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ExxonMobil has been having difficulties with export shipments from the Sakhalin 1 undertaking
ExxonMobil stated on Wednesday that its Russian unit Exxon Neftegas has declared pressure majeure for its Sakhalin 1 operations on account of sanctions. It has develop into more and more troublesome to ship crude to clients, the corporate defined.
The Sakhalin 1 undertaking produces Sokol crude oil off the coast of Sakhalin Island in Russia’s Far East, exporting about 273,000 barrels per day, primarily to South Korea, in addition to different locations together with Japan, Australia, Thailand, and the US.
Exxon introduced final month it might exit about $4 billion in property and discontinue all its Russia operations, together with the Sakhalin 1 undertaking. The US oil big has additionally considerably phased down its chemical and lubricant companies in Russia.
The corporate is taking steps to exit Sakhalin 1, which incorporates addressing contractual and business obligations, Exxon spokesperson Julie King advised Reuters. “As operator of Sakhalin 1, we’ve got an obligation to make sure the security of individuals, safety of the atmosphere and integrity of operations,” King stated.
Venture stakeholders, which additionally embrace Japan’s Sakhalin Oil and Gasoline Growth consortium and Indian explorer ONGC Videsh, are reportedly having problem chartering tankers to ship oil out of the area.
“Because of this, Exxon Neftegas Ltd has curtailed crude oil manufacturing,” King stated.
Refinitiv Eikon information confirmed that two of the newest tankers to tackle crude at Russia’s De Kastri port, the place oil from Sakhalin 1 is loaded, are empty and floating close to the port.
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