Exxon faces new pressure over dealings with Russia’s Rosneft

Russia’s attack on Ukraine has unleashed broad economic and political rebukes and corporate withdrawals by banks, technology and other firms unprecedented in their extent. BP on Sunday said it would take a $25 billion writedown to abandon its Rosneft holdings.

 Exxon holds a 30% stake, alongside Rosneft, Japan’s SODECO and India’s ONGC Videsh, in Sakhalin Island oil and gas fields in Russia’s Far East. The group with Exxon as operator has exported more than 1 billion barrels of oil and 1.03 billion cubic feet of natural gas since production began in 2005.

“Supermajor E&Ps and major service providers with exposure to Russia will now be facing tremendous pressure to pull investments from Russia,” said Rystad Energy analyst Artem Abramov.