ExxonMobil Oil Production Activities Unaffected by Anti-Russian Sanctions

ExxonMobil Chairman and CEO Rex Tillerson said that sanctions regime had no effect on company's oil producing activity which are offshore the Sakhalin Island.

 

HOUSTON (Sputnik) — Energy giant ExxonMobil’s oil production has not been impacted by Western sanctions against Russia, which the company strictly complies with, ExxonMobil Chairman and CEO Rex Tillerson said at HIS CERAWeek in Houston, Texas on Tuesday.

“It [sanctions regime] has had no effect on our oil producing activity which are offshore the Sakhalin Island,” Tillerson said, stressing that the company fully complies with the anti-Russian sanctions over its alleged involvement into eastern Ukraine crisis.

ExxonMobil Chairman added that the sanctions in the sector were limited to future developments in areas including the Arctic and deep water.

Tillerson stressed that the activity in Sakhalin is consistent with the US government’s strategy not to interfere in permanent energy supplies.

“Our investments offshore Sakhalin continue. We started our third venture development in Sakhalin [Arkutun-] Dagi field. Those activities continue normally,” he said.

Tillerson noted, however, that some of the projects with Russia have been put on hold until the relief of sanctions policy toward Russia.

“We signed a very comprehensive strategic cooperation agreement with our partner Rosneft,” he said, adding that they worked in three areas, all of which are new frontier development areas. “We have brought those activities to stand still, and we will wait until…the sanctions environment changes.”

The United States and a number of its allies imposed economic sanctions against Russia in March 2014 following Crimea’s vote to rejoin the Russian Federation. The sanctions have targeted Russian individuals as well as the country’s energy, banking and defense sectors.

Moscow has repeated denied accusations of meddling into eastern Ukraine’s conflict, and asked to provide evidence.