ExxonMobil’s Russian door remains ajar
While the US oil major has declined to return given the sensitivities over Ukraine, Sakhalin 1 and other energy projects are temptations that will not go away
Will ExxonMobil accept President Vladimir Putin’s invitation to return to Russia? That question would have seemed absurd two years ago: could ExxonMobil, the most prominent Western oil major to walk away from Russia after the invasion of Ukraine, really return while the war still rages? And yet in August, Putin signed a decree offering foreign shareholders, including ExxonMobil, the chance to reclaim their stakes in Sakhalin 1—the Far Eastern oil and gas project ExxonMobil once pioneered. Then came reports from The Wall Street Journal (WSJ) that ExxonMobil executives and Rosneft officials had held discreet talks in Doha on a possible return, contingent on government approvals and a diplomati
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
