Exxon Mobil Arctic project may be at risk over Russia sanctions

Exxon Mobil development of Russian Arctic oil project worth nearly 900 billion $ in danger, which is the last U.S. sanctions on Russian officials due to the Ukraine political crisis, Bloomberg News reported. Exxon Mobil has a partnership with Russian State-controlled oil company OAO Rosneft known contains an oil-rich geological structure estimated at 9 billion barrels of oil as Universitetskaya, to drill in the value by $900 billion at market prices. Rosneft CEO, Igor Séchin, a longtime member of Russian President Vladimir Putin inner circle, was punished by the United States yesterday expose the partnership with Exxon Mobil for additional control. Exxon Mobil and Rosneft set to invest an estimated $600 million in drilling at the site in the Kara Sea, which would make most expensive so far the Exxon project. A US Government official said yesterday that U.S. companies can still deal with Rosneft, but some analysts say that Russian companies could be careful when working with Western companies in the future. Exxon said last week that the project on schedule.

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