Exxon to Leave Russia as Ukraine War Pressures Energy Giants
- Producer says it will discontinue its Sakhalin-1 operations
- BP, Shell among oil and gas majors to also plan withdrawals
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Exxon Mobil Corp. flagged it would join rivals exiting Russia as pressure grows on energy giants to respond to the invasion of Ukraine.
The company, which holds a 30% stake in the Sakhalin-1 offshore oil asset in Russia’s Far East, will begin steps to discontinue operations and leave the venture, Exxon said in a statement. No timeframe was given, and the fact Exxon serves as operator of the facility sets up a complicated, and potentially lengthy process to quit its only remaining oil-producing asset in the nation.