Sakhalin 1 is operated by ExxonMobil subsidiary Exxon Neftegas Limited
ExxonMobil and OMV back out of Russian projects
The US major is withdrawing from Sakhalin 1 while OMV is dropping a proposed Gazprom deal
ExxonMobil will quit Russia's Sakhalin 1 oil and gas project and Austria’s OMV is pulling out of a deal with Gazprom, as IOCs continue to respond to the invasion of Ukraine. And Germany’s Wintershall Dea has given an update on its position, while trading houses are also starting to respond. ExxonMobil operates Sakhalin 1 with a 30pc stake, but the major is “beginning the process to discontinue operations and developing steps to exit the Sakhalin 1 venture”. “The process to discontinue operations will need to be carefully managed and closely coordinated with the co-venturers in order to ensure it is executed safely,” the company says, adding that it “will not invest in new developments in Ru
Also in this section
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
