OREANDA-NEWS  The deadline for the sale of Exxon's unclaimed stake in the Sakhalin-1 oil and gas project has been extended for a year, until January 1, 2026, follows from a decree by Russian President Vladimir Putin posted on the official publication of legal acts website.

"Replace the words "January 1, 2025" with the words "January 1, 2026," says the document amending the presidential decree of October 7, 2022.

Initially, it was planned that the valuation and sale of the stake would be carried out within four months, but then the deadline was extended until 2025.

In October 2022, the president ordered the creation of the Russian operator of the Sakhalin-1 project, which will transfer the rights and obligations of the American Exxon Neftegaz limited, which owns 30% in the project. Rosneft's Sakhalinmorneftegaz-Shelf structure with a 20% stake in the project became the managing director of the new operator. Foreign participants, Japanese Sodeco and Indian ONGC, owning 30% and 20% in Sakhalin-1, respectively, confirmed their intention to stay. Exxon has been in the process of exiting since March 2022.