Japan seeks to stay in Russia's Sakhalin-1 energy project after Exxon exit

Nov 01, 2022 | News On Japan

TOKYO - The Japanese government has decided to remain involved in the formerly Exxon-led Sakhalin-1 oil and gas project in Russia, Nikkei has learned, as it seeks a stable supply of energy despite international sanctions on Moscow over its invasion of Ukraine.

ExxonMobil, which held a 30% stake in Sakhalin-1, announced in March that it would withdraw from the project.

Russia has set up a new company to take over the project under a presidential decree that has in effect forced investors to choose sides.

Japan's Ministry of Economy, Trade and Industry is a stakeholder in Tokyo-based Sakhalin Oil and Gas Development -- which owns 30% of Sakhalin-1's current operator -- along with other investors including Itochu, Japan Petroleum Exploration and Marubeni.

The Japanese consortium will make a final decision on whether to stay invested in the project after discussions with other stakeholders. ...continue reading

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