RNFTF - Exxon said to withdraw personnel halt drilling operations in Russia

Exxon Mobil (XOM +1.1%) reportedly has begun removing U.S. employees working in Russia and scaling back operations at its major offshore development project on Russia's Sakhalin Island in response to the crisis in Ukraine. Exxon has a 30% interest in the Sakhalin 1 oil and gas project, which it operates through its Exxon Neftegaz subsidiary, and is developing three oil and gas fields off Sakhalin; Japan's Sodeco also owns a 30% stake in Sakhalin 1, with India's ONGC Videsh and Russia's Rosneft (OTCPK:RNFTF) each holding 20%. Sakhalin 1 produced nearly 83M barrels of oil and condensate and more than 12B cm of natural and associated gas in 2021. Exxon, which has been develop Russian oil and gas fields since 1995, is coming under increasing pressure to cut ties with Russia after BP, Shell and Equinor disclosed plans to exit Russian investments or halt operations.

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Exxon said to withdraw personnel, halt drilling operations in Russia