Exxon Mobil is exploring a potential return to Russia’s Sakhalin-1 oil project, holding secret talks this year with state-owned Rosneft, according to The Wall Street Journal. Senior Vice President Neil Chapman led Exxon’s side of the negotiations, which were conducted under Treasury Department licenses that permit talks on stranded assets. CEO Darren Woods also raised the possibility with Trump at the White House, with Exxon seeking U.S. government backing if it reenters Russia. Any move hinges on peace talks to end the Ukraine war, with Russia dangling energy investment opportunities as part of the process. Putin recently eased restrictions on foreign ownership in Sakhalin, opening the door for Exxon’s potential re-entry after its 2022 exit. Moscow had blocked a stake sale and wiped out Exxon’s share, costing the company over $4 billion.
