Oil and gas ExxonMobil has completely left the russian market
19.10.2022 - 12:40
After seven months of negotiations, the American oil and gas corporation ExxonMobil completely withdrew from russia.
Exxon Mobil Corp has left russia entirely after President putin confiscated its assets following seven months of discussions about an orderly transfer of the company’s 30% stake in the Sakhalin-1 project.
“We have made every effort to engage with the russian government and other stakeholders,” an Exxon representative told Reuters in a statement.
Exxon did not say whether it received compensation for the assets, which it valued at more than $4 billion. An Exxon spokesman declined to comment on whether the company would continue to challenge the seizure through an international arbitration process.
The company has been trying to exit Sakhalin-1 since March 1, when it announced it was divesting all of its assets, leaving open the possibility of selling a stake in the project. At the time, Exxon said that it would “closely coordinate” the transfer with its partners – the russian company “Rosneft”, the Indian ONGC Videsh and the Japanese SODECO.
Shortly after Exxon Mobil’s decision to withdraw from the project, production at Sakhalin-1 fell 22 times from 220 to 10,000 barrels per day.
Previously, such companies as Total Energies, Equinor, Shell and BP transferred real estate to russian partners and announced their exit from the russian market.
