GeoSplit, Sakhalin Oil and Gas Industrial Park Signed Agreement of Intent

GeoSplit signed an Agreement of Intent with Sakhalin Development Corporation and Sakhalin Industrial Park Management Company on the sidelines of the international Sakhalin Oil and Gas Conference to become a resident of a new industry investment platform in the region.

Shortly before the start of the conference, Governor of the Sakhalin Region Valery Limarenko met with companies willing to become residents of the Sakhalin Oil and Gas Industrial Park and those providing services to local hydrocarbon production projects. During the conference, the GEOSPLIT® technology of marker-based production logging was presented to the Government of the Sakhalin Region, as well as to Sakhalin Energy and Exxon Neftegaz Limited, the Project Operators of the Sakhalin-1 and Sakhalin-2 projects.

Following the negotiations conducted, a number of agreements were signed with several service companies, including GeoSplit LLC, as the forum entered its final stage. The heads of thirteen businesses put their signatures to the documents affirming their intention to become residents of the oil and gas park.

As expected, the oil and gas park will ultimately accommodate a total of about 40 residents. Commissioning of Sakhalin Energy’s production facility to be built within the first stage of the project is scheduled for 2021. The second stage will involve the construction of a training center, a non-destructive testing (NDT) laboratory, and several production facilities consisting of workshops and warehouses, as well as offices and utility rooms. As reported by the press service of the Government of the Sakhalin Region, the works will be completed in December 2025.

Viacheslav Bolshakov, Partner Development Director, GeoSplit:

"Opening of GeoSplit's own laboratory on the basis of the Sakhalin Oil and Gas  Industrial Park will not only accelerate the data interpretation process, but also will enable us to address the requests of our local customers in a more efficient manner. In addition, the status of the park resident unlocks new opportunities for innovative R&D and educational projects. Furthermore, due to a favorable geographic location of the park, we consider it the main platform for trading with the Asia-Pacific customers."