Decree of the President of Russia: The new operator of "Sakhalin-1" will be managed by Rosneft subsidiary for the time being

Moscow, October 8 (Russian Satellite News Agency) According to the order of Russian President Vladimir Putin published on the official website of Russian Legal Information, the new operator of the "Sakhalin-1" project will be temporarily managed by Rosalym's subsidiary "Sakhalin Offshore Oil and Gas - Continental Shelf" until all the shares of the operator are allocated, after which the company's authorization may be extended
.

Russian President Vladimir Putin issued an order on the 7th authorizing the Russian government to establish a new operator of the "Sakhalin-1" project to take over the rights and obligations
of Exxon Neftegaz Limited.

The decree reads: "The Government of the Russian Federation designates the SSE 'Sakhalin Offshore Oil and Gas-Continental Shelf' as the manager of the company, exercising the powers of the sole executive body of the
company from the date of its establishment.
Within 10 days from the date of completion of the transfer of ownership of all shares of the Company, the parties determined by this Decree shall convene a general meeting of shareholders of the Company to elect a new sole executive body of the Company or decide to extend the corresponding authorization
of the Joint Stock Company of Sakhalin Offshore Oil and Gas - Continental Shelf.
”

The current operator of the Sakhalin-1 project is Exxon Neftegaz Limited (a subsidiary of ExxonMobil), which holds a 30% stake
in the project.
In March this year, the company announced its plan

Withdrawing from the project and declaring a state of force majeure in April, led to a near halt
of the project.
At present, the oil and gas exploitation of the project has completely stopped
.
Sakhalin-1 shareholders also include Rosneft (20%), Japan's Sodeco (30%) and India's ONGC (20%)
.