(MENAFN) Reports indicate that ExxonMobil is weighing the possibility of resuming operations in Russia, years after exiting alongside other Western companies following the escalation of the Ukraine conflict in 2022.

Earlier this month, Russian authorities permitted the U.S. energy firm to reclaim its stake in the Sakhalin-1 oil and gas project in the Russian Far East. The updated regulations governing the return of foreign companies coincided with a meeting between Russian President Vladimir Putin and U.S. President Donald Trump in Alaska, which both leaders described as an important step toward peace between Russia and Ukraine and included discussions on potential economic cooperation.

According to sources, ExxonMobil executives have maintained confidential discussions with Russia’s state energy giant Rosneft throughout the conflict, exploring a possible return to Sakhalin-1 if both governments approve as part of a broader Ukraine peace agreement. Senior Vice President Neil Chapman reportedly met with Rosneft CEO Igor Sechin, who remains under U.S. sanctions, in Doha to discuss the matter.

The potential return remains uncertain, depending partly on whether a resolution to the conflict can be brokered or if additional sanctions pressure is applied. Industry insiders suggest that ExxonMobil’s reentry will largely hinge on the terms proposed by the Russian government, with the company primarily aiming to recover financial losses sustained after leaving the project. Rosneft is reportedly receptive to restoring Exxon’s involvement, seeing the U.S. firm’s capital, technology, and management expertise as valuable assets.

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