The UK-based oil company said on Monday it was giving up its 27.5% stake in the Sakhalin-2 liquefied natural gas facility, its 50% stake in a project to develop the Salem fields in West Siberia and its 50% stake in a peninsula exploration project. Gedan in Northwest Siberia.
“Our decision to exit is a decision we make with conviction,” Van Burden said. We cannot – and will not – stand idly by.”
The company was one of five companies that provided 50% of financing and guarantees for the estimated cost of 9.5 billion euros ($10.6 billion) to build the Gazprom Nord Stream 2 pipeline under the Baltic Sea between Russia and Germany. The project effectively came to a halt last week when German Chancellor Olaf Schulz said the country would halt certification of the pipeline.
Its subsidiary, Exxon Neftegas Limited, owns a 30% stake in Sakhalin-1 – a huge oil and natural gas project located off Sakhalin Island in the Russian Far East. It has operated the project since 1995 on behalf of a consortium that includes Japanese and Indian partners, as well as two Rosneft subsidiaries.
– Chris Liakos contributed to this article.
“Unapologetic reader. Social media maven. Beer lover. Food fanatic. Zombie advocate. Bacon aficionado. Web practitioner.”
:max_bytes(150000):strip_icc():focal(749x0:751x2)/caitlin-clark-wnba-041524-0a1a9a87679e4c1fbbef345e04d85060.jpg)
More Stories
Google fires 28 employees after protesting Israeli cloud contract
ASML earnings drag semiconductor stocks lower
United Airlines jumps after results beat “significantly low” expectations.