The American company ExxonMobil is actively negotiating with the Russian 'Rosneft' regarding the resumption of operations at the Sakhalin-1 oil field, reports The Wall Street Journal, citing sources. A senior Exxon representative has already discussed a return to the project with possible support from the governments of both countries if it takes place within the framework of the peace process in Ukraine.
According to other sources, negotiations with 'Rosneft' intensified in January 2025, and public meetings have already taken place between U.S. and Russian officials in Riyadh regarding the end of the war, during which investment opportunities for companies, particularly in energy resource development, were discussed.
“The first round of negotiations took place shortly after Exxon exited Russia in 2022”
At the same time, one of the possible obstacles to Exxon’s return to Russia is a decree signed by Vladimir Putin, which allows foreign companies to hold shares in the Russian firm that managed Sakhalin after Exxon’s exit.
The conditions for the company's return to Russia will be determined by the Russian side itself, which may prove to be a challenging task due to serious difficulties in the country's economy and international restrictions.
Oil and Gas Project in Sakhalin and History of Cooperation
The joint oil and gas extraction project in Sakhalin was established in the 1990s, but after the war in 2022, Exxon decided to leave Russia, incurring losses. After that, the Russian authorities blocked the deal and even removed the company's stake in the project.
Exxon, which had a one-third share in parity with 'Rosneft', seeks to compensate for losses from the exit and return to Sakhalin. However, if the corporation returns, it will have to accept new business conditions amidst difficult circumstances in the Russian economy.
ExxonMobil is negotiating with Russian 'Rosneft' about resuming operations at the Sakhalin-1 oil field after previously exiting Russia. This may be complicated by the conditions of Russian legislation and international restrictions, but both sides are actively working towards finding a compromise for further cooperation.