Russia is ready to deepen Sakhalin 1 project discussions with U.S.

Russian Deputy Foreign Minister Sergei Ryabkov said on Wednesday that Moscow was ready to deepen discussions with the U.S. on energy cooperation, including on the Sakhalin-1 project, RIA reported.

Sakhalin-1, Russia's first large-scale international offshore continental shelf oil and gas project, has vast potential recoverable oil and gas resources.

Ryabkov also said that Russia was in contact with the U.S. on various issues and that dialogue continued.

"I can mention Sakhalin-1 as the most obvious example of the work that has begun in this area," he was quoted as saying by RIA.

Russian President Vladimir Putin signed last month a decree that could allow foreign investors, including top U.S. oil major Exxon Mobil to regain shares in the Sakhalin-1 oil and gas project.

The signing of the decree came on the day 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.