US oil, gas giant ExxonMobil says to exit from Sakhalin-1 project

MOSCOW, Mar 2 (PRIME) -- U.S. oil and gas giant ExxonMobil has begun developing steps to withdraw from the Sakhalin-1 project due to the situation in Ukraine, the company said in a statement on Wednesday.

“ExxonMobil is managing the Sakhalin-1 project on behalf of an international consortium of Japanese, Indian and Russian companies. In response to recent events, we are beginning the process of discontinuing operations and developing steps to exit the Sakhalin-1 project,” the company said.

The Sakhalin-1 project is implemented under a production sharing agreement. Exxon Neftegas Ltd, a subsidiary of ExxonMobil, is the operator of the project with a 30% share, Rosneft has 20%, Japan’s Sodeco has 30%, and India’s ONGC has 20%.

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