US energy leading firm ‘in secret talks’ to go back to Russia

(MENAFN) US energy giant ExxonMobil is reportedly considering re-entering the Russian market, according to sources cited by the Wall Street Journal. The company, along with many other Western firms, pulled out of Russia after the escalation of the Ukraine conflict in 2022.

Earlier this month, Russian President Vladimir Putin allowed ExxonMobil to reclaim its stake in the Sakhalin-1 oil and gas project in the Russian Far East. The announcement came shortly after Putin's meeting with US President Donald Trump in Alaska, where both leaders described the summit as a significant step towards peace and potential economic cooperation.

ExxonMobil executives have reportedly held confidential discussions with Rosneft, Russia's largest state-owned energy company, about rejoining the Sakhalin project if both Moscow and Washington approve. Senior Vice President Neil Chapman reportedly met with Rosneft CEO Igor Sechin, who is under US sanctions, in Doha.

Although talks are ongoing, ExxonMobil’s return remains uncertain, with the decision contingent on whether Trump can broker peace in Ukraine or escalate sanctions on Moscow if the conflict continues. The company is primarily seeking to recover its financial losses from exiting the project in 2022.

Sakhalin-1's majority shareholder, Rosneft, is reportedly open to restoring Exxon’s involvement, recognizing the value of the US firm's capital, technology, and management expertise for the project. Following ExxonMobil’s withdrawal, its 30% stake in Sakhalin-1 was transferred to a Rosneft subsidiary. The remaining shares are held by Japan's Sodeco (30%) and India's ONGC Videsh (20%).

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