Russia’s attack on Ukraine has unleashed broad economic and political rebukes and corporate withdrawals by banks, technology and other firms unprecedented in their extent. BP on Sunday said it would take a $25 billion writedown to abandon its Rosneft holdings.
Exxon holds a 30% stake, alongside Rosneft, Japan’s SODECO and India’s ONGC Videsh, in Sakhalin Island oil and gas fields in Russia’s Far East. The group with Exxon as operator has exported more than 1 billion barrels of oil and 1.03 billion cubic feet of natural gas since production began in 2005.
“Supermajor E&Ps and major service providers with exposure to Russia will now be facing tremendous pressure to pull investments from Russia,” said Rystad Energy analyst Artem Abramov.
Source link
