Cabinet Minister Matsuno called the decision to transfer a stake in Sakhalin-1 to Japan “extremely significant”

© /a>Offshore platform in the Sea of ​​Okhotsk

Offshore platform in the Sea of ​​Okhotsk - 1920, 11/15/2022

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TOKYO, 15 Nov – Japanese government secretary general Hirokazu Matsuno, commenting on Russia’s permission to transfer a 30% stake in the new Sakhalin-1 operator to Japanese Sodeco, called this decision “extremely significant” for ensuring Japan’s energy security.
The day before, the Russian government allowed to transfer 30% in the new Sakhalin-1 operator to the Japanese Sodeco, and 20% to the Indian ONGC. Thus, both companies will receive shares in the new operator, “proportionately owned by their shares.” The order also noted that both companies had officially notified the Russian government of their agreement to take ownership of a stake in the new operator.
“We are aware that the Russian government has approved the participation of the Japanese Sodeco in the Sakhalin-1 project. We consider this decision extremely significant in terms of ensuring the energy security of our country,” Matsuno stressed.
In early October, Russian President Vladimir Putin ordered the government to create a new – Russian – operator of the Sakhalin 1 PSA project, which will transfer the rights and obligations of Exxon Neftegaz limited. The new operator will be managed by the Rosneft structure Sakhalinmorneftegaz-Shelf. According to the presidential decree, the foreign participants of the consortium can keep their shares in the project if they declare their desire to stay. Earlier, Japanese Sodeco and Indian ONGC announced that they would like to continue participating in the project, while American ExxonMobil withdrew from it.
The former operator of Sakhalin-1, Exxon Neftegaz Limited (a subsidiary of ExxonMobil), owned its 30% stake. In March, the company announced its intention to withdraw from the project, and in April – the introduction of a force majeure regime, which ultimately stopped gas and oil production there by autumn. Among the remaining participants in Sakhalin-1 are Rosneft (20%), Japanese Sodeco (30%) and Indian ONGC (20%).

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