EXXON FINDING IN RUSSIA
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.
As it is, the Pobeda field in the Kara Sea, announced by Exxon's Russian partner Rosneft over the weekend, must for now remain a tantalising prospect. Exxon will not be able to play any further role in developing the field, until the sanctions imposed by the US and European Union on exports of technology and services for Arctic developments are lifted.
Exxon secured the best strategic position of any western oil company in Russia, which…
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