A Reuters report on Thursday from Moscow quoted Pavel Zavalny, who heads the energy committee in the lower house RussiaThe U.S. Parliament, as the nationalization of Sakhalin-1 is calling, was an “obvious” move following Shell’s exit to acquire the Sakhalin-II project.
The report, however, quoted Kremlin spokesman Dmitry Peskov as saying that no decision had been taken on Sakhalin-1.
OVL and Rosneft hold a 20% stake in Sakhalin-I, located in the Russian Far East. ExxonMobil and SODECO, a consortium of Japanese firms, own 30% each. Production has dropped from 220,000 bpd to 10,000 barrels per day (bpd).
ExxonMobil said on March 1 that it would cease operations in response to Russia’s military crackdown in Ukraine and coordinate a gradual withdrawal with partners, with OVL offering to send more personnel with appropriate expertise to partially fill the void. Of. Informed people said that Rosneft is open to the proposal and is examining the list of personnel suggested by OVL.
The people mentioned above said that if the government decides to nationalize, as seen in the case of Sakhalin-II, Moscow will transfer the project to a new company and ask the partners, whether they want to stay on it. Will ask to buy or not. in the new unit. Those who want to exit can sell their stake in the new company. This arrangement will prevent loss of value due to a distress sale by an existing partner to Russia or other investors.
“OVL has never said that he wants to move out and has a long-standing relationship with Rosneft. OVL initially financed Rosneft’s stake in the project. Hence one can assume that the interests of OVL will be protected (in case of nationalisation), ”said a person.
Following the announcement of Shell’s exit, the Russian government has nationalized the Sakhalin-II oil and gas project and is looking to sell its stake.