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Exxon and Rosneft Strike Oil in Arctic Drilling Print E-mail
by Tom McGregor    Mon, Sep 29, 2014, 12:49 AM

Russian oil giant Rosneft untapped major oil and natural gas resources in the Arctic Circle with the help of U.S.-based Exxon Mobil.

According to the BBC News, "Russian energy giant Rosneft says it has discovered oil with its US project partner Exxon Mobil at a controversial well in the Arctic. Drilling was completed in record time, it said, but questions remain about how quickly the well can be developed."

A Rosneft press release is quoted as saying that, "Rosneft successfully completed the drilling of the northernmost well in the world - the Universitetskaya-1 well in the Arctic."

As reported by the BBC, "Exxon has said it will "wind down" the project following US sanctions against Russia over its actions in Ukraine. Environmentalists have campaigned hard against drilling for oil in the pristine region."

Nonetheless, Exxon Mobile would not financially benefit from the oil & gas discovery in the Arctic Circle due to President Barry Obama's 'sector sanctions' against Russia.

To read the entire article from the BBC News, link here:

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