Japan seeks to stay in Russia's Sakhalin-1 energy project after Exxon exit

Remaining investors forced to decide whether to accept Moscow's new terms

Japan counts on the Sakhalin-1 project in the Russian Far East as a geographically close source of natural gas. © Kyodo

JUNTARO ARAI, Nikkei staff writer

October 31, 2022 23:30 JST

TOKYO -- The Japanese government has decided to remain involved in the formerly Exxon-led Sakhalin-1 oil and gas project in Russia, Nikkei has learned, as it seeks a stable supply of energy despite international sanctions on Moscow over its invasion of Ukraine.

ExxonMobil, which held a 30% stake in Sakhalin-1, announced in March that it would withdraw from the project.