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Members of the Japanese consortium Sakhalin Oil and Gas Development Co (SODECO) have been urged to continue with their combined stakes of 30% in the project to ensure the country’s energy security.
Japanese Industry minister Yasutoshi Nishimura was quoted by the news agency as saying: “The Sakhalin-1 is extremely important for Japan’s energy security as it is a valuable source outside of the Middle East.”
Last month, Russian President Vladimir Putin established a new operator for the formerly Exxon Mobil-led Sakhalin-1 project, authorising the government to decide the continuity of foreign shareholders in the project.
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Exxon formerly owned a 30% stake in the Sakhalin-1 project and has now fully exited Russia.
ONGC is planning to take a stake in the new Russian entity, Reuters reported, citing sources familiar with the development.The new Russian company, which will be managed by Rosneft subsidiary Sakhalinmorneftegaz-Shelf, will own investors’ rights in the Sakhalin-1 project.