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Putin Orders Sakhalin-1 Project Transferred to Russian Entity

  • Exxon said earlier it plans to quit the Far East operation
  • Putin already moved Sakhalin-2 gas project operator to Russia
The Sakhalin-1 project in 2005.

The Sakhalin-1 project in 2005.

Photographer: Hector Forster/Bloomberg

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President Vladimir Putin signed a decree to transfer operations of the Sakhalin-1 oil and gas project to Russia, a move that could lead to the final withdrawal of Exxon Mobil Corp. from the nation’s Far East.