Framework Arising from the PSA Law.
• First oil production from Molikpaq.
• The first crude cargo produced offshore Sakhalin is exported to the Asia Pacific.

• Shell signs an asset swap agreement with Marathon and assumes the majority shareholder role in the company.

• The integrated plan of development of the Piltun-Astokhskoye and Lunskoye fields (Phase 2) is approved by the supervisory board.

• Sakhalin Energy prepares and submits the TEO of integrated development under Phase 2 project.

• The official launch of the implementation of the Sakhalin-2 Phase 2 project.
• First long-term liquefied natural gas (LNG) sales contracts with Japan utility companies are negotiated.
• The Phase 2 TEO is approved.
• The major engineering, procurement and construction contracts for Phase 2 facilities are awarded.

• Commencement of the Trans-Sakhalin pipeline system construction.
• A sales and purchase agreement is signed to supply LNG to the West Coast of North America.
• Sakhalin Energy awards contracts for the long-term charter of three new-built LNG ships to two Japanese-Russian ship owning consortia.
• Sakhalin Energy decides to convene an independent panel of gray whale experts.

• The offshore pipeline system is re-routed to bypass the gray whale feeding grounds.
• Sakhalin Energy signs an agreement to supply LNG to Korea.
• Russia’s first concrete gravity-base structures for the offshore platforms in Lunskoye and Piltun fields are installed.

• The topsides installation on the Lun-A base structure is completed in a record-breaking operation offshore Sakhalin Island.
• The LNG jetty is completed.
• The entire output of both LNG trains (9.6 million tonnes of LNG a year) is contracted under long-term contracts with buyers in Japan, Korea and North America.

• Entry of Russia’s largest company, Gazprom, into Sakhalin Energy as the leading shareholder.
• Sakhalin Energy breaks the world record once again by installing the topsides of the PA-B platform.
• Commissioning and start-up activities begin at Russia’s first LNG plant, using imported LNG cargos.
• Two new LNG carriers built in Japan for the Sakhalin-2 project are christened the Grand Elena and the Grand Aniva.

• The third LNG carrier, also built in Japan, is named the Grand Mereya.
• The port of Prigorodnoye is opened to foreign vessels by a Russian Government decree.
• Sakhalin Energy secures project finance funding for Phase 2 from the Japan Bank for International Cooperation (JBIC) and an international consortium of commercial banks. This sets a new record for Russia in terms of the amount of project financing.
• Yuri Trutnev, Minister of Natural Resources of the Russian Federation, announces Sakhalin Energy the “Best Environment-Friendly Project of the Year.”
• Sakhalin Energy’s practices are recognised as the best example of corporate social responsibility and commended for promulgation by the Federation Council’s Committee on the Affairs of the North and Ethnic Minorities.
• Sakhalin Energy starts year-round oil export operations from the new oil export terminal at the port of Prigorodnoye.

• President Dmitry Medvedev opens Russia’s first LN.

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