US oil major Exxon Mobil has announced its exit as the operator of the Sakhalin-1 oil and gas mining project in the far-eastern part of Russia, and will no longer invest in new ventures in the country following the invasion of Ukraine, according to a statement from the company.
The company operates the Sakhalin-1 project on behalf of a consortium of Japanese, Indian, and Russian companies, with a 20% stake held by Russian state-owned Rosneft. bp announced the severing of its 20% stake in Rosneft on Sunday.
On the same day as bp’s announcement, Norwegian state-backed energy giant Equinor too announced plans to exit its Russian ventures, whilst also announcing its intention not to enter into any new business dealings in the country.
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Shell too, has announced its exit from Russian-based operations – making Exxon Mobil the fourth global oil and gas major to exit major ventures in the country in almost as many days.
The company statement reads: “ExxonMobil supports the people of Ukraine as they seek to defend their freedom and determine their own future as a nation. We deplore Russia’s military action that violates the territorial integrity of Ukraine and endangers its people.
“We are deeply saddened by the loss of innocent lives and support the strong international response. We are fully complying with all sanctions.”
“As operator of Sakhalin-1, we have an obligation to ensure the safety of people, protection of the environment and integrity of operations. Our role as operator goes beyond an equity investment. The process to discontinue operations will need to be carefully managed and closely coordinated with the co-venturers in order to ensure it is executed safely.”
Shell, bp, Equinor and now Exxon Mobil are not the only major global companies pulling out of Russia: General Motors, Apple, and Harley Davidson have also announced their exit from the country, with severe sanctions being imposed on Russia by the EU and Western countries.
