Exxon Mobile decided to withdraw from the joint project with Russian state oil company Rosneft. Rosneft will continue geological explorations in the Arctic offshore zone and the Arctic licenses will remain with Rosneft.
In July 2017, it became known that the US Treasury Department charged Exxon Mobil with a $2 mln fine over violation of the anti-Russian sanctions Washington had imposed earlier. The company’s management disagreed with that decision and announced its intention to dispute it.
The company decided to withdraw from the joint projects with Rosneft in late 2017 after Washington issued a legal act expanding against Russia.
According to the document, in 2013 and 2014 Exxon Mobil and Rosneft created various entities for operations in oil exploration. In particular, the two companies agreed to work together on the shelf of the Kara Sea, the Chukchi Sea, the Laptev Sea & Black Sea.
Russia’s oil production in the Arctic will reach peak levels in the 2020s. Russia produced about 76 million tonnes of oil in the Arctic, and the production would be growing to 2026 hitting a record of 122 million tonnes a year.
About 24% of the Arctic deposits have been explored and developed. The oil production will grow due to Gazprom Neft’s developing of the Messoyakha field and also due to Gazprom’s growing production at the Prirazlomnaya pad – Russia’s first project on the Arctic shelf; as well as due to other projects.