Japan will keep its investment in the Sakhalin-1 oil and gas project in Russia, said the nation’s trade chief.
ExxonMobil (NYSE:XOM) has completed its exit from Russia, calling the departure an “expropriation” of its main Russian operation and potentially setting up a future legal challenge.
President Vladimir Putin signed a decree to transfer operations of the Sakhalin-1 oil and gas project to Russia, a move that could lead to the final withdrawal of ExxonMobil from the nation’s Far East.
China is lapping up liquefied natural gas (LNG) shipments from Russia on the cheap. The Sakhalin-2 LNG export plant in Russia’s Far East sold several shipments to China for delivery through December at nearly half the current spot price in a tender that closed earlier this week, according to traders with knowledge of the matter.
Japan’s Mitsubishi Corporation is set to issue a notice that it will join the new operating company for the Sakhalin-2 LNG export complex in the Russian Far East, reported Nikkei Asia.
The Indonesian government is directing national oil company Pertamina to buy Shell’s (LON:SHEL) 35% equity in the proposed Abadi liquefied natural gas (LNG) project in the Masela Block offshore Indonesia that is led by Japan’s Inpex (TYO:1605).
Russia’s government ordered the establishment of a new operator for the Sakhalin-2 liquefied natural gas (LNG) project in the Far East region, according to a document published in the nation’s legal database.
Japan plans to maintain its stakes in the Sakhalin-2 natural gas project in Russia’s far east, the Nikkei Asia reported, after President Vladimir Putin signed a decree transferring rights to a new Russian company just over two weeks ago.
Russia will establish a company that will take over all rights and obligations of the Sakhalin Energy Investment Co. amid Western sanctions imposed on Moscow, a decree signed by President Vladimir Putin said on Thursday, reported Reuters.
Gazprom and CNPC have signed a technical agreement on the Far East route for supplying Russian gas to China, Gazprom said in a statement. The pair signed a long-term gas supply deal in February underpinning the construction of a pipeline from Russia’s Far East into China, underscoring Moscow’s strategic pivot to Asia.
The head of Russia’s lower parliamentary house yesterday called for the Sakhalin-2 LNG project equity owned by foreign investors from “unfriendly countries” to be transferred to Gazprom or the state.
India’s state-backed Oil & Natural Gas Corporation (ONGC) (NSE:ONGC) is considering placing more offers for Russian energy assets that western majors, such as Shell (LSE:RDSA), BP (LON:BP), and ExxonMobil (NYSE:XOM), are seeking to divest following Russia’s invasion of Ukraine, the Economic Times reported yesterday.
ExxonMobil said Wednesday that it has declared force majeure for its Sakhalin-1 operations in Far East Russia after it became too difficult to ship crude oil due to sanctions, reported Reuters.
China’s interest in acquiring an abandoned stake in a Russian liquefied natural gas (LNG) export project is providing further justification for Japan to continue its joint venture with Gazprom PJSC.
China’s key state-run energy companies are in talks with Shell to buy its stake in a major Russian gas export project, according to people with knowledge of the matter.
Shell has begun to quantify the cost of its exit from Russia in an update ahead of its Q1 2022 results.
Exxon Mobil signaled its highest profit since 2008 as Russia’s war in Ukraine upended global commodity markets.
Australian listed engineering giant Worley will withdraw from Russia, as increasing numbers of businesses react to its invasion of Ukraine.
There has been increasing speculation that Japanese oil and gas companies may follow their Western peers and exit Russian energy projects in response to Vladimir Putin’s bloody invasion of Ukraine. However, this seems unlikely, as such a move - designed to hurt Russia - would be blunted, as China is expected to fill any void left by departing investors.
The Ukraine crisis has pushed Moscow and Beijing closer together as Russia and China jointly push back against US dominance.
Exxon Mobil plans to cede its stake in a Russian oil development to Kremlin-controlled Rosneft PJSC and other partners as sanctions make it harder to operate in the country.
ExxonMobil (NYSE:XOM) said it will discontinue operations at Sakhalin-1 and make no new investments in Russia in response to Vladimir Putin’s invasion of Ukraine. Significantly, this casts more uncertainty around Russia's plans for expanding liquefied natural gas (LNG) exports from Sakhalin Island in Far East Russia.
First BP, then Shell. In just two days, Britain’s twin energy giants have dumped Russian investments nurtured over decades and shut themselves out of the world’s largest energy exporter, probably forever.
Energy services group Petrofac (LON:PFC) has won its first new energy-focused project in Russia, securing a three-year consultancy framework agreement for the early engineering phases of the first wind-to-hydrogen development on Sakhalin Island.
Petrofac has signed up to a strategic partnership with Gazprom, with the aim of establishing itself in Russia.