President Vladimir Putin has gifted Russia something big on his 70th birthday he has just snatched a huge oil and gas project from the United States of America Putin signed a decree on the 7th of October that will make Russia take over the operations of ExxonMobil in the circle in one oil and gas project ExxonMobil is an American energy giant Russia is now the biggest operator of the cycle in one oil and gas development project located off the coast of Sakhalin island in Russia's Far East this takeover from ExxonMobil is yet another one of Vladimir Putin's signature moves to grapple and choke western energy properties in Russia ExxonMobil holds a 30% operator stake in circle in one while Russian company Rosneft India's ONGC Pradesh and Japans Sodeco are its partners now Russia operates exons 30% the suffering one feels in the Russian Far East are estimated to contain 4.5 billion barrels of oil and 17 trillion cubic feet of gas circle in one is a valuable non Middle East source for Japan which depends on the Middle East for 90% of its crude oil imports this is what makes this project how valuable for Russia Japan and India until recently it was quite lucrative for the United States as well and ExxonMobil's involvement helped produce 270,000 barrels of oil per day ExxonMobil has been trying to exit its Russian operations and transfer its role in cycling 1 to a partner since March it is also reduced energy production and move stuff out of the country for this ExxonMobil's token impairment charge of $4.6 billion in April 2022 on August 14 issued a decree August 14 issued a decree that ExxonMobil said made a financial exit from Sakhalin-1 difficult according to the latest decree Putin will establish a company managed by a Rosneft subsidiary to all investors rights in Sakhalin-1 japans Sodeco which owns a 30% week in cycling one project avoided any comments Putin used a similar strategy in July to seize control of the circling 2 where the United kingdoms shell and Japan's Mitsuki and Co and Mitsubishi corporation were partners in 2005 India commenced oil and gas production at circle in one project in fact India's ONGC has a 20% stake in the circle in one project ONGC exports a Russian grade fuel known as so-called produced in cycling one through tenders so coal is mostly bought by north Asian buyers and loaded from South Korea Indian energy giants ONGC Pradesh and BPCL you did not comment on the latest decree by Putin India is purchasing Russian oil at steep discounts after oil companies and countries in the West sanctioned Russian crude Putin is also trying to get back in Europe for seizing Russian assets Germany recently seized three Russian oil refineries in an escalation of the energy war with Russia German Chancellor Olaf shows said that taking the plans was a far-reaching energy policy decision to protect the country the EU is also asking Italy to follow suit the seizure of Russian assets across Europe would have definitely played a big role in motivating important to do the same within Russia is Russia's takeover of ExxonMobil Mobil's assets are farfetched plan or is it an act of revenge over the European seizure of Russian energy assets.
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