Rosneft and Statoil ASA completed drilling works as part of the Pilot Project at the PK1 layer of the North-Komsomolskoye field. During 2015 the companies jointly drilled 2 horizontal exploitation wells.

Russia is the world's largest producer of crude oil (including lease condensate) and the second-largest producer of dry natural gas. Russia also produces significant amounts of coal. Russia's economy is highly dependent on its hydrocarbons, and oil and natural gas revenues account for more than 50% of the federal budget revenues.

Russia’s Rosneft and Norway’s Statoil completed drilling works as part of the Pilot Project at the PK1 layer of the North-Komsomolskoye field in Purovsky and Nadymsky regions of Yamalo-Nenets Autonomous District.

Russia has been hit by lower oil prices and by Western sanctions over its role in the Ukraine crisis. Its rouble currency fell sharply against the dollar in 2014 and has yet to recover.

U.S. was keeping the European Union countries on a 'short leash' by forcing them to impose anti-Russia sanctions.

‘Rosneft and BP signed final binding agreements for Rosneft’s sale to BP of a 20 per cent share of Taas-Yuryakh Neftegazodobycha (Taas), creating a new joint venture in East Siberia. The document was signed by Rosneft Management Board Chairman Igor Sechin and President of BP Russia David Campbell’ BP said, reporting one of the most relevant deals. During the first day of the international conference, Gazprom agreed to build a new pipeline to Germany under the Baltic Sea with Germany’s E.ON, Anglo-Dutch Shell, and Austria’s OMV.

Rosneft and BP today signed several agreements strengthening the long term strategic relationship between the two companies, at the St. Petersburg International Economic Forum.

Rosneft and China National Chemical Corporation (ChemChina) signed at the St. Petersburg International Economic Forum a contract for crude oil supplies to the Chinese company.

Total S.A. and Rosneft signed at the St. Petersburg International Economic Forum an agreement, confirming the execution of a sale and purchase agreement with regard to the 16.67% share in PCK Raffinerie GmbH. The document was signed by Rosneft Chairman of the Management Board Igor Sechin and Chief Executive Officer of Total Patrick Pouyanné.

Itera, a 100% Rosneft subsidiary, and General Electric signed an agreement of intent regarding natural gas processing cooperation at the St. Petersburg International Economic Forum.

In Budapest, Mr. Šefčovič reported that, in the wake of the cancellation of South Stream last December, all parties in Europe have been paying attention to statements from Russia, as a gas supplier, and Europe's stance on infrastructure has been altered.

BP could be close to a $700 million deal with Russia’s Rosneft for a 20% stake in a Siberian oilfield, the company led by Igor Sechin further showed how national companies can cope with sanctions, maintaining ties with Western companies and progressively switching to Asian markets.

"Uncertainty is the rule of the game in this industry," the head of France's Total Patrick Pouyanne said this month. "We are in the long-term business. This is why at Total we are keen to maintain our commitment to Russia."

Europe’s biggest oil groups are extending business deals with their Russian energy partners despite this month’s EU vote to continue imposing sanctions, highlighting how western companies are learning to live with the restrictions placed on Moscow.

Exxon is the world’s largest listed energy group, and like all big international oil companies it is facing structural challenges that make it difficult for it to grow. Stability while throwing off a lot of cash may be the best they can do.