The American giant oil and gas corporation suffers the consequences because of the sanctions against Russia

ExxonMobil is having difficulty with export shipments from the Sakhalin 1 project in Russia. On May 3, ExxonMobil said that Russian subsidiary Exxon Neftegas had declared force majeure on Sakhalin 1’s activities due to sanctions. The company explained that it has become increasingly difficult to ship crude oil to customers.

The Sakhalin 1 project produces Sokol crude oil off Sakhalin Island in Russia’s Far East, exporting around 273,000 barrels per day, mainly to South Korea, as well as other destinations including Japan, Australia, Thailand and the United States. .

Last month, Exxon announced it would withdraw about $4 billion in assets and cease all operations in the country Russiaincluding the Sakhalin 1 project. The American oil giant has also significantly cut back on its chemicals and lubricants businesses in Russia.

The company is taking steps to withdraw from the Sakhalin 1 project, including resolving commercial and contractual obligations, Exxon spokeswoman Julie King told Reuters. “As the operator of Sakhalin 1, we have an obligation to ensure the safety of people, the protection of the environment and the integrity of our operations,” added Ms. King.

Project stakeholders, including Japan’s Sakhalin Petroleum Development Corporation and Indian exploration and production group ONGC Videsh, are said to be struggling to hire tankers to transport the oil out. out of the area.

“As a result, Exxon Neftegas has cut crude oil production,” King said.

Refinitiv Eikon data shows that two of the newest tankers receive crude at the Russian port of De Kastri, where it is loaded from. Sakhalin project 1 – is empty and drifting near the port.