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Deadline for sale of Exxon stake in Sakhalin-1 extended until January 2027 — decree

The deadline has been extended several times since the creation of the new project operator

MOSCOW, December 24. /TASS/. The deadline for the sale of Exxon's stake in the Sakhalin-1 oil and gas project, implemented under a production sharing agreement, has been extended by one year, until January 2027, according to a decree issued by Russian President Vladimir Putin.

Earlier, the deadline for selling the stake in the project, which was not transferred to the foreign party in the consortium, was set at January 1, 2026. The deadline has been extended several times since the creation of the new project operator.

In autumn of 2022, Russia transferred the Sakhalin-1 project operator to Russian jurisdiction. Exxon Neftegaz was replaced by Sakhalin-1 LLC, registered in Yuzhno-Sakhalinsk, and the operator's management company was replaced by Rosneft's subsidiary, Sakhalinmorneftegaz-Shelf.

The Russian government authorized the transfer of a 20% stake in the new operator to India's ONGC Videsh Limited, and a 30% stake to Japan's Sakhalin Oil and Gas Development Co. Ltd. (Sodeco), which both announced their intention to remain in the project. Rosneft holds another 20% stake in the project. Exxon Neftegas (a subsidiary of the American company ExxonMobil) holds a 30% stake, but ExxonMobil announced its withdrawal from the Sakhalin-1 project and its exit from Russia in March 2022.