[The Reuters story excerpted below was little noticed by the media but its timing indicates it is likely another energy issue which is tied to negotiations to bring an end to the Ukraine/Russia war. Thanks to podcasting partner Tammy Nemeth for bringing it to my attention.]
Excerpt:
Russia decree opens door for Exxon return to Sakhalin-1 project
By Reuters
August 15, 20258:07 PM UTCUpdated August 15, 2025
MOSCOW, Aug 15 (Reuters) - Russian President Vladimir Putin on Friday signed a decree that could allow foreign investors, including top U.S. oil major Exxon Mobil (XOM.N), opens new tab, to regain shares in the Sakhalin-1 oil and gas project.
The signing of the decree comes on the day Russian president Vladimir Putin meets Donald Trump in Alaska for a summit where opportunities for investment and business collaboration will be on the agenda, alongside talks to find peace in Ukraine.
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Friday's decree was published as a follow-up to one Putin signed in October 2022, which ordered the seizure of the Sakhalin-1 project.
Exxon previously held a 30% operator share in the lucrative project, and is the only non-Russian investor to have quit its stake.
Exxon did not immediately reply to Reuters request for comment.
The path to Western investment returning to Russia is unclear given the U.S. and European Union would need to lift far-reaching sanctions to facilitate investment. Companies who might wish to return, having spent significant amounts of money to exit the country three years ago, also face high barriers put up by the Russian government.
Trump and his team have considered what sanctions they may be able to lift quickly in the case of progress in talks. Sakhalin-1 has to date not been directly designated under extensive U.S. sanctions on Russian energy.
The decree stipulates that foreign shareholders must undertake actions to support the lifting of Western sanctions if they want to regain their share. They must also conclude contracts for supplies of necessary foreign-made equipment to the project, and transfer funds to Sakhalin-1 project accounts.
[End]
That is all.
I can't resist the temptation to make David's article an opportunity for a humble brag. Sakhalin was my last project as a staff contractor for EM. Most of my work was at Fluor's offices in Sugarland, but I made a two week trip to Yuzhno at the end of detailed design for management reviews. A fascinating look at the extremes mankind goes through to extract oil out of the ground.
I was blessed to be there in August, weatherwise the best two weeks of the year. It was spring-like- in the 70's during the day, cooler at night, while in Houston it was in the 90's. I didn't go out to the field. It was several hundred miles to the north, where the climate is categorized as sub-arctic. I knew a lot of the field work would happen in winter when the weather is brutal. There are communities of Russians living and working there, apart from the oil field.
The drilling and processing is done onshore, but the formation is a few miles offshore. EM reached it through record-breaking extended-reach drilling.
A lot of oil was being produced, along with a lot of associated gas, which was reinjected for pressure maintenance. At the time there was conceptual design work to export the gas as LNG. That, along w/ EM's ownership and operation of the field was terminated as a result of sanctions.
I enjoyed the people, even though they're cynical in a way I didn't find in other countries I've worked in. One thing I saw that was the opposite of what I expected was an elaborate Christian shrine, with gold leaf on all the walls and dozens of paintings featuring mostly saints, but also a few landscapes. It had been built by Putin's government. I had always thought of Putin as an former communist and thus anti-religion, so why the enormous expenditure of money for this beautiful shrine? Apparently Putin's interest in reviving Russia's greatness, including it's deep connection with Christianity through the Russian orthodox church, took priority over any opposition to religion.
I could write a lot more, but I won't. I close by saying I thoroughly enjoyed my trip there, and learned a lot. I wish I could have been there a couple more weeks.
Trump 45: "Drill, baby, drill."
Biden: "Green, go, green"
Europe: "Russia bad. Sanction, just kidding."
Trump 47: "Drill, baby, drill."
Putin: "Go, no, stay."
It's a wonder these big oil companies keep up with the chaos like they do.