Shell makes Sakhalin-2 offer to Gazprom

Shell has reportedly offered Russian gas giant Gazprom a controlling stake in the Sakahalin-2 oil and gas exploration project. The offer was made during discussions between Shell’s chief executive Jeroen van der Veer and Alexei Miller, chairman of Gazprom.

The Sakhalin-2 project in eastern Russia is currently jointly owned by Shell, which holds a 55% share, and two Japanese companies, Mitsui and Mitsubishi, with 25% and 20% shares respectively. The field contains an estimated 1.2 billion barrels of oil and 500 billion cubic metres of natural gas.

Russian media reports speculated that Shell offered to give up 30-35% of its share, with Mitsui and Mitsubishi surrendering 10% each.

The current production sharing agreement was agreed between the

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