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
18 February 2026
With Texas LNG approaching financial close, Alaska LNG advancing towards a phased buildout and Magnolia LNG positioned for future optionality, Glenfarne CEO Brendan Duval says the coming year will demonstrate how the company’s more focused, owner-operator approach is reshaping LNG infrastructure development in the North America
18 February 2026
The global gas industry is no longer on the backfoot, hesitantly justifying the value of its product, but has greater confidence in gas remaining a core part of the global energy mix for decades
18 February 2026
With marketable supply unlikely to grow significantly and limited scope for pipeline imports, Brazil is expected to continue relying on LNG to cover supply shortfalls, Ieda Gomes, senior adviser of Brazilian thinktank FGV Energia,
tells Petroleum Economist
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
