Exxon's Exploration into Russian Oil

Keith Kohl

Written By Keith Kohl

Posted June 10, 2015

With the recent OPEC decision to keep up their production, Russia will have to fight their way into the organization’s ranks this coming year with massive oil and gas rates. And one of our favorite Big Oil names already has their claim laid to some of that product.

Their current dealings include one oil and gas project called Sakhalin-1, currently operated by ExxonMobil (NYSE: XOM) and overseen by shareholder Rosneft.

Rosneft’s recent checks into the offshore project have met all ecological compliance requirements. “We don’t expect any problems there.”

Which leads to a question: will Rosneft want to take over that project much like Russian Gazprom took Shell’s Sakhalin-2 in 2006?

Rosneft wouldn’t mind! But Exxon isn’t so eager to leave the profitable project behind.

To continue reading…

Click here to read the full Reuters article.

Click here to read the Rigzone article.

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