Tuesday, May 3, 2022

Exxon Declares Force Majeure On Russian Sakhalin-1 Oil Operations

The Exxon Mobil corporate pavilion at the 21st World Petroleum Congress in Moscow, June 16, 2014. Exxon Mobil said on Wednesday its Russian unit Exxon Neftegas has declared force majeure for its Sakhalin-1 operations due to sanctions on Russia that have made it increasingly difficult to ship crude to customers. Andrey Rudakov, Bloomberg  

CNBC/Reuters: Exxon declares force majeure on Russian Sakhalin-1 operations 

* Exxon Mobil said on Wednesday its Russian unit Exxon Neftegas has declared force majeure for its Sakhalin-1 operations due to sanctions on Russia that have made it increasingly difficult to ship crude to customers. 

* Exxon said on March 1 it would exit about $4 billion in assets and discontinue all its Russia operations, including Sakhalin 1, following Moscow’s invasion of Ukraine on Feb. 24. 

* The oil producer is taking steps to exit Sakhalin 1, which includes addressing contractual and commercial obligations, Exxon spokesperson Julie King said in a written response.

Exxon Mobil said on Wednesday its Russian unit Exxon Neftegas has declared force majeure for its Sakhalin-1 operations due to sanctions on Russia that have made it increasingly difficult to ship crude to customers. 

The Sakhalin-1 project produces Sokol crude oil off the coast of Sakhalin Island in the Russian Far East, exporting about 273,000 barrels per day, mainly to South Korea, and to other destinations including Japan, Australia, Thailand and the United States. 

Exxon said on March 1 it would exit about $4 billion in assets and discontinue all its Russia operations, including Sakhalin 1, following Moscow’s invasion of Ukraine on Feb. 24.  

Read more ....  

Update #1: Exxon Declares Force Majeure On Sakhalin-1 (OilPrice.com)  

Update #2: US oil giant declares Russia force majeure (RT)  

WNU Editor: There are buyers for Exxon's stake in Russia .... China considers buying stakes in Russian energy, commodity firms (Financial Post).

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