Exxon to shut down oil production in Russia after Ukraine attack

Exxon to shut down oil production in Russia after Ukraine attack

Exxon Mobil Corp. said it is halting operations at a multibillion-dollar oil and gas project in Russia and will make no further investments in the country following its attack on Ukraine.

 The U.S. oil giant said Tuesday that it is preparing to shut down production from the massive Sakhalin Island development in Russia’s Far East. Exxon owns a 30% stake in the project, alongside Russian state-controlled oil producer Rosneft, Japan’s Sodeco and India’s ONGC Videsh. The company said it is taking steps to exit from the consortium.

Exxon is also developing plans for expatriate staff in Russia to leave the country, if the employees wish to do so, according to a person familiar with the plans. The majority of Exxon’s roughly 1,000-person workforce in Russia is made up of Russian citizens.

Published: 02-03-2022