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The Sakhalin project is a two-phase, on- and off-shore oil and gas development on Sakhalin Island, Russia, located in the Okhotsk Sea. The project is owned and operated by Exxon Neftegas Limited (ENL). Combined, the Sakhalin phase 1 and 2 reserves contain an estimated 1,200 million barrels of crude oil. The project includes Russia’s first LNG plant, and is expected to contribute billions of dollars to the Russian economy. The first Sakhalin 1 well was drilled in 2003.