Japan will continue to participate in projects on Sakhalin
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Japanese companies will retain their participation in the Sakhalin-1 andSakhalin-2“. This statement was made by Prime Minister Fumio Kishida.
“In the future, according to forecasts, the demand for LNG will grow, so projects on Sakhalin are important for ensuring the energy security of our country, so we will keep our share in them,” he said (quote according to RIA Novosti).
Kishida added that Tokyo “is in close cooperation” with the G7 countries on energy issues. According to him, in the second half of 2022, Japan reduced oil imports from Russia by 90%, and coal by 60%.
In the Sakhalin-1 project, the Japanese company Sodeco owns a 30% stake. Also participating in the project are the Indian ONGC (20%) and “Rosneft“. In March 2022, ExxonMobil announced plans to withdraw from the project. In October 2022, Russian President Vladimir Putin signed Decree on the establishment of a new Russian operator of the Sakhalin-1 project, to which all rights and obligations of the PSA participants, as well as the current operator of the project, Exxon Neftegaz Limited, will be transferred. Rosneft’s subsidiary, Sakhalinmorneftegaz-Shelf, has become the new managing operator.
The Japanese authorities announced their intention to keep their shares in Sakhalin-1. In November 2022, Japanese Minister of Economy, Trade and Industry Yasutoshi Nishimura informedthat the government turned to Sodeco with a request to stay in the project.
The Sakhalin-2 project involves Japanese Mitsui and Mitsubishi, which own 12.5% and 10%, respectively. In June 2022 Putin signed decree, according to which all rights and obligations of the former operator of the Sakhalin-2 project, Sakhalin Energy Investment Company Ltd. were transferred to a specially created Sakhalin Energy LLC. The new operator announced the start of work on August 19. In addition to Japanese companies, the project involves “Gazprom» (50% plus 1 share). Another 27% minus 1 share belongs to Shell, which had previously announced its withdrawal from Sakhalin-2.
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