VLADIVOSTOK, Russia, Sept 4 (Reuters) - The governor of

Russia's far eastern Sakhalin region told Reuters on Thursday

that a potential return of U.S. energy major Exxon Mobil ( XOM )

would be a boost for the local oil and gas business.

Russian President Vladimir Putin signed last month a decree

that could allow foreign investors, including top U.S. oil major

Exxon Mobil ( XOM ) to regain shares in the Sakhalin-1 oil and gas

project.

The signing of the decree came on the day Russian president

Vladimir Putin met Donald Trump in Alaska for a summit where

opportunities for investment and business collaboration were on

the agenda, alongside talks to find peace in Ukraine.

The decree was published as a follow-up to one Putin signed

in October 2022, which ordered the seizure of the Sakhalin-1

project.

Exxon previously held a 30% operator share in the lucrative

project, and is the only non-Russian investor to have quit its

stake.

Valery Limarenko, the Sakhalin governor, said Russia has its

own technologies to produce oil and gas, including offshore, but

Exxon's return would be helpful.

"We need to develop further and in this sense, it would be

more efficient to develop further jointly," he said.

"Look, it's important that they want to return," he added.

Exxon took an impairment charge of $4.6 billion to exit its

Russian business after Moscow sent troops into Ukraine in

February 2022.

In December 2024, Putin signed a decree extending the sale

period for the unclaimed Exxon stake in Sakhalin-1 until 2026.

Alongside Exxon, Russian company Rosneft, India's

ONGC Videsh, Japan's SODECO were partner investors.

The Russian government allowed both ONGC Videsh and SODECO

to keep their stakes.