TOKYO, Oct 11 – PRIME. The Japanese authorities, together with the parties involved, are studying the details of the new operator of the Russian Sakhalin 1 project to decide on further actions, said the head of the Ministry of Economy, Trade and Industry of the country, Yasutoshi Nishimura.
“As for the Sakhalin 1 project, since May this year, oil supplies from there have been at zero. Therefore, the presidential decree issued will not have any effect on us. Currently, 90%, even 95% of oil imports come from the countries of the Middle East. However, we do not change our position that we consider the Sakhalin 1 project important for ensuring the energy security of our country,” the minister told reporters.
Nishimura recalled that, according to the decree, within one month, the Japanese SODECO will have to give an answer on whether it will participate in the project.
“Currently, the authorities, together with the parties involved, are studying the details of the new operator to determine a solution,” he added.
Russian President Vladimir Putin decreed that the government should create a new Russian operator of the Sakhalin 1 project, which will take over the rights and obligations of Exxon Neftegaz limited. The new operator of the Sakhalin 1 project will be managed by the Rosneft structure Sakhalinmorneftegaz-Shelf, at least until all stakes in the operator are distributed, after which the authority of the structure can be extended, follows from the decree of the President of the Russian Federation.
The current operator of the Sakhalin 1 project, Exxon Neftegaz Limited (a subsidiary of ExxonMobil), owns a 30% stake in it. In March, the company announced its intention to withdraw from the project, and in April, the introduction of a force majeure regime, as a result of which the project was almost stopped. At the moment, gas and oil production is completely stopped. Also shareholders of Sakhalin 1 are Rosneft (20%), Japanese Sodeco (30%) and Indian ONGC (20%).