Exxon Mobil plans to increase spending for its Sakhalin-1 oil project by 32% to $17 billion
Exxon Mobil increased its expected spending for its Sakhalin-1 oil project in Russia above the original 2002 estimate of $12.8 billion to reflect inflation and foreign exchange pressures, Reuters refers to the report of Bob Davis, Exxon Mobil spokesman. The spokesman also said the company had seen higher oil field services costs, but he said he could not confirm that the
Davis said he was unable quantify the spending amount on the project, which must be submitted to Russia on an annual basis.
Earlier on Monday, a regional environmental watchdog questioned the environmental and technical readiness of Exxon Mobil's export terminal on the Pacific Ocean, just weeks before its first shipments are set to begin.