{"id":98893,"title":"Russia to take Sakhalin-1 project under its control","publisher":"Share Talk","author":"sharetalk","published":"2022-07-07T14:01:40+00:00","modified":"2022-07-07T14:02:51+00:00","canonical_url":"https://www.share-talk.com/russia-to-take-sakhalin-1-project-under-its-control/","markdown_url":"https://www.share-talk.com/russia-to-take-sakhalin-1-project-under-its-control.md","json_url":"https://www.share-talk.com/russia-to-take-sakhalin-1-project-under-its-control.json","category":"Blogs","categories":["Blogs","Energy"],"tags":["chinese","ExxonMobil","Kremlin","LNG","Plant","Rosneft","Russia","Sakhalin-1","Sakhalin-2","Share Talk","ShareHolders","Vladimir Putin","Yury Trutnev"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"Russian lawmaker on Thursday said that Moscow would take control of Sakhalin-1, an oil and gas project.\n\nPavel Zavalny of Russia’s lower house said that the move was an obvious step.\n\nDmitry Peskov, a Kremlin spokesperson, said that Sakhalin-1 had not been decided.\n\nhttps://twitter.com/Share_Talk/status/1542803645552627712?s=20&t=GJgS4pHsF-jRlNgn7jcGMQ\n\nRussian President Vladimir [Putin signed last week a decree securing full control over the Sakhalin-2](https://www.share-talk.com/shell-evaluates-russian-decree-to-seize-sakhalin-2-lng-plant/#gs.4ivkp3) oil and gas project. This could result in Shell (SHEL.L.) being forced out and Japanese investors.\n\nRosneft (ROSN.MM ) is a partner in the Sakhalin-1 field group. ExxonMobil pulled out of the project after Moscow sent its troops into Ukraine in March.\n\nZavalny, a lawmaker, gave an online briefing: “We were forced into a decision to move Sakhalin-2 out of the (production sharing arrangement) regime to Russia’s jurisdiction under sanctions… Obviously, it will happen the same to Sakhalin-1.”\n\nHe said, “When sanctions are introduced when companies are effectively ineligible to participate in a project. This creates many risks for us, forcing us to make such decisions.”\n\nOn Thursday, Yury Trutnev, Russian Deputy Prime Minister, stated that Sakhalin-1’s oil production had dropped to 10,000 barrels per hour (bpd), from 220,000 bpd. This was due to “restrictions”, which refers to sanctions.\n\nA Japanese official said that the Japanese government is collecting information to verify the facts and Moscow’s intentions regarding the Sakhalin-1 project.\n\nMarubeni and Itochu were Japanese trading houses that are part of SODECO. They could not be reached immediately for comment."}