Over 400 participants of the 16th international conference Oil and Gas of Sakhalin 2012 in the Russian Far East will discuss on September 25-27 prospects for the development of regional oil and gas projects, the Natural Resources Ministry reported. The conference opened on Monday. The first nine similar conferences were held in London and were popular among Western businesspeople. The forum has been held in the Russian Far Eastern island of Sakhalin since 2006. The Sakhalin Region is Russia’s fourth largest in terms of oil and gas reserves. Over 15 million metric tons of oil and 25 million cubic meters of gas are produced in the region annually. International projects being implemented on the regional shelf include Sakhalin 1 and Sakhalin 2.