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Russia Oil Production Halted At Russian-Led Project Sakhalin-1

YUZHNO-SAKHALINSK : Russia The volume of oil and condensate production at the Russia-led energy project Sakhalin-1 has almost halted from January-July 2022 and extraction at the site was stopped, the governor of Russia’s southeastern region of Sakhalin, Valery Limarenko, said on Wednesday.

“The volume of Russia oil and condensate production dropped almost twice in the first seven months of 2022 year-on-year. The oil extraction is currently halted,” Limarenko said.

The volume of gas production is also expected to lower as its extraction was stopped on September 16, he added.

 

US company ExxonMobil’s subsidiary remains to be the operator of the Sakhalin-1 project and owns 30% of shares. In March, the company announced its intention to withdraw from the project and declared force majeure in April, significantly reducing oil and gas production in the project.

On August 3, ExxonMobil announced that it was planning to transfer its operating activities on the project to another, undisclosed legal entity. Other Sakhalin-1 project’s shareholders are Japan’s Sodeco with 30%, India’s ONGC with 20%, and Russia’s Rosneft with 20%.

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