NEWSWATCH: “Despite Sanctions, Russia’s Oil Industry Powers On” – Wall Street Journal/ Bradley Olson, Jay Solomon

Oil Well file photo

“Exxon Mobil … is suffering from sanctions on Russia. The same can’t be said for other big Western energy companies, or for Russia’s oil production. … sanctions, put in place by the U.S. and European Union in 2014 after Russia’s annexation of the Crimea region of Ukraine, were meant to limit Russia’s pursuit of new technology for extracting more crude oil and natural gas. The measures specifically targeted deepwater drilling planned in the Black Sea, Arctic operations and the use of fracking technology in Siberia. … some of the company’s European rivals are moving ahead with projects in Russia, many under partnerships begun before the sanctions. BP … was allowed to keep its nearly 20% stake in Rosneft …. Italy’s Eni … is preparing to drill a Black Sea well … as part of a partnership with Rosneft, and also plans to explore the Arctic waters of Russia’s Barents Sea. … the EU allowed partnerships in place at the time of sanctions to continue ….”

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