File:Exxon-Russia abandon oil drilling in Arctic-March 1, 2018.png
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March 2018
Exxon is abandoning Russian projects
Hopes of drilling in Moscow's Arctic ocean oil fields end
Via the Wall Street Journal -- https://www.wsj.com/articles/exxon-abandons-russian-projects-brokered-by-tillerson-1519897033
Withdrawal from joint venture brokered by Tillerson for now marks end of energy giant’s hopes of drilling in Arctic ocean oil fields
The Texas oil giant said in a regulatory filing late Wednesday that it would walk away from the joint venture with state-controlled PAO Rosneft to seek oil in the ice-choked waters of the Kara Sea, a hard-fought deal signed in 2012 by the company’s former chief executive, Rex Tillerson, now U.S. secretary of state.
Mr. Tillerson touted the agreement as a breakthrough giving Exxon access to one of the world’s great unexplored oil and gas basins. The company reportedly spent about $700 million to drill the first well, likely making it the most expensive ever. It struck oil, according to Rosneft...
Exxon declined to comment on the reasons for its decision. The company said it would formally begin to withdraw from the Rosneft joint ventures this year, taking a $200 million loss after taxes.
Rosneft said in a statement carried by Russian news agencies that it would support the return of Exxon to the projects in the future if it were legally possible.
More re: Arctic warming, via GreenPolicy360 -- https://www.greenpolicy360.net/w/Category:Arctic
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