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Exxon, siting sanctions, says it will wind down exploratory drilling in Kara Sea

2014-09-19 21:15:45| Chemicals - Topix.net

Exxon Mobil said Friday that it will wind down a drilling project in Russia in compliance with U.S. sanctions, but said it received a license to keep working beyond the sanctions' deadline in order to complete the work. U.S. sanctions against Russia over its involvement in the Ukraine require the removal of U.S. workers on projects in the Russian Arctic and other select locations by September 26. Exxon is drilling an exploratory well in the Kara Sea in the Russian Arctic, and had planned to stop drilling in October in order to remove equipment and personnel before winter set in.

Tags: sea wind drilling sanctions

 

Dicker: The Latest Round of Sanctions Hurts Putin and Exxon Mobil

2014-09-17 22:58:44| Oil & Gas - Topix.net

NEW YORK -- U.S. and EU sanctions have finally begun to bite very hard on Russia in the one place that matters most: energy. With the latest round of sanctions announced Friday, the Russians will now have to abandon the joint venture project they have inked with U.S. super-major Exxon Mobil Getting fossil fuels out of the ground is what energy companies do, but their stock price is reliant upon two related metrics -- how much it costs to get the oil out and also whether and how quickly they can increase the amount of oil and gas they produce.

Tags: latest round mobil sanctions

 
 

Dicker: The Latest Round of Sanctions Hurts Putin and Exxon Mobil

2014-09-17 22:01:14| Chemicals - Topix.net

NEW YORK -- U.S. and EU sanctions have finally begun to bite very hard on Russia in the one place that matters most: energy. With the latest round of sanctions announced Friday, the Russians will now have to abandon the joint venture project they have inked with U.S. super-major Exxon Mobil Getting fossil fuels out of the ground is what energy companies do, but their stock price is reliant upon two related metrics -- how much it costs to get the oil out and also whether and how quickly they can increase the amount of oil and gas they produce.

Tags: latest round mobil sanctions

 

Fresh sanctions will freeze big foreign oil projects in Russia

2014-09-14 18:06:19| Energy - Topix.net

Fresh U.S. and EU sanctions imposed on Moscow will bring an abrupt halt to exploration of Russia's huge Arctic and shale oil reserves and complicate financing of existing Russian projects from the Caspian Sea to Iraq and Ghana. On Friday, the United States imposed sanctions on Gazprom, Gazprom Neft, Lukoil, Surgutneftegas and Rosneft, banning Western firms from supporting their activities in exploration or production from deep water, Arctic offshore or shale projects.

Tags: big projects foreign oil

 

US, EU levy sanctions on Russia despite cease-fire

2014-09-14 13:38:19| Oil & Gas - Topix.net

Unsatisfied with a fragile cease-fire in Ukraine, the United States and the European Union levied new sanctions Friday against major Russian banks and defense companies, as well as penalties aimed at curtailing Russia's ability to develop oil and gas projects. But the restrictions on Russia's energy sector were carefully crafted to avoid impacting the country's current production of oil and gas, a move that would raise global energy prices at time of weak economic growth.

Tags: russia levy sanctions ceasefire

 

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