ExxonMobil Exploring Influence of US Anti-Russian Sanctions on Joint Project With Rosneft

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American oil giant ExxonMobil is exploring the possible influence of the United States sanctions against Russia on the joint project in the Arctic with Rosneft, the Wall Street Journal reported Friday.

MOSCOW, September 12 (RIA Novosti) - American oil giant ExxonMobil is exploring the possible influence of the United States sanctions against Russia on the joint project in the Arctic with Rosneft, the Wall Street Journal reported Friday.

Exxon said it would assess the sanctions, according to a company spokesman Alan Jeffers. "It's our policy to comply with all laws," he added.

In 2011, Rosneft signed a cooperation agreement with ExxonMobil to develop the East-Prinovozemelsky field blocks in the Kara Sea and the Tuapse Trough in the Black Sea. In exchange for a share of 33 percent of the development in the Kara Sea, Exxon Mobil has agreed to cover the majority of costs associated with exploratory drilling, which totaled more than $3.2 billion.

The Wall Street Journal noted that the new round of sanctions would not affect Exxon's near-term perspectives in Russia, as the amount spent on exploration drilling is relatively small for an American company.

However, if the joint venture is significantly delayed or impeded, then Exxon will not be able to replenish stocks of crude oil, since the Russian Arctic is one of the few regions in the world where Exxon can increase its oil production. The company's oil production fell to a record minimum level of 2009 in the second quarter of this year, down to 3.84 million barrels per day.

On Thursday, US President Barack Obama said that the country would intensify sanctions against Russia for its alleged involvement in the Ukrainian crisis, which Russia has repeatedly denied. The US government is planning to expand sanctions against the financial, energy and defense sectors in Russia.

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