Russian Oil And Gas Project Misses Output Targets After Exxon Exit

Russian oil and gas output at the Sakhalin-1 project in the Far East is only half of what it was projected to be for 2022 after Russia’s invasion of Ukraine set off a series of Western sanctions that led to the departure of ExxonMobil. In a televised meeting with Russian President Vladimir Putin, Sakhalin governor Valery Limarenko said production was less than 50% of that planned, Reuters reported. "First, in May, oil production was practically stopped, and in September, it was gas production. We lost a large amount, more than half, of the…