Exxon Mobil to shut down Russian oil production after attack on Ukraine

Company will not leave immediately but says it will make no new investment in Sakhalin project

Graeme Massie
Los Angeles
Wednesday 02 March 2022 14:30
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Exxon Mobil says it will shut down its Russian oil production after Vladimir Putin’s unprovoked attack on Ukraine.

The Texas-based energy company announced that it would end its involvement in a large Russian oil and gas project, following companies such as BP and Shell in quitting the country.

Exxon had been developing the project on the eastern Russian island of Sakhalin along with the state-controlled company Rosneft, as well as partners from India and Japan.

“Exxon Mobil supports the people of Ukraine as they seek to defend their freedom and determine their own future,” the company said in a statement.

“In response to recent events, we are beginning the process to discontinue operations and developing steps to exit the Sakhalin-1 venture.”

Exxon had operated in Russia for more than 2 years, but began to withdraw from the country following the 2014 invasion of Ukraine.

The company said that although it will not be able to quit Russia immediately, it will make no new investment there.

“As operator of Sakhalin-1, we have an obligation to ensure the safety of people, protection of the environment and integrity of operations,” Exxon added.

“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.”

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