Shell, the British oil and gas group, has not yet received payment related to the sale of its stake in Sakhalin Energy, the operator behind the Sakhalin-2 project. This update comes from statements attributed to the company’s finance chief, Sinead Gorman, as reported by the Russian news agency TASS. The key point is clear: the funds from the sale remain outstanding, and the financial transaction has not concluded with a cash transfer to Shell at this stage.
In a development that reshapes ownership of Sakhalin Energy, the Russian natural resources company Novatek obtained a government-approved permission to acquire Shell’s 27.5 percent stake, a deal valued at approximately 94.8 billion rubles. This approval marks a significant milestone in the restructuring of Sakhalin Energy, the operator responsible for the Sakhalin-2 complex. The anticipated transaction would transfer control of a sizable minority share and alter the landscape of asset ownership tied to one of Russia’s largest continental shelf projects, reflecting broader political and economic recalibrations affecting foreign participation in strategic energy ventures.
Prior to this change, the principal shareholders in Sakhalin Energy included Gazprom, the energy conglomerate with vast influence across Russia’s gas industry, alongside Shell with a substantial minority stake, Mitsui & Co. holding a notable portion, and the Mitsubishi group controlling a further segment. The government’s intervention effectively reshaped the cap table, lowering the number of independent stakeholders and centralizing ownership dynamics around a smaller group of key players. This shift has implications for governance, fiscal flows, and the strategic direction of the Sakhalin-2 project as it continues to operate within a regulatory environment that prioritizes state involvement in critical energy assets.
By the end of a prior sequence of administrative actions, a presidential decree directed that Sakhalin Energy, the operator at the heart of the Sakhalin-2 oil and gas scheme, would be transferred to state ownership. The decree set in motion a process designed to transition control of the operator to the state, aligning with Russia’s long-standing approach to strategic energy resources. The current status of the sale and its financial settlement remain closely watched by market participants and industry observers who track how such state-led reorganizations influence investment climate, project timelines, and the balance between foreign participation and national stewardship in large-scale energy projects.