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Exxon Mobil begins scaling back participation in oil drilling project in Russian Far East

  • April 29, 2022
  • , Nikkei
  • JMH Summary

Friday’s Nikkei reported that Exxon Mobil is following through with its plan to disinvest from the Sakhalin 1 offshore oilfield development initiative in the Russian Far East by starting to recall its representatives and engineers from the Russian plant. The paper projected that the dwindling presence of Exxon may have an adverse impact on Japan’s procurement of Russian oil, half of which comes from Sakhalin 1.

 

In a related story, the business daily highlighted remarks made on Friday by a Hong Kong-based business executive affiliated with major Chinese energy company CNOOC, who said that the state-owned firm is “interested” in the stakes in the Sakhalin 2 LNG development project that UK oil giant Shell plans to relinquish on account of the Russian aggression of Ukraine.

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