Gazprom takes control of Sakahalin-2 project

Following a December 2006 meeting, Russian gas giant Gazprom has taken a controlling 51% stake in the beleaguered Sakahalin-2 oil and gas exploration project.

Gazprom will pay $7.45 million in cash to current stakeholders Shell, Mitsui and Mitsubishi, who will see their stakes in the project halved to 27.5%, 12.5% and 10% respectively.

The agreement ends the previous production sharing agreement that was established between the initial stakeholders and Russian officials in 1994. The terms of t