Russia’s High-Tech Oil Projects Unaffected by Western Sanctions

Energy Minister Novak said Russian companies would continue to work with hard-to-extract oil deposits despite the fact that a number of foreign companies had suspended their participation due to the Western sanctions.

MOSCOW (Sputnik) — Western sanctions have had no significant effect on the development of hard-to-extract oil projects in Russia, Energy Minister Alexander Novak said Thursday.

"Today, all projects involving Russian companies continue to be implemented. A number of foreign companies have suspended their participation due to sanctions introduced in regard to high-tech oil. This is of no vital importance for the development of such deposits as of today, our companies will continue to work with hard-to-extract oil deposits," Novak said in an interview with RT.

Russian energy companies develop a number of joint projects with Western enterprises. Russia's Rosneft is currently working with the US company ExxonMobil, Norwegian Statoil and Italian Eni on an offshore development.

Gazprom cooperates with the Anglo-Dutch Shell on the development of the Sakhalin shelf. Gazprom Neft cooperates with Shell on development ventures in the Bazhenov formation in western Siberia.

Prior to the implementation of sanctions, Russia's LUKoil discussed possible cooperation with French oil giant Total to develop a shale oil project in western Siberia.