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ExxonMobil has been having difficulties with export shipments from the Sakhalin 1 mission
ExxonMobil mentioned on Wednesday that its Russian unit Exxon Neftegas has declared power majeure for its Sakhalin 1 operations as a consequence of sanctions. It has turn out to be more and more tough to ship crude to prospects, the corporate defined.
The Sakhalin 1 mission 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 belongings and discontinue all its Russia operations, together with the Sakhalin 1 mission. The US oil large 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 industrial obligations, Exxon spokesperson Julie King informed Reuters. “As operator of Sakhalin 1, now we have an obligation to make sure the security of individuals, safety of the setting and integrity of operations,” King mentioned.
Undertaking stakeholders, which additionally embrace Japan’s Sakhalin Oil and Gasoline Growth consortium and Indian explorer ONGC Videsh, are reportedly having issue chartering tankers to ship oil out of the area.
“Because of this, Exxon Neftegas Ltd has curtailed crude oil manufacturing,” King mentioned.
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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