At another time or in a different place, the oil and gas field ExxonMobil has discovered in the Russian Arctic would have been a cause for jubilation at its Texas headquarters.

Russia Says Arctic Well Drilled With Exxon Strikes Oil

Rosneft Discovered a New Hydrocarbon Field in the Kara Sea

After Exxon Mobil Corp. mounted a campaign to warn U.S. officials that prematurely halting work with Russian oil giant Rosneft on an exploratory oil well could foul the Arctic, the Obama administration last week gave the company a two-week reprieve from sanctions on Russia.

Gazprom Tries to Capitalise on Western Sanctions, Strengthen LNG Leadership

Some analysts and investors worry that oil companies will not spend enough either to sustain growth in their core businesses, or to open options in alternative energy sources for a world in which oil and gas consumption is constrained by climate policy or high prices.

Total Looks to China to Finance Russian Gas Project Amid Sanctions Total SA said it was seeking nondollar financing for a gas project in Russia, becoming the second energy company in several days to indicate that Western sanctions on the Kremlin are affecting expansion plans.

Exxon winds down drilling as U.S. sanctions hit Russia

Russia looks beyond West Siberia for future oil and natural gas growth

By allowing international companies such as Exxon, Royal Dutch Shell, Halliburton, and Schlumberger to carry on their pumping, the White House and its European allies assured stability in global oil markets and in the prices consumers pay for gasoline.