After rival BP agreed to sell a share in Rosneft, analysts believe ExxonMobil will face new pressure to cut connections with Russia's largest oil company.

Russia's invasion on Ukraine has sparked a wave of economic and political retaliation, as well as unprecedented corporate withdrawals by banks, technology companies, and other businesses. BP announced that selling its Rosneft shares would require a $ 25 billion writedown.

Exxon, along with Rosneft, SODECO of Japan, and ONGC Videsh of India, owns a 30 percent share in the Sakhalin Island oil and gas reserves in Russia's Far East. Since 2005, the group has exported over one billion barrels of oil and 1.03 billion cubic feet of natural gas with Exxon as the operator.

With its three oil and gas fields, Sakhalin is one of Russia's largest single direct investments, according to Exxon. On the island, the partners have been working on the construction of a new liquefied natural gas (LNG) facility. The construction of such reactors often costs several billion dollars.

After sanctions were implemented following Russia's military actions in eastern Ukraine in 2014, the US oil company terminated two Russian joint ventures. Exxon's earnings were affected by $200 million as a result of the withdrawal.

"Supermajor E&Ps and major service providers with exposure to Russia will now be facing tremendous pressure to pull investments from Russia," says Rystad Energy analyst Artem Abramov.

"I will not be surprised if we see big announcements similar to (the) BP-Rosneft one in the next few days, but it will be difficult to speculate on how exactly things will play out," he adds.

According to Exxon's website, the company employed over 1,000 workers in Russia last year, with offices in Moscow, St. Petersburg, Yekaterinburg, and Yuzhno-Sakhalinst.

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