India’s ONGC Videsh said it and its partners will decide on how to keep operating the Sakhalin 1 project over next few weeks, after Exxon Mobil’s decision to exit Russia’s oil and gas sector over Moscow’s invasion of Ukraine.
Exxon, with a 30% stake, has operated the project in Russia’s Far East since production began in 2005. ONGC Videsh, and Japan’s SODECO own 20% while the remainder is held by Rosneft.
ONGC Videsh, the overseas investment arm of India’s top explorer Oil and Natural Gas Corp., did not see “any immediate impact,” on the operation of the project due to Exxon’s decision, it said in an emailed statement.