The Japanese government holds a 50% stake in SODECO. Credit: David Mark from Pixabay.

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The Japanese government has decided to retain its stake in the new Russian firm that manages the Sakhalin-1 oil and gas project in the Russian Far East, reported Reuters.

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Members of the Japanese consortium Sakhalin Oil and Gas Development Co (SODECO) have been urged to continue with their combined stakes of 30% in the project to ensure the country’s energy security.

The Japanese government holds a 50% stake in SODECO. The remaining stake is owned by Itochu, Marubeni, Japan Petroleum Exploration, and Inpex.

Japanese Industry minister Yasutoshi Nishimura was quoted by the news agency as saying: “The Sakhalin-1 is extremely important for Japan’s energy security as it is a valuable source outside of the Middle East.”

Last month, Russian President Vladimir Putin established a new operator for the formerly Exxon Mobil-led Sakhalin-1 project, authorising the government to decide the continuity of foreign shareholders in the project.

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Other Sakhalin-1 project partners included Rosneft affiliates RN-Astra (8.5%), Sakhalinmorneftegaz-Shelf (11.5%), and India’s Oil and Natural Gas Corp (ONGC) overseas arm ONGC Videsh (20%).

Exxon formerly owned a 30% stake in the Sakhalin-1 project and has now fully exited Russia.

ONGC is planning to take a stake in the new Russian entity, Reuters reported, citing sources familiar with the development.The new Russian company, which will be managed by Rosneft subsidiary Sakhalinmorneftegaz-Shelf, will own investors’ rights in the Sakhalin-1 project.