Russia's Sakhalin-1 cut oil output by 10% in 2025

MOSCOW, March 11 (Reuters) - Oil production at Russia's Far-Eastern Sakhalin-1 project, abandoned by U.S. major ExxonMobil XOM.N, continued to decline last year, falling by 10.3% due to planned maintenance, regional authorities said.

They didn't provide production volumes, which fell 9.8% in 2024.

Exxon took a $4.6 billion impairment charge on its 30% operator stake in the project off Russia's Pacific coast in April 2022, exiting Russian business after the start of the conflict in Ukraine in February 2022.

India's ONGC Videsh ONVI.NS and Japan's SODECO are also stakeholders in the project.

Two sources familiar with the talks told Reuters in September that Exxon and Russian state-run energy giant Rosneft ROSN.MM had signed a non-binding initial agreement aimed at helping Exxon recoup its losses.

Russia has said it would welcome the return of companies that pulled out of the country.

The Sakhalin administration also said that liquefied natural gas production at the Sakhalin-2 project, led by Gazprom GAZP.MM, reached 10.3 million metric tons last year, up 1.1% from 2024.

Japan's Mitsui 8031.T and Mitsubishi 8058.T own a combined 22.5% stake in Sakhalin-2.