Exxon Mobil owned an 80% stake in the Sakhalin-1 project. Credit: eridelrivero from Pixabay.

Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

Russia has approved the participation of Japan’s Sakhalin Oil and Gas Development (SODECO) and India’s ONGC Videsh (OVL) in the Sakhalin-1 oil and gas project, reported Interfax.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

According to the corresponding instructions issued by Russian Prime Minister Mikhail Mishustin and reviewed by the news agency, SODECO will own a 30% stake in the Russian Sakhalin 1 LLC, which is the new operator of the project, according to the production sharing agreement (PSA).

India’s Oil and Natural Gas Corporation (ONGC) overseas arm ONGC Videsh will hold a 20% stake in the project under the terms of the PSA.

Created in October 2022 and registered in Yuzhno-Sakhalinsk, Sakhalin-1 LLC is managed by Russian firm Rosneft’s unit Sakhalinmorneftegaz-Shelf, with an 11.5% stake while JSC RN-Astra owns an 8.5% interest.

The remaining 80% stake was held by foreign participants, of which 30% was owned by Exxon Mobil, 30% by SODECO, and 20% by ONGC. These firms had a month to confirm their participation in the new project operator.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The Sakhalin-1 project comprises three oil and gas fields off the East Coast of Sakhalin Island in the Sea of Okhotsk. These include Odoptu, Chayvo, and Arkutun-Dagi, all located on the northeastern shelf.

As per the estimates, the project holds reserves of 307 million tonnes of oil and 485 billion cubic metres of natural gas. It also has an oil production capacity of 11.3 million tonnes per annum.