RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2014-11-22 17:35:00

SANCTIONS: ANYTHING CONCRETE

RUSSIA SANCTIONS: ANYTHING CONCRETE

Sanctions are forcing Exxon Mobil Corp. to look for alternative assignments for an offshore rig supposed to sail back to the Russian Arctic next summer, writes Bloomberg.

West Alpha, the rig owned by billionaire John Fredriksen's North Atlantic Drilling Ltd. (NADL) that made a billion-barrel oil discovery for Exxon and OAO Rosneft (ROSN) in the Kara Sea in September, could end up operating offshore Norway instead of going back to Russia in 2015, said Dominic Genetti, operations manager for Exxon in Norway.

"We're looking at alternative uses in Norway, but we haven't landed on anything concrete at this point," he said today in an interview in Stavanger, on Norway's west coast. "We have to wait and see what happens with the joint venture and sanctions. We'll follow whatever the international and U.S. laws are, and that will determine where it goes."

North Atlantic, a 70 percent owned subsidiary of Seadrill Ltd., both based in Hamilton, Bermuda, slid as much as 26 percent, the most since listing in New York in January, and closed 20 percent lower at $3.16 a share, the lowest on record.

The U.S. and the European Union deepened sanctions in September to punish Russia for its support of separatists in eastern Ukraine. The sanctions seek to constrain Russia's financial, defense and energy industries, restricting access to markets and the export of technology for Arctic, deepwater and shale-oil exploration and production, where Russian companies rely on western know-how and equipment.

oilandgaseurasia.com

 

Tags: RUSSIA, SANCTIONS, ROSNEFT, EXXON, SEADRILL