ExxonMobil reportedly intends to re-enter the Russian market.
ExxonMobil, the American energy giant, has initiated secret talks with Russia's largest energy company to potentially re-enter the "Sakhalin-1" project, following a decree signed by Russian President Vladimir Putin.
These clandestine discussions were limited to a select few individuals within ExxonMobil, with the CEO, Darren Woods, discussing the possibility of Exxon's return with US President Donald Trump at the White House. The US government has responded positively to Exxon's request, according to a high-ranking US administration official.
The first round of talks between ExxonMobil and the Russian side took place in 2022, following the approval for the resumption of negotiations by Russian authorities. This approval also included other companies, allowing them to engage in talks regarding their blocked assets.
The management of the new operator for "Sakhalin-1" has been transferred to the "Rosneft" structure "Sakhalinmorneftegaz-Shelf". Japanese Sodeco and Indian ONGC, who owned 30% and 20% in "Sakhalin-1" respectively, have confirmed their intention to stay.
Exxon has been in the process of exiting the project since March 2022, but the recent developments suggest a potential reversal of this decision. The successful conclusion of these talks could pave the way for ExxonMobil's return to the "Sakhalin-1" project, a significant development in the energy sector.
Stay tuned for more updates as these negotiations progress.
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