Shell has pledged to exit its joint ventures with Gazprom and related entities, including its 27.5% stake in the Sakhalin 2 LNG export project and its 50% stake in the Salym Petroleum Development and the Gydan energy venture. The Sakhalin 2 liquefaction plant comprises two LNG trains with a total capacity of 10.8 Mt/year. The project is owned by a joint venture of Gazprom (50% plus one share), Shell (27.5% minus one share), Mitsui (12.5%) and Mitsubishi (10%). A third LNG train with a capacity of 5 Mt/year is planned by 2025. In addition, a fourth LNG train of 5 Mt/year was under consideration but remains frozen. Shell also intends to end its involvement in the Nord Stream 2 pipeline project, in which the group holds 10%.
In addition, ExxonMobil has started the process to discontinue operations and developing steps to exit the Sakhalin-1 venture, which groups together ExxonMobil (30%, operator), Japan's SODECO Consortium (30%), Russia's Rosneft (20%), and India's ONGC (20%) owns the Sakhalin 1 oil and gas field with total reserves of 307 Mt of oil and 485 bcm of natural gas. Moreover, ExxonMobil will no longer invest in new developments in Russia and should thus withdraw from the Far East LNG liquefaction project, a US$8bn offshore LNG plant with a capacity of 5 Mt/year whose commissioning was scheduled in 2023. The project is developed by the Sakhalin-1 consortium, with SODECO as operator.
Finally, TotalEnergies has decided to no longer provide capital for new projects in Russia and to implement European sanctions, but the company does not plan to exit its position in the country. TotalEnergies owns a 17% stake in Novatek (Volga Resources 23%, TotalEnergies 17%, Gazprom 10%, which produced 626 Mboe of hydrocarbon in 2021, including 79.9 bcm of natural gas and 12.3 Mt of liquids), along with a 20% stake in Yamal LNG (Novatek 50.1%, Total 20%, CNPC 20%, and Chinese Silk Road Fund 9.9%), the operator of the 17.4 Mt/year LNG project. TotalEnergies should thus stop investing in the 19.8 Mt/year Arctic LNG 2 (3 trains of 6.6 Mt/year), developed by Novatek (60%), Total, CNOOC, CNPC and a consortium of Mitsui-Jogmec and Japan Arctic LNG (10% each).