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ExxonMobil OMV Russia Ukraine Gazprom
Simon Ferrie
2 March 2022
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ExxonMobil and OMV back out of Russian projects

The US major is withdrawing from Sakhalin 1 while OMV is dropping a proposed Gazprom deal

ExxonMobil will quit Russia's Sakhalin 1 oil and gas project and Austria’s OMV is pulling out of a deal with Gazprom, as IOCs continue to respond to the invasion of Ukraine. And Germany’s Wintershall Dea has given an update on its position, while trading houses are also starting to respond.  ExxonMobil operates Sakhalin 1 with a 30pc stake, but the major is “beginning the process to discontinue operations and developing steps to exit the Sakhalin 1 venture”. “The process to discontinue operations will need to be carefully managed and closely coordinated with the co-venturers in order to ensure it is executed safely,” the company says, adding that it “will not invest in new developments in Ru

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