Exxon Mobil completely left Russia

WASHINGTON, Oct 17 – PRIME The American oil and gas company Exxon Mobil Corp completely left Russia, Reuters reports citing its official representative.

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The company reportedly said Russian authorities “unilaterally liquidated” its stake in the Sakhalin-1 oil and gas project.

“We have made every effort to engage with the Russian government and other participants,” a spokesman quoted Reuters as saying the procedure was a “safe exit” from the local market.

The company declined to clarify whether it received compensation for the assets, which are valued at more than $4 billion, and whether it intends to contest the losses through international arbitration.

The former operator of Sakhalin-1, Exxon Neftegaz Limited (a subsidiary of Exxon Mobil), which owns a 30% stake, announced in March its intention to withdraw from the project, and in April it introduced a force majeure regime, as a result of which production oil and gas was first reduced and then completely stopped. Other participants in Sakhalin-1 are Rosneft (20%), Japanese Sodeco (30%) and Indian ONGC (20%).

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As a result, a week ago Russian President Vladimir Putin issued a decree ordering the government to create a new Russian operator of Sakhalin-1, which would take over the rights and obligations of Exxon Neftegaz Limited. The new Sakhalin-1 operator will be managed by the Rosneft structure Sakhalinmorneftegaz-Shelf, at least until all the stakes in the operator are distributed, after which the authority of the structure can be extended.