ExxonMobil pulls plug in Russia’s oil and gas business and makes no new investment

ExxonMobil announced on Tuesday that it would unplug its oil and gas business in Russia and not make new investments in the country during the crisis in Ukraine.

and statement, The Texas-based company said it had decided to shut down as a sign of solidarity with the Ukrainian people.

“ExxonMobil assists the Ukrainian people as they try to protect their freedom and determine their future as a nation. We violate Ukraine’s territorial integrity and endanger its people Russia Laments the military action of the company, “the company said.

“We are deeply saddened by the loss of innocent life and support a strong international response. We are in full compliance with all sanctions.”

ExxonMobil operates the Sakhalin 1 project on behalf of an international consortium of Japanese, Indian and Russian companies. 30 percent Investing in the project.

It is located off the northeastern coast of Sakhalin Island in the Russian Far East.

This project is one of the largest international investments in Russia, Tens of billions of dollars For the Russian government. It is estimated to have 2.3 billion barrels of oil and 17.1 trillion cubic feet of natural gas. According to company data..

ExxonMobil said it is currently shutting down and “developing steps to withdraw from the Sakhalin 1 venture” in response to recent events in Ukraine.

“As the operator of Sakhalin 1, we have a duty to ensure the safety of people, the protection of the environment and the integrity of our operations. Our role as an operator goes beyond equity investment,” ExxonMobil said. Says. “The process of shutting down operations must be carefully managed and closely coordinated with the consortium to ensure safe execution.

“Given the current situation, ExxonMobil will not invest in new developments in Russia.”

ExxonMobil has not provided an exact time frame for when the Sakhalin 1 project will be shut down altogether, and it is currently unknown what will happen to the multi-billion dollar oil and gas facility.

The Epoch Times is seeking comments from ExxonMobil spokespersons.

ExxonMobil’s announcement came after a series of other Western companies suspended or planned to do so in Russia following the Moscow-led invasion of Ukraine.

French companies BPPLC, Shell, and TotalEnergies SE, which are involved in Russia’s major LNG projects, have announced similar moves.

Meanwhile, Norway’s largest energy company, Equinor ASA, has announced that it will withdraw from its joint venture in Russia. This is worth about $ 1.2 billion in total.

Dozens of companies, including Apple, Ford, Nike, Harley-Davidson and Dell, have announced similar plans to abandon Russia’s operations after Moscow troops invaded the former Soviet nation on February 24.

Social media platforms such as Google’s YouTube, Twitter, and TikTok are also now blocking content from state-sponsored media outlets, RT News, and Sputnik.

Catabella Roberts


Katabella Roberts is a reporter currently based in Turkey. She focuses primarily on the United States and covers the news and business of The Epoch Times.