New Sakhalin-1 Operating Company Set Up

摘要

A new Russian operating company has been registered for the Sakhalin-1 oil and gas project in the Far East of the country, in line with a recent presidential order ending US major Exxon Mobil's operatorship of the project. Exxon had previously operated Sakhalin-1 via a Bermuda-based afoliate, but it angered Moscow by cutting back production to minimal levels after western governments imposed sanctions on Russia in response to its invasion of Ukraine. The US company has previously stated that it intends to divest its 30% stake in the project.