Millennium Energy Corporation have announced their joint venture agreement with Russian company, Westoil LLC. The deal covers two onshore oil exploration blocks covering 465 square kilometres and 85 square kilometres on Russia’s Sakhalin Island.
Geological surveys have estimated 13 million tonnes of oil and gas for the southern region of the license area and 428 million tonnes in the northern region.
Millennium plans to commission its own 3D seismic survey and a series of exploration wells in order to confirm these estimates.
Russia has the largest combined oil and gas reserves in the world, with oil production currently at 10.55 million barrels per day.