Japan: Energy security is important when it comes to energy from abroad, including Sakhalin-1.

Japan's Industry Ministry said on Thursday that securing energy from abroad, including the Sakhalin Project is very important for Japan's security of energy. This was in response to a question about U.S. Sanctions on a major shareholder in the Sakhalin-1 Project.

Washington sanctioned Russian oil companies Rosneft, Sakhalin-1's largest shareholder, and Lukoil last month as the latest step to pressure the Kremlin into ending the war in Ukraine. The waiver for the end of operations expired on 21 November.

The Ministry of Economy, Trade and Industry released a statement saying that the government of Japan continues to recognize the importance of securing energy sources from abroad, such as the Sakhalin Project, for Japan's security of energy.

The statement said that "we will take the necessary measures to ensure Japan's energy supply stability is not compromised." However, it declined to comment on the impact of the sanctions on the METI-owned project.

ExxonMobil U.S., which owned a 30% stake Sakhalin-1 in the past, left Russia after the Kremlin invaded Ukraine on a large scale in February 2022.

Exxon had sold its stake to Rosneft, ONGC Videsh and the SODECO consortium, which included METI, Marubeni, Itochu and Japan Petroleum Exploration.

(source: Reuters)