Bloomberg said that the Russian government approved a budget of $1.26 billion for the Sakhalin-I project instead of the $1.84 billion projected by Exxon with the proposed pipeline expenditure taken into consideration.
Bloomberg reported that Exxon has also been denied to drill oil deposits discovered near the Sakhalin-I project.
The other participants in the Sakhalin-I project are India’s ONGC, Japan’s Sodeco and Russian oil firm Rosneft.
