By Alexander Miller, consultant in energy markets. Eurasia Business News, August 26, 2025. Article n°1740
ExxonMobil held secret talks with Russia’s state energy company Rosneft this year about potentially returning to operations in Russia, specifically the Sakhalin-1 oil and gas project. The discussions are reported to be contingent on the U.S. and Russia giving the green light as part of a broader Ukraine peace process. This potential return would mark a significant shift after Exxon exited Russia in 2022 following Western sanctions and the outbreak of the war in Ukraine on February 24, 2022.
The talks reportedly took place in a confidential setting and involved senior executives from both companies. Any return would face scrutiny due to sanctions and geopolitical concerns, but the discussions indicate possible energy cooperation could be part of peace negotiation incentives between the U.S. and Russia.
This development was reported by the Wall Street Journal and cited people familiar with the discussions. It reflects ongoing efforts by officials from both countries to explore energy deals alongside diplomatic negotiations aimed at resolving the Ukraine conflict.
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A decree signed by the Russian President Vladimir Putin on August 15 on the conditions for foreigners to obtain a stake in the operator of the Sakhalin-1 oil and gas project may allow the U.S. oil and gas corporation ExxonMobil to return its stake in the project.
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In addition, the United States has internally discussed the possibility of using Russian nuclear-powered icebreaker ships to support the development of gas and liquefied natural gas (LNG) projects in Alaska. This idea is being considered as one of the possible deals to be pursued during the high-profile summit between US President Donald Trump and Russian President Vladimir Putin in Anchorage, Alaska.
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