Russia: Energy Minister hopes Exxon exit won’t affect offshore ops

Exxon Mobil has stopped its joint Kara Sea drilling operations with Rosneft due to the sanctions imposed by the West.

According to Reuters, Russian Energy Minister Alexander Novak today said he hoped that the withdrawal of Exxon Mobil would not affect wider offshore exploration efforts in Russia’s Arctic.

“I hope that Exxon’s departure won’t delay shelf projects,” Reuters has quoted Novak as saying.

To remind, Exxon Mobil stopped its drilling operations in the Kara Sea this month to comply with the sanctions imposed against Russia by the U.S. Treasury Department for its involvement in the Ukraine crisis.

The U.S. Treasury on September 12, 2014, imposed sanctions that prohibit the exportation of goods, services, or technology in support of exploration or production for Russian deepwater, Arctic offshore, or shale projects that have the potential to produce oil, to five Russian energy companies – Gazprom, Gazprom Neft, Lukoil, Surgutneftegas, and Rosneft – involved in these types of projects.

Prior to winding down operations at the world’s northernmost well, the Universitetskaya-1, Rosneft and Exxon Mobil had discovered oil at the prospect, using the West Alpha semi-submersible drilling rig.