Russian president Vladimir Putin has signed a decree that could see ExxonMobil return to the Sakhalin-1 oil and gas project, marking a possible shift in Moscow’s stance toward foreign energy investors.

The announcement came on Friday, just before Putin’s planned meeting with U.S. president Donald Trump in Alaska. The new order not only raises the prospect of ExxonMobil reclaiming its former stake but also hints at opportunities for other international players to re-enter Russia’s energy industry.

ExxonMobil previously controlled 30% of Sakhalin-1 but lost its share in October 2022 when the Kremlin transferred it to a Rosneft subsidiary. The U.S. major was barred from selling its interest and eventually recorded a $4.6 billion loss. Meanwhile, India’s ONGC Videsh and Japan’s Sodeco continued to participate in the venture.

Sakhalin-1, located in the Sea of Okhotsk, produces around 220,000 barrels of oil daily from offshore fields supported by an onshore processing site.

The decree is being read as a potential opening in U.S.–Russia business relations, though any return will depend on political negotiations. Putin and Trump are expected to discuss investment, trade, and Ukraine during their upcoming talks.