BP, Total, ExxonMobil May Benefit Hugely if Russian Sanctions Lifted

Lukoil and PetroChina Board of Directors Member Richard Matzke says that British Petroleum, Total and ExxonMobil as well as service companies will receive the most benefits from lifting energy-related sanctions against Russia.

HOUSTON (Sputnik) — Oil companies British Petroleum, Total and ExxonMobil as well as service companies will receive the most benefits from lifting energy-related sanctions against Russia, Lukoil and PetroChina Board of Directors Member Richard Matzke told Sputnik.

"If US sanctions are removed BP, Total, XOM [ExxonMobil] and western service companies will be the big beneficiaries as their positions are presently large and very well defined," Matzke said.

The former Chevron vice chairman noted that Russia is now producing 11 million barrels of oil a day despite Western monetary and technical sanctions, which "should not be casually dismissed."

Matzke said US President Donald Trump’s policy toward Russia will be "considerably more friendly" than the one conducted by the US previous administration.

"Other than possibly eliminating energy related sanctions I can not see any defined energy policy issues that will influence the Russian energy market," Matzke noted.

He also said that Trump can encourage an increase in US oil production to create more jobs and attract investment.

Kremlin spokesman Dmitry Peskov said Friday that Russian President Vladimir Putin met with ExxonMobil chairman and CEO Darren Woods on March 9 during his trip to Moscow. Rosneft CEO Igor Sechin and Russian Energy Minister Alexander Novak were also present at the meeting.

Richard Matzke has been a member of the advisory board of directors of the US-Russia Chamber of Commerce since last May.