During secret talks with Russia’s largest state-owned energy company this year, a senior Exxon Mobil executive discussed returning to a large-scale Sakhalin project if the two governments gave the green light to the peace process in Ukraine, sources familiar with the negotiations said.
Reportedly, “only a handful of people at Exxon knew about these negotiations.” On the part of the American oil company, they were led by “one of the top managers, senior vice President Neil Chapman.” Their first round took place shortly after Exxon left Russia in 2022.
Under the Biden and Trump administrations, Exxon and other companies had permission and licenses from the U.S. Treasury Department to negotiate distressed assets with their Russian counterparts, said one of the people familiar with the discussions.
At the same time, Exxon executives appealed to the U.S. government for support if the company returned to Russia, and received a sympathetic attitude, said a senior administration official.
CEO Darren Woods has discussed Exxon’s possible return with Trump at the White House in recent weeks.
“The resumption of business in Russia will mean a sharp rapprochement after Exxon’s disorderly breakup with Moscow,” the author summarizes.
The return is not guaranteed and partly depends on whether Trump succeeds in ending the war in Ukraine or instead tightens sanctions if Putin refuses to cease hostilities.
Negotiations between Exxon and Rosneft on restarting their partnership intensified during Trump’s inauguration in January this year, the publication notes.
