According to this presidential decree, after the establishment of this Russian company, it will be managed by a subsidiary of Russian oil company , and the original foreign shareholders of "Sakhalin 1" will have one month to apply for holding shares in this new entity. . The
"Sakhalin 1" project was put into operation in 2005 and is ExxonMobil's largest energy project in Russia so far. ExxonMobil holds a 30% stake in the project and leads the operation. Three other companies participated in the investment and development of the project: Japan's Sakhalin Oil and Gas Development Company held 30% of the shares, while Rosneft and Indian Oil and Gas Company's Videsh subsidiary each held 20%.
An aerial photo of the Suzu oil-producing area of the Wankor oilfield in the Krasnoyarsk Krai, Russia, on February 28, 2019. Photo by Xinhua News Agency reporter Bai Xueqi After Russia launched a special military operation against Ukraine in late February, Western countries imposed severe economic sanctions on Russia, which directly affected foreign trade and investment in Russia, forcing many large Western companies to consider withdrawing Long-running and profitable investment projects in Russia, including two major oil and gas projects "Sakhalin 1" and "Sakhalin 2".
ExxonMobil has tried to close its business in Russia since March and transfer its shares in "Sakhalin 1", but it has not reached an agreement with the Russian side.
According to Bloomberg, the "Sakhalin 1" oil field has cut production significantly since May; since early June, the export terminal in de Castries will no longer process the crude oil produced by this project. According to a report by Reuters , the project’s daily crude oil production was about 220,000 barrels in late February, but fell to only 10,000 barrels by July.
On March 15th, pedestrians walked on the streets of Moscow, the capital of Russia. Xinhua News Agency (Photo by Yevgeny Sinitsyn)
Putin signed a presidential decree on August 5, prohibiting personnel from "unfriendly" countries and regions from trading Russian strategic projects, energy and mining companies and some banks before the end of this year shares in order to protect national interests, the ban applies to the "Sakhalin 1" oil and gas project.
A few days before the ban, ExxonMobil revealed that it was in talks to transfer its stake in the project to a third-party entity. The company believes that the Russian ban prevents it from "safely withdrawing" from the operation of the project, and has issued a "notice of disagreement" to the Russian government in this regard. This is usually a preparatory legal step for taking a dispute to international arbitration.
According to Putin's order, Russia has set up another operator to take over the "Sakhalin 2" oil and gas project on August 5, giving the original foreign shareholders of the project one month to apply for whether to retain their shares. The former operator's major shareholder Shell Group decided to withdraw, and two Japanese companies, Mitsui & Co. and Mitsubishi Corporation, have applied to the Russian side and were allowed to retain a total of more than 20% of the shares.
The Japanese side said that the move was to ensure its own energy security. Japan follows the sanctions imposed by Europe and the United States on Russia, but it relies heavily on imports for energy. About 9% of liquefied natural gas is supplied by Russia, almost all from "Sakhalin 2".
, as a shareholder of "Sakhalin No. 1", Japan's Sakhalin Oil and Gas Development Company has not yet responded to Russia's latest decision. Japan's Ministry of Economy, Trade and Industry holds half of the company's shares. A Ministry of Economy, Trade and Industry official told Reuters that Japan is still collecting information and discussing countermeasures with legal partners. At the beginning of August, the then Minister of Economy, Trade and Industry Koichi Hagiuta said that "Sakhalin 1" is an important source of oil and gas for Japan outside the Middle East, and Japan's position on retaining shares in the project remains unchanged.
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