Petrosakh was founded in 1991 as a Russian-U.S. joint venture to develop the Okruzhnoye field on the Eastern coast of Sakhalin Island. In 1993 and subsequently in 1997, Petrosakh was licenced to produce oil from the Okruzhnoye field for a period of 20 years.
The Company acquired full control of Alfa Group's 98.56% ownership interest in Petrosakh on 19 November 2004.
In 2012, the Company secured an extension of the licence until 2037.
In June 2016 Petrosakh was awarded a 25 year exploration and development license for the South Dagi oil field on Sakhalin Island.