ExxonMobil may return to Sakhalin-1: conditions for resuming operations.

According to inkorr.com: The American company ExxonMobil is actively negotiating with the Russian 'Rosneft' regarding the resumption of operations at the Sakhalin-1 oil field. This was reported by The Wall Street Journal citing sources. It is known that a high-ranking Exxon representative has already discussed the possibility of returning to this project, emphasizing support from the governments of both countries if it becomes part of the peace process in Ukraine.

According to additional sources, negotiations with 'Rosneft' intensified in January 2025. There have already been public meetings between U.S. and Russian officials in Riyadh, where investment opportunities for companies, particularly in the energy resources sector, were discussed.

“The first round of negotiations took place shortly after Exxon exited Russia in 2022.”

However, one possible obstacle to Exxon’s return to Russia is a decree signed by Vladimir Putin that allows foreign companies to own shares of the Russian firm that took over management of Sakhalin after Exxon’s exit.

The terms of the company's return to Russia will be determined solely by the Russian side, which may complicate the situation due to the country’s serious economic problems and international restrictions.

Oil and gas project in Sakhalin and history of cooperation

The joint oil and gas extraction project in Sakhalin was established in the 1990s, however, after the war began in 2022, Exxon decided to leave Russia, incurring losses. As a result, the Russian authorities blocked the deal and seized the company’s stake in the project.

Exxon, which previously held a third of the total stake on equal terms with 'Rosneft', seeks to compensate for its losses from exiting and returning to Sakhalin. However, if the corporation decides to return, it will have to adapt to the new conditions of doing business in the difficult economic realities of Russia.

Thus, ExxonMobil is negotiating with 'Rosneft' regarding the resumption of operations at the Sakhalin-1 oil field. Despite possible complications due to Russian legislation and international sanctions, both parties are trying to find a compromise for further cooperation.

This situation underscores potential changes in the energy sector that may influence the dynamics of international relations. The resumption of Exxon’s operations in Sakhalin, if realized, could indicate a possible adaptation of business to new realities and a renewed interest in investments even under sanctions.