Sakhalin-3 has estimated reserves of 4.5 billion barrels of oil equivalent.

While the statement did not elaborate further, observers believe Russia will not stop there. Some 80 small oilfields will have their development rights auctioned and the new law will also affect the two unexplored Okhotsk Sea blocks and four blocks in the Barents Sea.

ExxonMobil has previously stated such “re-auction of development rights [is] a violation of [our] rights”.