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.
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.
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.
