Putin signed a decree on the creation of a new operator of the Sakhalin-1 project
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Russian President Vladimir Putin instructed the government to create a Russian operator for the Sakhalin-1 project. As follows from decree head of state, the organization will be transferred all the rights and obligations of the current operator Exxon Neftegas Limited.
Shares in the authorized capital of the new project will be divided among the subsidiaries of Rosneft, which participate in the project. Sakhalinmorneftegaz-Shelf JSC will receive 11.5%, RI-Astra – 8.5%. The remaining 80% will be transferred to the new operator until all shares are distributed. Foreign participants in Sakhalin-1 must confirm their agreement to take ownership of a proportional share in the new operator within a month. Shares in the project were owned by American ExxonMobil (30%), Japanese Sodeco (30%) and Indian ONGC (20%).
According to the decree, the new Sakhalin-1 operator and its participants will retain a special tax regime, customs, customs and tariff regulation, as well as the exclusive right to export gas.
In June, a similar transfer scheme to Russian jurisdiction was applied to Sakhalin-2. Instead of Sakhalin Energy, it was the Sakhalin Energy structure created in Russia. Russia also approved the participation of Japanese companies in the project Mitsubishi and Mitsui (they received 10% and 12.5% respectively).
At the end of September, Governor of the Sakhalin Region Valery Limarenko informedthat the volume of oil and condensate production at Sakhalin-1 has almost halved in seven months compared to the same period in 2021.
In July, Russian authorities said that production at the Sakhalin-1 project “due to the restrictions” was reduced by 22 times – from 220,000 to 10,000 barrels per day. A sharp decline in oil production occurred after the operator of Sakhalin-1 ExxonMobil announced the termination of participation and recalled its specialists. Ministry of Energy thinksthat production at Sakhalin-1 was stopped under a far-fetched pretext.
More details – in the material “Kommersant” “Oil dried up”.
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